Jaguar Mining Reports Strong Drill Results At Santa Barbara.

CONCORD, N.H. -- Jaguar Mining Inc. ("Jaguar") (JAG-TSX) has intersected significant gold grades and widths at the Pilar Property, which is part of its Santa BEirbara Region.The Pilar Property is located in an area with good infrastructure, 100 km east of the city of Belo Horizonte,

The assay results include sulfide grades of 24.31 g/t over 7.65 m, 21.84 g/t over 1.75 m, 21.51 g/t over 2.20 m, 16.15 g/t over 2.45 m, 16.12 g/t over 3.35 m, 11.73 g/t over 3.4 m, 8.17 g/t over 5.75 m and 6.49 g/t over 10.5m.The property is open on strike and at depth.The drill core recovery approached 100%.

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                 Coordinates      Elevation   Length   Azimuth    Dip
Hole  ---------------------------------------------------------------
                N           E         (m)      (m)     degree  degree
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PMS-06       7,789,243    662,674    828.7    261.35      313    -75

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PMS-07       7,789,259    662,699    824.1    151.30      313    -62
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PMS-08       7,789,243    662,674    828.7    292.70      313    -65

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PMS-10       7,789,233    662,687    826.3    189.25      313    -60
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PMS-11       7,789,212    662,676    829.1    319.10 Vertical    -90
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PMS-12       7,789,233    662,687    826.3    224.80 Vertical    -90
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PMS-13       7,789,180    662,668    830.5    290.23 Vertical    -90
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                                     Intervals
Hole    -------------------------------------------------------------
                   From (m)         To (m)        Grade    Thickness
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                     67.25          69.00         21.84         1.75
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PMS-06              126.75         132.10          6.10         5.35
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                    141.25         143.70         16.15         2.45
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PMS-07               94.50         102.15         24.31         7.65
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                     95.70          99.95          6.88         4.25
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PMS-08              101.50         106.25          5.64         4.75
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                    143.50         146.35          9.33         2.85
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PMS-10              148.25         152.50          6.81         4.25
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PMS-11              202.50         213.00          6.49        10.50
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                    108.90         112.25         16.12         3.35
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PMS-12              192.00         195.40         11.73         3.40
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                    117.15         119.35         21.51         2.20
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                    174.05         176.40         12.79         2.35
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PMS-13              217.80         223.55          8.17         5.75
                   --------------------------------------------------
                    278.35         280.90         10.05         2.55
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The 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.

These results are from the first 14 holes, totaling 3,361 m, of Phase 1 of the Pilar drill program, which totals 20 holes and 5,000 m.Final results of Phase 1 are expected in December 2004.

The current results outline significant high grade sections and allow for the planning of an underground program.It is anticipated, subject to permits, development of a ramp and drift will begin early in Q1 2005 with underground drilling in Q2.The Q2 exploration results should allow for a feasibility study.

SGS Laboratories of Betim, Minas Gerais are providing independent sample preparation and assay services, using standard industry practices.

A map, vertical cross-sections and a data table showing the main drill results are available on Jaguar's website at www.jaguarmining.com/s/NewsReleases.asp?ReportID=90540#maps.

Strong Results Add Confidence to Geological Continuity

The results support Jaguar's geological model for continuity at the Pilar Property, which derives from an extensive exploration program done by Companhia Vale do Rio Doce ("CVRD").The model assumes that folding is the primary control of the sulfide mineralization, which follows the plunging fold axis to depth.This is a common feature of Archean rocks of the Iron Quadrangle.All the drill holes in the fold's hinge zone and its projection intercepted mineralization and those outside did not.

Jaguar has 2,526,000 tonnes at 5.95 g/t Au of measured and indicated and 1,418,000 tonnes at 5.79 g/t Au of inferred sulfide and oxide mineral resources at the Pilar Property, as reported by CVRD (historical estimates) and stated in a recently filed NI 43-101 report.

Jaguar is the Area Consolidator for Gold Properties

Jaguar is a gold producer in the Iron Quadrangle region of Brazil.It is using its knowledge, experience and excellent local relationships to acquire quality, non-core assets from senior mining companies.Jaguar has 2.4 million ounces of measured and indicated and 800,000 ounces of inferred mineral resources.It owns 62,500 acres of gold properties, which is the second largest gold property portfolio in the region, and continues to seek acquisitions to strengthen its position.Jaguar has 21,122,589 common shares outstanding (28,738,979 fully diluted).

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.

Jaguar Mining Inc. (TSX:JAG)