Jaguar Mining Inc.

Jaguar Mining Inc.

February 28, 2005 17:16 ET

Jaguar Mining Locates New High-Grade Gold Mineralization At Turmalina


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: JAGUAR MINING INC.

TSX SYMBOL: JAG

FEBRUARY 28, 2005 - 17:16 ET

Jaguar Mining Locates New High-Grade Gold
Mineralization At Turmalina

CONCORD, NEW HAMPSHIRE--(CCNMatthews - Feb. 28, 2005) - Jaguar Mining
Inc. ("Jaguar") (TSX:JAG) reports additional significant gold grades and
widths from its on-going exploration program at the Turmalina gold
project in Minas Gerais, Brazil. This former mine has good
infrastructure, a 200 m deep access ramp and 3.9 km of underground
development. It is 140 km north-west of the major industrial city of
Belo Horizonte, in the Iron Quadrangle greenstone belt.

The assay results are from new holes drilled by Jaguar since December
2004 as part of the current feasibility study program, which should be
completed in 2005. Jaguar plans 7,000m of surface diamond drilling at
Turmalina and has completed 2,980m in 12 holes. Results from eight of
the holes are pending, however, the other four new holes show previously
unidentified high-grade gold mineralization that remains open laterally
at depth with strong signs of thickening:



------------------------------------------------------------
Coordinates Length Azimuth Dip
Hole North East (m) (Degrees) (Degrees)
------------------------------------------------------------
FMT-23 7,817,195 513,153 255.75 200 -85
FMT-24 7,817,149 51,355 190.5 210 -60
FMT-25 7,817,177 513,103 206.35 210 -70
FMT-26 7,817,177 513,103 235.7 210 -85
------------------------------------------------------------

------------------------------------------------------------
Interval (m) Grade Thickness
Hole From To (g/t) (m)
------------------------------------------------------------
FMT-23 221.2 240.4 15.24 19.2
FMT-24 134.45 138.65 2.98 4.2
FMT-25 147.65 160.6 6.56 12.95
FMT-26 166.35 190.15 18.86 23.8
------------------------------------------------------------


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. SGS
Laboratories of Betim, Minas Gerais are providing independent sample
preparation and assay services, using standard industry practices. The
high cut-off was 30 g/t and the low cut-off was 2 g/t.

Cross-sections and plan views of these holes plus additional drilling
results are available at:

www.jaguarmining.com/s/NewsReleases.asp?ReportID=101144#map

Jaguar produces gold in the Iron Quadrangle region of Brazil. Using its
experience and strong local relationships, Jaguar has acquired quality
gold resources from senior mining companies and is preparing bankable
feasibility studies with a goal of converting significant portions of
the acquired resources to reserves. Jaguar has 2.4 million ounces of
measured and indicated and 800,000 ounces of inferred gold 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 30,953,389 common
shares outstanding (45,226,229 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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Jaguar Mining Inc.
    Daniel Titcomb
    President
    (603) 224-4800
    or
    Jaguar Mining Inc.
    Robert Jackson
    EVP, Corporate Development
    (416) 725-4343