Jaguar Resources Launches 1,500 Meter Drill Program at Tocantinzinho Gold Project in Brazil's Tapajos Gold District.

Business Editors

HOUSTON--(BUSINESS WIRE)--Feb. 9, 2004

Jaguar Resources Corporation (TSX VENTURE:JRS) announces that it has commenced a 1,500-meter Phase 1 drilling program at its Tocantinzinho Gold Project in the Tapajos Gold District of Brazil's northerly Para State.

The Phase 1 program is targeting primary gold mineralization below the strong eluvial and primary surface mineralization that has been mined since the early 1960s. This phase, including 6 to 7 inclined holes of 150-240 meters each, will aim at intersecting steeply dipping mineralized zones at anticipated depths of between 150 and 200 meters. The drilling program is expected to take 6 weeks and results should be available after the end of March.

The Tocantinzinho property was previously investigated by Altoro Gold Corp. in the 1997-1999 period. Altoro outlined a 400 x 200 meter soil anomaly with values greater than 1g/t gold within a 1200 x 300 meter greater than 200 ppb gold zone. Since then the area represented by the greater than 1g/t gold anomaly has been mined by garampeiro miners down to depths of 5 to 15 meters.

Altoro also conducted channel sampling at 2 to 4 meter intervals in several of the previously hand-mined open pits in the project area. This channel sampling established that weathered saprolite materials with pervasive sheeted quartz veinlets carry less than 1g/t gold to greater than 4g/t gold. Extensive power auger drilling confirmed such values down to depths averaging 20 meters. The presence of gold in the saprolite rock near surface is evident, but deeper drilling and sampling is required to determine continuation of this mineralization at depth.

The Tocantinzinho Gold Project lies on a NW structural shear trend that also hosts significant other gold operations, including Sao Jorge, Mamoal and Cuiu-Cuiu, all of which exhibit intrusive primary mineralization. This and other fault controlled mineralizing trends have yielded an abundance of alluvial and eluvial gold deposits in the Tapajos region. A large garampeiro gold rush here resulted in the Tapajos becoming Brazil's primary gold producer from the 1970s to the 1990s.

Jaguar Resources Corporation is using a specialized, portable diamond-drill rig that is capable of drilling HQ diameter core. Specially designed for remote access sites, this drill rig, can be broken down into many portable parts of which the heaviest weighs only 160 kg. The rig can be moved around on site without heavy equipment support.

Jaguar has recently received $2,353,869 from the exercise of share purchase warrants which expired December 1, 2003, and January 29, 2004. Jaguar now has 35,748,871 shares outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.