Jaguar Resources Intercepts Significant Mineralization at Its Tocantinzinho Gold Project in Brazil.

Business Editors

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

Jaguar Resources Corporation (TSX VENTURE:JRS) has received assay results from 438 samples from the first four (4) diamond drill holes of the eight-hole Phase 1 drilling program at its Tocantinzinho Project, located in the gold-rich Tapajos region in Para State, Brazil.

All four drill holes intercepted mineralization, with the best intercepts assaying 170.2 meters at 1.84g/t gold in Hole # 4, and 91.9 meters at 1.01 g/t Gold in Hole # 1. Both holes bottomed in mineralization, and the target remains open along strike. In addition, holes #2 and #3 penetrated tailings, (that have been processed and reprocessed by primitive artisanal methods), which reported tailings values of 19.82 meters at 2.15 g/t Gold, and 10.68 meters at 1.36 g/t gold. This indicates that the significant quantity of tailings on this property are an additional resource, which will be investigated forthwith.

The results of the first four holes of Phase 1 are summarized below.

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

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

Holes #1 and #4 are open at depth. Holes #2 and #3 penetrated tailings near surface. A cut-off grade of 0.20 grams per tonne of gold was used for all assays.

Holes #5, 6, 7 and 8 have been drilled, and are presently being logged, sampled and assayed. Results from these holes are expected in approximately three weeks.

Due to these positive results, a second phase drilling program will commence once all the Phase 1 drill results have been received. The second phase program will target the extension of the mineralized zone along strike and across the width of the mineralized zone.

Leendert Krol, president of Jaguar, in commenting on the results, stated, "The results of these first four holes are extremely encouraging. We will continue to aggressively drill at Tocantinzinho while planning our regional exploration activities on our remaining ground, and actively seeking additional properties of interest. The results have also granted us some insight into the local geology that will assist us in exploring additional zones of interest on our properties in the Tapajos region."

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. Holes were drilled in both easterly and westerly directions across the mineralized shear zone. Although more intercepts need to be drilled for a full understanding, early but limited indications confirm the steeply Northwest dipping nature of the mineralized zone. From this information true width of mineralization in hole #1 (eastwards) and #4 (westwards) are estimated to be 80 meters.

Sampling Procedures

The recovered NTW and BTW-size cores are split in half by a standard rock saw. Half of each split is sampled depending on geological parameters, in intervals not greater than 3.5-meter with the remaining half stored on site. The samples were bagged in lots of ten (10) and flown from the project site to Itaituba, from where they were air-freighted to the Lakefield Geosol Laboratorios Ltda. (LGL) Sample Prep Facility at Parauapebas in Para State.

Based on initial analytical results an "intermediate preparation" procedure was chosen over the usual "standard prep" procedure. Samples are dried at 105 degrees C, crushed to 2mm, homogenized, and then a 1.0 kg split is taken from approximately 2-3kg of material (as opposed to a 250g split for the standard procedure). This material is pulverized to -150 mesh and a 50g split is then taken from this portion for the fire assay.

At Parauapebas, one "blank" (pure pulverized quartz) is inserted every 40 samples and a sieve test for crushing (90%-2mm) and pulverizing (95%-150#) is performed every 20 samples. The pulps (150 grams) were then air-freighted to the Lakefield Geosol analytical laboratory in Belo Horizonte for Fire Assay/AAS analysis. LGL is an ISO9001/2000-certified mining and environmental analysis laboratory, and, in addition, participates in various inter-laboratory proficiency testing programs.

In addition to the laboratory quality control, Jaguar will add its own check samples every 10th sample, starting with Hole TOC 04-05 and onwards.

Background

The Tocantinzinho Gold Project occurs in the famous Tapajos Gold Province, the site of one of the world's largest gold rushes, which took place in northern Brazil from 1981 to 1994. Approximately half a million souls produced somewhere between 20 million and 30 million ounces by primitive artisinal methods from over 200 "garimpos" within the Tapajos Province. By the mid 90's the easy alluvial gold was mostly exhausted, and the miners turned to primary sources. However due to a lack of technology and capital, these efforts usually fell short of expectations.

Except for a few minor unsuccessful forays by a handful of companies in the mid 90's, the province is virtually unexplored by modern exploration methods. In a well-mineralized province that measures 350 by 300 kms, less than 50 drill holes have been completed, and these holes were completed primarily on a few individual projects (Sao Jorge, Ouro Roxo and Castelho dos Sonhos).

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 Resources, with the Tocantinzinho Project, the Mamoal prospect and one other major garimpo under its control, is uniquely placed to take advantage of its early entry into this very promising district.

The exploration program is being carried out under the direction of Dennis Moore, Director of Jaguar Resources do Brazil, and Exploration Manager (a member of the Society of Economic Geologists and the Qualified Person for the project.) Mr. Moore spent several years exploring the Tapajos on behalf of Altoro Resources in the late 1990's, and was the first person to recognize the potential of the Tocantinzinho prospect.

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. Based on extensive garimpeiro gold production for decades, Altoro Gold Corp. had brought the project to drill-ready status in 1997-99. Altoro was acquired by Solitario Resources and Solitario had let the concession go during the years of low gold prices.

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.