Jaguar Mining Inc. ("Jaguar") (JAG - TSX) has completed its previously announced equity financing with a syndicate of investment dealers led by BMO Nesbitt Burns Inc. and including First Associates Investments Inc., GMP Securities Ltd. and Haywood Securities Inc. (the "Agents") for gross proceeds of Cdn.$35,002,500 (the "Offering"). The financing consisted of 8,975,000 Units at Cdn.$3.90 per Unit. Each Unit consisted of a common share in the capital of Jaguar and a half-share purchase warrant. Each full share purchase warrant entitles the holder to purchase one common share of Jaguar at an exercise price of Cdn.$4.50 at any time until December 31, 2007.

The Units separated immediately after closing, and the common shares and purchase warrants are separately listed and posted for trading on the Toronto Stock Exchange. The 4,487,500 purchase warrants trade under the symbol "JAG.WT".

Jaguar granted the Agents an over-allotment option to increase the size of the Offering by up to an additional 1,346,250 Units at the offering price, which is exercisable until January 30, 2005. In the event that the option is exercised, the total gross proceeds of the Offering will be up to Cdn.$40,252,875. Jaguar will use the net proceeds from the Offering to accelerate exploration activities on its existing properties, for feasibility study preparation, for deferred property acquisition payments and for working capital.

Jaguar is Building a Mid-cap Producer 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.

After accounting for the shares, warrants and broker options issued as a result of the Offering (but not including the over-allotment option), Jaguar has 30,283,389 common shares outstanding (43,416,729 fully diluted). For further information, please contact Daniel Titcomb, President on (603) 224-4800 or Robert Jackson, EVP, Corporate Development on (416) 725-4343.

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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.