Jaguar Intercepts Strong Gold Mineralization in 5 out of 8 Holes at Its Tocantinzinho Gold Project in Brazil; Phase Two Drill Program Started.

Business Editors

HOUSTON--(BUSINESS WIRE)--May 13, 2004

Len Krol, president of Jaguar Resources Corporation (TSX VENTURE:JRS), announces that the Company has received all assay results from its eight-hole Phase One drilling program at the Tocantinzinho Project, located in the gold-rich Tapajos region in Para State, Brazil.

The best intercepts for holes #5 and #6, for which partial results were announced previously, are:

-- 128.9 meters at 1.33g/t gold, including 6 meters at 4.82 g/t

gold and 9 meters at 5.9g/t gold in hole #5, and

-- 114.1 meters at 1.55g/t gold, including 96.1 meters at 1.76g/t

gold in hole #6.

Hole #7 returned 16 meters at 1.42g/t gold and 26.5 meters at 0.82 g/t gold. Hole #8 intercepted some narrow zones, the best of which is 4 meters at 3.41g/t gold in the upper 70 meters of this hole, indicating that the hole might have clipped the edge of the mineralized zone. Additional drilling from the east will be needed to confirm this. For a drill hole location map, please see www.jaguarresources.com.

Mr. Krol said, "I am very excited by the results of this initial drilling program. I can't recall an initial exploration program which has achieved such significant results at such an early stage. Most new projects receive one or two good holes, and usually with shorter intercepts. Clearly, with our best hole, TOC 4, being the most southeasterly hole, mineralization, is open ended to the south and east. Holes TOC 1, 4 and 5 are open to depth. Holes #1 through 7 cover a strike length of 390 meters of mineralization with a true width estimated to be 80 to 120 meters We are really just beginning our exploration at Tocantinzinho and our other properties and I expect we will be active in the area for many years to come."

A summary of all Phase 1 assay results at Tocantinzinho is shown in the table below using a 200ppb cut-off.

                                                     GRAMS PER
                  FROM:        TO:                    TONNE    TOTAL
DRILL HOLE      (depth in   (depth in     INTERVAL    (Gold)   DEPTH
                 meters)     meters)      (meters)            (meters)

TOC 1             133.7       225.6         91.9       1.01    225.6
Including         172.0       210.4         38.4       1.41
TOC 2              3.05       22.87        19.82       2.15    220.4
TOC 3              1.52        12.2        10.68       1.36    201.2
                   64.0        92.6         28.6       0.96
TOC 4             31.01      201.25       170.20       1.84   201.25
Including         110.0       126.6        16.60       4.87
Including         145.3       158.0        12.70       5.71
TOC 5              3.04       12.19         9.15       1.26      221
                  17.98        79.7        61.72       0.72
                   87.1         216        128.9       1.33
Including           176         182            6       4.82
Including           188         197            9        5.9
TOC 6             22.86         136       114.14       1.55    214.4
                    178         184            6       1.12
TOC 7                42          46            4       0.61   201.34
                     70          86           16        1.4
                    112       138.5         26.5       0.82
TOC 8             12.19          18         5.81       0.31   240.54
                     32          40            8       0.57
                     48          52            4       0.36
                     62          66            4       3.41

The Phase 1 drilling program consisted of 8 inclined diamond drill holes totaling approximately 1700 meters. Holes were initially collared using NTW size rods (2.248"diameter) and were reduced to BTW size rods (1.654"diameter) where necessary. Recovery was greater than 95% below the saprolitic zone, with acceptable rates above 60% in saprolitic areas that had not been previously exploited. The eight holes have been drilled at intervals of 50 to 100 meters for a total distance along strike of 500 meters. The holes were drilled at an inclination of 55 to 60 degrees. The program was designed to test below a northwest striking area of near-surface mineralization measuring 1,100m by 200m that has been worked by local garimpeiros since the mid-1960s.

Based on these excellent results the second phase drilling program totaling 2000-3000 meters started this week. This program will target the extension of the mineralized zone along strike, with depth and across the width of the mineralized zone. Along strike drilling will focus on the southerly extension of the open ended higher grade zone intercepted in TOC 4, and will try to extend the mineralized zone towards the northwest of TOC 1 and retrace the zone northwest of TOC 6 and 7. Another few holes will be drilled beneath a zone of old excavations close to the airstrip from which garimpeiros in the past reportedly recovered more than 60kg of gold.

In addition auger-sampling programs will soon start up in the area east of the Tocantinzinho drilling program. This program will determine the derivation of the alluvial gold in the main streams in an effort to locate an other mineralized shear zone. Another auger sampling survey will commence at Mamoal, a garimpo to the southeast that is also controlled by Jaguar Resources. At Mamoal, in addition to auger sampling, all old pits will be sampled and mapped to seek Tocantinzinho like mineralization in NNW striking shear zones.

The Tocantinzinho project lies at the intersection of a north-south lineament and a major WNW-ESE "mineralizing trend." The latter is a WNW structural-scale shear that hosts other significant gold deposits, including Sao Jorge, Mamoal, Cuiu Cuiu, and Bom Jardin, all of which host extensive primary gold mineralization.

Jaguar has the option to earn a 100% interest in the 28,275-hectare Tocantinzinho concession by making certain staged payments in cash and shares and spending US$ 1-million in exploration over four years.

Mark E. Jones III

Chairman

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The news release includes certain "forward-looking statements." All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Jaguar Resources, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Jaguar's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.