Jaguar Mining Reports Strong Drill Results at Paciência

Jul 26, 2004 Download PDF

Press Release No. 2004-12

Jaguar Mining Inc. ("Jaguar") (JAG-TSX) has intersected significant gold grades and widths at the Santa Isabel Project, which is part of its Paciência Area.

The assay results include cut grades of 18.70 g/t over 8.75 m, 8.06 g/t over 3.60 m, 5.33 g/t over 19.5 m, 4.79 g/t over 10.25 m, 4.52 g/t over 22.00 m and 4.45 g/t over 16.65 m. The drill holes lie along a strike length exceeding 200 m of sulfide mineralization that is open on strike and at depth.

The Santa Isabel Project is located in an area with good infrastructure 12 km east of the town of Itabirito and 50 km south-east of Belo Horizonte, Minas Gerais, Brazil, in the Quadrilátero Ferrífero greenstone belt.

The following results were audited by Ivan C. Machado, M.Sc., P.E., P.Eng., Principal of Salt Lake City based TechnoMine Services LLC. Mr. Machado serves as Jaguar's Qualified Person in accordance with NI 43-101.

#NE(m)(m)From (m)To (m)Grade (g/t)Thick. (m)
Includes 13.20 m @ 6.63 g/t
Includes 2.35 m @ 8.38 g/t
Includes 10.45 m @ 6.48 g/t
Includes 4.55 m @ 7.75 g/t
Includes 1.70 m @ 7.58 g/t and
8.45 m @ 8.43 g/t
Includes 2.05 m @ 12.96 g/t

The drill core recovery approached 100% and the results were cut using a high cut-off of 30 g/t and a low cut-off of 1 g/t. The uncut grade in Hole F2-13 was 116.22 g/t over 8.75 m. SGS Laboratories of Betim, Minas Gerais are providing independent sample preparation and assay services, using standard industry practices.

A map of the drill holes is available on Jaguar's website at:

Strong Results Add Confidence for Continuity at Depth
The results confirm the continuity of the gold mineralization to about 80 m below the existing drift with similar grades and widths to Mineração AngloGold Ltda.'s prior exploration work.

The Paciência Area also contains five other exploration concessions that have had historical positive exploration results. These five contiguous concessions comprise 12 km of the 40 km strike length of the prolific São Vicente Lineament shear zone, which hosts Brazil's most prominent gold mines.

Jaguar is the Area Consolidator for Gold Properties
Jaguar is using its knowledge, experience and excellent local relationships in the Quadrilátero Ferrífero to acquire quality, non-core assets from senior mining companies. Jaguar owns 47,500 acres of gold properties in the Quadrilátero Ferrífero, which is the second largest gold property portfolio in the region, and continues to seek acquisitions to strengthen its position. After mandatory conversion of 1,895,800 special warrants on July 27, Jaguar will have 20,922,589 common shares outstanding (28,738,979 fully diluted).

For further information, please contact Daniel Titcomb, President on (603) 224-4800 or Robert Jackson, EVP, Corporate Development on (416) 725-4343.

The statements that are not historical facts are forward-looking statements and involve known and unknown risks and uncertainties, which could cause actual results to vary considerably from these statements. Readers are cautioned not to put undue reliance on forward-looking statements. Jaguar's securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or resold in the United States or to a U.S. person absent registration or an applicable exemption from the registration requirements.