Jaguar Mining Details Development Plans for Caeté Gold Project



    Study Aims to Add 90,000 oz Annual Production by late-2008, Increasing to
    150,000 oz by 2011

    JAG - TSX

    CONCORD, NH, April 27 /CNW/ - Jaguar Mining Inc. ("Jaguar" or "the
Company") (JAG-TSX) has completed the initial phase of a scoping study to take
advantage of the infrastructure and the crushing and screening plant at its
Caeté gold processing operation in the state of Minas Gerais, Brazil. Jaguar
expects to implement the Caeté gold project in three phases over the next five
years. A feasibility study for phase one is currently underway and scheduled
to be completed during the third quarter of 2007. Jaguar targets initial
annual gold production capacity of 90,000 oz at Caeté commencing in the latter
half of 2008 and expanding to 150,000 oz per year in 2011.
    From new exploration data obtained on the Roça Grande and Pilar targets,
the Company plans to construct a centralized CIP (carbon-in-pulp) or CIL
(carbon-in-leach) processing plant to process the sulfide ore from Pilar, Roça
Grande and other nearby targets. This new plant is expected to utilize much of
the existing infrastructure located at the recently closed CIC
(carbon-in-column) facility. In addition, by utilizing the existing Caeté
plant site, Jaguar expects to minimize environmental impact. Also, the Company
anticipates that permitting for the installation license will be received more
expeditiously than if an entirely new processing plant was to be built.
    Commenting on the overall scope of the Caeté Project, Daniel R. Titcomb,
Jaguar's President and CEO stated, "Our election to delay development of Pilar
as a standalone operation has proved to be a prudent decision in light of the
strong drill results from the re-evaluation of Roça Grande, along with even
more favorable economics that we expect will be produced through an expanded
plant at Caeté. By developing several mines in tandem to supply Caeté, in the
three phases outlined, we expect to realize several benefits including:
a) better optimization of total capital invested and expended over time,
b) greater operating flexibility at lower costs, and c) better utilization of
our technical team in Brazil to develop programs on a site-by-site basis as we
manage on-going production and future expansions simultaneously at lower risk.
Along with Turmalina and Paciência, Caeté represents the third major
production asset that will facilitate our stated corporate objective to become
a mid-tier gold producer in the next several years."

    Location and Project Details
    ----------------------------

    Located some 40 km east of Belo Horizonte, the Caeté heap leach CIC
(carbon-in-column) plant was purchased by Jaguar from Companhia Vale do Rio
Doce ("CVRD") in 2003. The facility operated between 2004 and mid-December
2006, processing approximately 1,500 tpd of oxide ore from nearby open pit
mines and produced approximately 40,000 oz of gold. Gold processing operations
at the Caeté facility were discontinued in late 2006 as oxide ore zones
supplying the plant were depleted. Jaguar's metallurgical laboratory and
testing facilities, which are located adjacent to the Caeté plant, have
remained in operation.
    The recently completed initial phase of the scoping study for a renovated
Caeté operation yielded the following key production and resource target
levels:

    Phase 1 Targets:

    Start date: 3Q 2008
    Capacity: 600,000 tpy (ROM)
    Gold production: 90,000 oz/yr
    Measured and indicated resources: 500,000 to 600,000 oz (Pilar and Roça
    Grande only)
    Cash cost per oz: US $227
    Exchange rate: 1US$ = 2.2R$

    Phase 2 Targets:

    Completion date: 2010
    Capacity: 800,000 tpy (ROM)
    Gold production: 120,000 oz/yr
    Measured and indicated resources: 1,000,000 oz (total of 9 ore bodies)

    Phase 3 Targets:

    Completion date: 2011
    Capacity: 1,000,000 tpy (ROM)
    Gold production: 150,000 oz/yr
    Measured and indicated resources: 1,500,000 oz (total of 9 targets)

    As part of the Company's effort to identify and add the estimated gold
resources detailed above, 75,000 meters of additional drilling are planned
over the next five years in the nearly 27,000 acres of mineral properties in
the Sabara region identified to supply the Caeté processing plant.
    The Company expects to complete the feasibility study for the Caeté
project during the third quarter of 2007 and move directly into the
construction phase.

    Drill Results

    Significant drilling efforts were conducted by Jaguar on the Roça Grande
ore body during 2006 and exploration continues today with 9 active drill rigs.
In addition to Roça Grande, the Company's exploration efforts at Pilar have
recently yielded a new mineralized zone. Management believes this new-found
zone could lead to a significant addition to Jaguar's resource estimates.

    Pilar

    Current exploration work at Pilar is focused on the development of drifts
to expose the ore zone in Level 1 of the mine at the 690 m elevation (sea
level).
    After completing a 5 meter by 5 meter access ramp 403 meters in length to
Level 1, which was started in August 2005, a total of 1,537 meters of
exploration drifts have been established, including;

    
    a)  276 meters of access drifts to maneuver machinery/vehicles and
        drilling stations,

    b)  1,239 meters of drifts in the mineralized structure, and

    c)  22 meters of cross-cuts for geological mapping and definition of ore
        contact zones.

    Through the first quarter of 2007, more than 670 meters of underground
development have been completed at Pilar, and approximately 1,887 meters have
been drilled in 30 holes in underground and 944 meters in 3 holes on surface.
Highlights of the drill results are as follows:

    -------------------------------------------------------------------------
                     PILAR MAIN DRILL RESULTS - SURFACE
    -------------------------------------------------------------------------
    Hole            Coordinates        Elevation   Length   Azimuth    Dip
    -------------------------------------------------------------------------
                   N           E           (m)        (m)  (degree)  (degree)
    -------------------------------------------------------------------------
    Phase I
    -------------------------------------------------------------------------
    PMS-06     7,789,243     662,674       828.7   261.35       313      -75
    -------------------------------------------------------------------------
    PMS-07     7,789,259     662,699       824.1   151.30       313      -62
    -------------------------------------------------------------------------
    PMS-08     7,789,243     662,674       828.7   292.70       313      -65
    -------------------------------------------------------------------------
    PMS-09     7,789,212     662,676       829.1   271.55       313      -55
    -------------------------------------------------------------------------
    PMS-10     7,789,233     662,687       826.3   189.25       313      -60
    -------------------------------------------------------------------------
    PMS-11     7,789,212     662,676       829.1   319.10         -      -90
    -------------------------------------------------------------------------
    PMS-12     7,789,233     662,687       826.3   224.80         -      -90
    -------------------------------------------------------------------------
    PMS-13     7,789,171     662,679       830.5   290.23         -      -90
    -------------------------------------------------------------------------
    PMS-15     7,789,047     662,602       870.9   149.70       313      -85
    -------------------------------------------------------------------------
    PMS-16     7,788,906     662,916       898.6   734.05       313      -85
    -------------------------------------------------------------------------
    PMS-20     7,789,103     662,764       802.6    359.9       313      -85
    -------------------------------------------------------------------------
    PMS-22     7,789,063     662,623       867.9     67.4       315      -85
    -------------------------------------------------------------------------
    PMS-25     7,789,060     662,250       851.3    44.05       315      -60
    -------------------------------------------------------------------------
    PMS-34     7,789,375     662,513       832.3    70.30         -      -90
    -------------------------------------------------------------------------
    Phase II
    -------------------------------------------------------------------------
    PMS-38     7,789,123     662,655       838.9   159.30       315      -75
    -------------------------------------------------------------------------
    PMS-44     7,789,029     662,660       854.2   131.25       315      -75
    -------------------------------------------------------------------------
    PMS046       662,876   7,789,045       846.2   533.45       280      -75
    -------------------------------------------------------------------------
    PMS47A       662,836   7,788,985       839.2   508.05       315      -75
    -------------------------------------------------------------------------
    PMS057       662,682   7,789,284       827.0   178.35       290      -50
    -------------------------------------------------------------------------
    PMS059       662,774   7,788,906       891.3   525.70       320      -60
    -------------------------------------------------------------------------
    PMS062       662,637   7,789,009       863.9   344.80       315      -60
    -------------------------------------------------------------------------
    PMS063       662,607   7,788,982       875.0   205.95       315      -85
    -------------------------------------------------------------------------
    PMS064       662,679   7,789,220       828.8   239.30       315      -75
    -------------------------------------------------------------------------
    PMS065       662,734   7,789,100       840.1   372.90       315      -80
    -------------------------------------------------------------------------
    PMS068       662,677   7,789,192       829.1   261.35       315      -80
    -------------------------------------------------------------------------
    PMS069       662,694   7,789,113       838.6   351.70       315      -80
    -------------------------------------------------------------------------
    PMS072       662,646   7,788,912       889.5   214.95       315      -70
    -------------------------------------------------------------------------
    PMS075       662,535   7,789,204       852.8   195.20       315      -83
    -------------------------------------------------------------------------
    Phase III
    -------------------------------------------------------------------------
    PMS076       662,680   7,788,923      887.79   315.60    315.00      -77
    -------------------------------------------------------------------------
    PMS078       662,643   7,788,859      888.43   313.70    315.00      -83
    -------------------------------------------------------------------------


    --------------------------------------------------------
    Hole           From          To       Grade   Thickness
    --------------------------------------------------------
                    (m)         (m)        (g/t)      (m)
    --------------------------------------------------------
    Phase I
    --------------------------------------------------------
                   67.25       69.00       21.84     1.75
              ----------------------------------------------
                   75.05        77.7        7.46     2.65
    PMS-06    ----------------------------------------------
                   93.10       94.25        14.9     1.15
              ----------------------------------------------
                  126.75       132.1        6.10     5.35
              ----------------------------------------------
                  141.25       143.7       16.15     2.45
    --------------------------------------------------------
    PMS-07         94.50      102.15       20.58     7.65
    --------------------------------------------------------
                   95.70       99.95        6.88     4.25
              ----------------------------------------------
                  101.50      106.25        5.64     4.75
    PMS-08    ----------------------------------------------
                  113.05      114.85        7.91     1.80
              ----------------------------------------------
                  117.85      118.75        22.7     0.90
              ----------------------------------------------
                  143.50      146.35        9.33     2.85
    --------------------------------------------------------
                   87.35        88.6        4.86     1.25
              ----------------------------------------------
                   98.75      112.25        3.61     13.5
    PMS-09    ----------------------------------------------
                   168.8       170.5       14.97     1.70
              ----------------------------------------------
                      including 0.65m @ 31.4 g/t
    --------------------------------------------------------
                   74.10       75.05        5.25     0.95
              ----------------------------------------------
                   94.00        96.2        5.02     2.20
    PMS-10    ----------------------------------------------
                  115.65      116.70        6.71     1.05
              ----------------------------------------------
                  148.25      152.50        6.81     4.25
    --------------------------------------------------------
                  144.80      146.30        8.08     1.50
    PMS-11    ----------------------------------------------
                  202.50      213.00        6.49    10.50
    --------------------------------------------------------
                  108.90      112.25       16.12     3.35
              ----------------------------------------------
                  139.25      140.80        6.44     1.55
    PMS-12    ----------------------------------------------
                  161.70      163.35        6.05     1.65
              ----------------------------------------------
                  171.10      171.80       16.00     0.70
              ----------------------------------------------
                  192.00      195.40       11.73     3.40
    --------------------------------------------------------
                  117.15      119.35       21.51     2.20
              ----------------------------------------------
                  174.05      176.40       12.79     2.35
    PMS-13    ----------------------------------------------
                  217.80      223.55        8.17     5.75
              ----------------------------------------------
                  278.35      280.90       10.05     2.55
    --------------------------------------------------------
                   28.45       42.85       16.04    14.40
    PMS-15    ----------------------------------------------
                      including 2.40m @ 67.16 g/t
    --------------------------------------------------------
                  537.15      538.60       10.13     1.45
    PMS-16    ----------------------------------------------
                  558.90      563.00        4.39     4.10
    --------------------------------------------------------
    PMS-20        240.60      241.50        8.50     0.90
    --------------------------------------------------------
    PMS-22         59.45       61.00       21.35     1.55
    --------------------------------------------------------
    PMS-25         18.20       23.00        5.45     4.80
    --------------------------------------------------------
    PMS-34          3.45       11.60       13.41    10.49
    --------------------------------------------------------
    Phase II
    --------------------------------------------------------
                  121.65      129.20       13.10     7.55
    PMS-38    ----------------------------------------------
                      including 1.10m @ 79.59 g/t
    --------------------------------------------------------
    PMS-44        175.45      184.95        3.45     9.50
    --------------------------------------------------------
                  378.20      382.95       12.04     4.75
    PMS046    ----------------------------------------------
                      including 1.15m @ 42.02 g/t
    --------------------------------------------------------
    PMS47A        365.75      383.00        4.89    17.25
    --------------------------------------------------------
                  103.35       114.4        2.64    11.05
    PMS057    ----------------------------------------------
                  119.35       120.3        5.99     0.95
              ----------------------------------------------
                   127.7      131.75        4.54     4.05
    --------------------------------------------------------
                  302.55       308.7        2.92     6.15
    PMS059    ----------------------------------------------
                  314.00       314.9         9.6     0.90
    --------------------------------------------------------
    PMS062        296.75      299.55        4.09     2.80
    --------------------------------------------------------
                   59.15       64.85        8.17     5.70
              ----------------------------------------------
    PMS063            including 1.05m @ 33.75 g/t
              ----------------------------------------------
                   161.9      163.80        6.69     1.90
    --------------------------------------------------------
                  151.05      154.45         8.8     3.40
              ----------------------------------------------
                   166.8       171.1       18.76     4.30
    PMS064    ----------------------------------------------
                      including 0.80m @ 71.07 g/t
    --------------------------------------------------------
                   213.7      217.75         9.2     4.05
    PMS065    ----------------------------------------------
                  239.15       241.2        8.25     2.05
              ----------------------------------------------
                  275.35       279.1        9.35     3.75
    --------------------------------------------------------
                  104.05      105.00       29.50     0.95
              ----------------------------------------------
                  112.70      117.35        2.74     4.65
    PMS068    ----------------------------------------------
                  124.80      134.70        3.18     9.90
              ----------------------------------------------
                  140.60      145.80        3.41     5.20
    --------------------------------------------------------
                  144.35      145.80        8.38     1.45
    PMS069    ----------------------------------------------
                  169.35      170.31        5.02     0.96
    --------------------------------------------------------
    PMS072        132.55      133.20        4.87     0.65
    --------------------------------------------------------
    PMS075        119.70      120.55        3.00     0.85
    --------------------------------------------------------
    Phase III
    --------------------------------------------------------
                  246.05      248.05        8.12     2.00
    PMS076    ----------------------------------------------
                  261.05      264.05        3.51     3.00
    --------------------------------------------------------
                  133.45      136.45       18.52     3.00
    PMS078    ----------------------------------------------
                  285.70      291.70       26.34     6.00
    --------------------------------------------------------



    -------------------------------------------------------------------------
                   PILAR MAIN DRILL RESULTS - UNDERGROUND
    -------------------------------------------------------------------------
                    Coordinates        Elevation   Length   Azimuth    Dip
    Hole      ---------------------------------------------------------------
                   N           E           (m)        (m)   degree    degree
    -------------------------------------------------------------------------
    FSB001     7,789,250     662,612      691.94   111.19       120       -5
    -------------------------------------------------------------------------
    FSB002     7,789,249     662,611      692.09   134.54       133       -5
    -------------------------------------------------------------------------
    FSB003     7,789,248     662,611      692.17   140.00       143       -5
    -------------------------------------------------------------------------
    FSB004     7,789,247     662,609      692.00   156.35       148       -5
    -------------------------------------------------------------------------
    FSB005     7,789,249     662,668      692.00    42.41       100        0
    -------------------------------------------------------------------------
    FSB006     7,789,249     662,668      692.00    40.60       130        0
    -------------------------------------------------------------------------
    FSB009     7,789,277     662,661      691.50    33.10       109        0
    -------------------------------------------------------------------------
    FSB014     7,789,254     662,614      691.84    45.05        65       -3
    -------------------------------------------------------------------------
    FSB016     7,789,167     662,654      692.82   134.15       170       -8
    -------------------------------------------------------------------------
    FSB017     7,789,252     662,682      693.16     21.6       295        0
    -------------------------------------------------------------------------
    FSB023     7,789,243     662,544      692.00   169.45       142       -5
    -------------------------------------------------------------------------
    FSB029     7,789,252     662,654      692.79    24.95       290        0
    -------------------------------------------------------------------------
    FSB031     7,789,156     662,669      693.93    71.85       145        0
    -------------------------------------------------------------------------
    FSB035     7,789,143     662,628      693.90    72.65       120      -18
    -------------------------------------------------------------------------
    FSB036     7,789,142     662,628      693.82     93.5       142      -17
    -------------------------------------------------------------------------


    --------------------------------------------------------
                   From          To       Grade   Thickness
    Hole      ----------------------------------------------
                From (m)      To (m)       (g/t)      (m)
    --------------------------------------------------------
    FSB001         39.30       47.10        4.60     7.80
    --------------------------------------------------------
                   55.70       66.70        2.67    11.00
    FSB002    ----------------------------------------------
                   82.20       94.00        2.51    11.80
    --------------------------------------------------------
    FSB003         82.40       89.40        4.38     7.00
    --------------------------------------------------------
                   60.40       69.40        3.80     9.00
    FSB004    ----------------------------------------------
                   87.40       93.40        5.80     6.00
    --------------------------------------------------------
    FSB005          5.12       18.44        9.05    13.32
    --------------------------------------------------------
    FSB006          5.25       19.25        7.88    14.00
    --------------------------------------------------------
    FSB009         19.92       26.92       17.20     7.00
    --------------------------------------------------------
    FSB014         24.85       27.85        4.80     3.00
    --------------------------------------------------------
    FSB016         59.25       63.25        5.00     4.00
    --------------------------------------------------------
    FSB017          3.20       10.20        3.66     7.00
    --------------------------------------------------------
    FSB023        111.50      115.50        7.93     4.00
    --------------------------------------------------------
    FSB029         18.70       20.70        5.01     2.00
    --------------------------------------------------------
    FSB031          9.00       14.00       12.69     5.00
    --------------------------------------------------------
                    7.30       15.30        2.12     8.00
    FSB035    ----------------------------------------------
                   50.85       58.85       11.37     8.00
    --------------------------------------------------------
                    4.00       16.00        2.44    12.00
    FSB036    ----------------------------------------------
                   45.50       57.50        2.63    12.00
    --------------------------------------------------------
    

    Roça Grande

    The Roça Grande ore body was initially mined by the Portuguese in the
18th and 19th centuries. Exploration work in the area began in 1973 by CVRD.
CVRD's work included detailed soil sampling, 11,250 meters of trenching and
31,000 meters of drilling, both diamond and auger. CVRD identified and
evaluated several targets, and estimated gold resources at 550,000 oz. Between
2000 and 2002, CVRD carried out open pit mining at several of the ore bodies
delineated, and built the Caeté Plant.
    In April 2006, Jaguar concluded its audit of CVRD resources and defined a
complementary drilling program with the objective of defining the resources
compliant to NI 43-101.
    Jaguar's current exploration program includes the re-interpretation and
re-evaluation of the ore bodies delineated by CVRD as well as complementary
drilling. The program consists of 22,000 meters of diamond drilling to be
completed by mid-2007. Thus far, 15,600 meters have been drilled in 86 holes
with activities focused on the RG-1, RG-7 and RG-2 ore bodies.
    Highlights of the drill results from Jaguar's exploration effort at Roça
Grande are as follows:

    
    -------------------------------------------------------------------------
                       ROCA GRANDE MAIN DRILL RESULTS
    -------------------------------------------------------------------------
    Hole            Coordinates        Elevation   Length   Azimuth    Dip
    -------------------------------------------------------------------------
                   N           E           (m)        (m)   degree    degree
    -------------------------------------------------------------------------
    FRG2-01    7,792,410     643,630     1,267.7   303.20       300      -65
    -------------------------------------------------------------------------
    FRG2-06    7,792,427     643,709     1,222.3   263.35       295      -60
    -------------------------------------------------------------------------
    FRG2-07    7,792,490     643,604     1,268.4   235.30       295      -59
    -------------------------------------------------------------------------
    FRG2-11    7,792,495     643,107     1,360.2   223.10       360      -76
    -------------------------------------------------------------------------
    FRG2-12    7,792,436     643,154     1,374.9   304.05       360      -60
    -------------------------------------------------------------------------
    FRG2-15    7,792,459     643,077     1,355.2   233.35       360      -60
    -------------------------------------------------------------------------
    FRG2-17    7,792,522     643,124     1,363.8   256.85       360      -66
    -------------------------------------------------------------------------
    FRG2-18    7,792,610     643,240     1,353.5   187.75       360      -60
    -------------------------------------------------------------------------
    FRG2-20    7,792,550     643,185     1,374.0   237.90       332      -76
    -------------------------------------------------------------------------
    FRG2-22    7,792,490     643,350     1,351.0   333.75       306      -86
    -------------------------------------------------------------------------
    FRG303     7,792,937     644,885     1,297.1   323.45       293      -60
    -------------------------------------------------------------------------
    FRG304     7,792,935     645,120     1,328.6   428.05       293      -50
    -------------------------------------------------------------------------
    FRG305     7,793,036     645,047     1,302.7   311.75       293      -77
    -------------------------------------------------------------------------
    RG701      7,793,148     642,531     1,242.3    52.95       350      -60
    -------------------------------------------------------------------------
    RG702      7,793,152     642,561     1,234.8    43.50       350      -60
    -------------------------------------------------------------------------
    RG705      7,793,152     642,561     1,234.8    49.25   vertical     -90
    -------------------------------------------------------------------------
    RG706      7,793,119     642,387     1,248.0    51.10   vertical     -90
    -------------------------------------------------------------------------
    RG710      7,793,148     642,581     1,231.6    45.10   vertical     -90
    -------------------------------------------------------------------------
    RG718      7,793,143     642,615     1,229.0    44.40       350      -50
    -------------------------------------------------------------------------
    RG720      7,793,125     642,427     1,252.1    47.90       350      -50
    -------------------------------------------------------------------------
    RG721      7,793,068     642,745     1,201.4   169.40       292      -75
    -------------------------------------------------------------------------
    RG724      7,793,012     642,724     1,219.3   142.05       292      -75
    -------------------------------------------------------------------------
    RG725      7,793,142     642,495     1,279.1    42.75       350      -60
    -------------------------------------------------------------------------
    RG728      7,793,033     642,406     1,274.3   108.90       292      -60
    -------------------------------------------------------------------------
    RG729      7,792,892     642,643     1,270.2   229.75       292      -80
    -------------------------------------------------------------------------
    RG732      7,793,043     642,620     1,225.0    98.50       292      -60
    -------------------------------------------------------------------------
    RG733      7,792,847     642,733     1,281.3   335.55       292      -85
    -------------------------------------------------------------------------
    RG738      7,793,040     642,668     1,214.3    88.00       360      -60
    -------------------------------------------------------------------------
    RG743      7,792,971     642,750     1,234.6   220.45       360      -76
    -------------------------------------------------------------------------
    RG745      7,793,063     642,603     1,216.8    88.55       360      -80
    -------------------------------------------------------------------------
    RG746      7,792,940     642,815     1,233.0   219.55        10      -84
    -------------------------------------------------------------------------


    --------------------------------------------------------
    Hole           From          To       Grade   Thickness
    --------------------------------------------------------
                    (m)         (m)        (g/t)      (m)
    --------------------------------------------------------
    FRG2-01       280.80      282.70        8.60     1.90
    --------------------------------------------------------
    FRG2-06       227.55      235.55        4.25     8.00
    --------------------------------------------------------
    FRG2-07       203.80      208.80        3.51     5.00
    --------------------------------------------------------
    FRG2-11       203.20      207.45        5.22     4.25
    --------------------------------------------------------
    FRG2-12       241.15      244.15        8.89     3.00
    --------------------------------------------------------
    FRG2-15       204.75      209.75        2.25     5.00
    --------------------------------------------------------
    FRG2-17       185.35      189.35        4.30     4.00
    --------------------------------------------------------
    FRG2-18        89.00       94.00        6.53     5.00
    --------------------------------------------------------
    FRG2-20       196.00      198.00        4.20     2.00
    --------------------------------------------------------
    FRG2-22       280.00      282.00        5.52     2.00
    --------------------------------------------------------
    FRG303        215.40      217.40        4.70     2.00
    --------------------------------------------------------
    FRG304        255.50      257.50        5.51     2.00
    --------------------------------------------------------
    FRG305        184.20      189.40        3.94     4.20
    --------------------------------------------------------
    RG701          31.00       34.30        3.58     3.30
    --------------------------------------------------------
    RG702          25.65       32.70        1.82     7.05
    --------------------------------------------------------
    RG705          34.70       39.65        2.60     4.95
    --------------------------------------------------------
                   37.65       42.40        7.61     4.75
    RG706     ----------------------------------------------
                   45.20       48.15        1.87     2.95
    --------------------------------------------------------
    RG710          39.80       44.80        2.50     5.00
    --------------------------------------------------------
    RG718          28.05       34.90        2.20     6.85
    --------------------------------------------------------
    RG720           7.35        7.90       27.35     0.55
    --------------------------------------------------------
    RG721          27.20       28.05       10.10     0.85
    --------------------------------------------------------
    RG724         121.70      125.90        3.52     4.20
    --------------------------------------------------------
    RG725          30.10       35.95        2.00     5.85
    --------------------------------------------------------
    RG728          97.40       98.50        6.99     1.10
    --------------------------------------------------------
    RG729         200.80      203.60       18.20     2.80
    --------------------------------------------------------
    RG732          79.70       83.70        3.71     4.00
    --------------------------------------------------------
    RG733         279.50      283.30       11.23     3.80
    --------------------------------------------------------
    RG738          77.90       82.90        3.88     5.00
    --------------------------------------------------------
    RG743         161.80      164.85        5.86     3.05
    --------------------------------------------------------
    RG745          67.40       71.25        6.00     3.85
    --------------------------------------------------------
                  199.50      203.65        5.50     4.15
    RG746     ----------------------------------------------
                  207.70      208.40       10.62     0.70
    --------------------------------------------------------
    

    In order to expose ore zones RG-1 and RG-7 underground, the Company plans
to excavate a drift to reach the gold mineralization at the 1,110 m elevation
(sea level). The Company expects that approximately 700 meters will be
excavated in connection with this underground development with work already in
progress.
    The potential quantity and grade from the exploration data for both Pilar
and Roça Grande are conceptual in nature. There has been insufficient
exploration to define a mineral resource and it is uncertain if further
exploration will result in either target being delineated as a mineral
resource.
    The results of the initial scoping study and drilling results were
reviewed 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 independent
Qualified Person in accordance with NI 43-101.
    Additional information concerning the Caeté Project, including project
location map, drill hole location maps, vertical sections and complete drill
results tables can be found at:
http://www.jaguarmining.com/s/PressReleases.asp?ReportID=183037No.maps

    About Jaguar Mining

    Jaguar is one of the fastest growing gold producers in Brazil with
operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar
is actively exploring and developing additional mineral resources at its
72,000 acre land base in Minas Gerais and on an additional 150,000 acres in
the State of Ceara in Northern Brazil through a joint venture. Additional
information is available on the Company's website at www.jaguarmining.com.

    Forward Looking Statements

    This press release contains forward-looking statements concerning
Jaguar's objectives in the years ahead, the measured and indicated resources,
their average grade, the commencement period of production, cash operating
costs and completion dates of feasibility studies, gold production and sales
targets, capital expenditure costs, future profitability and growth in
reserves. Forward-looking statements can be identified by the use of words,
such as "are expected", "is forecast", "approximately" or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, or performance to be
materially different from any future results or performance expressed or
implied by the forward-looking statements.
    These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in interpreting
drilling results and other ecological data, fluctuating gold prices and
monetary exchange rates, the possibility of project cost delays and overruns
or unanticipated costs and expenses, uncertainties relating to the
availability and costs of financing needed in the future, uncertainties
related to production rates, timing of production and the cash and total costs
of production, changes in applicable laws including laws related to mining
development, environmental protection, and the protection of the health and
safety of mine workers, the availability of labour and equipment, the
possibility of labour strikes and work stoppages and changes in general
economic conditions. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ
materially from those described in forward-looking information, there may be
other factors that cause actions, events or results to differ from those
anticipated, estimated or intended.
    These forward-looking statements represent our views as of the date of
discussion. The Company anticipates that subsequent events and developments
may cause the Company's views to change. The Company does not undertake to
update any forward-looking statements, either written or oral, that may be
made from time to time by or on behalf of the Company subsequent to the date
of this discussion. For a discussion of important factors affecting the
Company, including fluctuations in the price of gold and exchange rates,
uncertainty in the calculation of mineral resources, competition, uncertainty
concerning geological conditions and governmental regulations and assumptions
underlying the Company's forward-looking statements, see the "CAUTIONARY NOTE"
regarding forward-looking statements and "RISK FACTORS" in the Company's
Annual Information Form for the year ended December 31, 2006 filed on System
for Electronic Document Analysis and Retrieval ("SEDAR") and available at
http://www.sedar.com.





For further information:

For further information: Investors and analysts: Bob Zwerneman, Director
of Investor Relations, (603) 224-4800, bobz@jaguarmining.com; Media inquiries:
Valéria Rezende DioDato, Director of Communication, (603) 224-4800,
valeria@jaguarmining.com


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