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Press Release: Jaguar Mining Reports Updated 2017 -2-

2 Mar 2018 11:00 am
3.  Mineral Reserves are estimated using an average long-term gold price of US 
    $1,250 per ounce 
4.  Mineral Reserves are estimated using an average long-term foreign exchange 
    rate of 3.5 Brazilian Reais: 1 US Dollar 
5.  A minimum mining width of 2 m was used 
6.  Numbers may not add due to rounding 
 

Table 4

Pilar Gold Mine Mineral Resources Summary at December 31, 2017, by Orebody:
 
Pilar Gold Mine -- Mineral Resources, December 31, 2017 
                                                                    Total Measured 
Orebody   Measured Resources           Indicated Resources           & Indicated Resources       Inferred Resources 
          Tonnes   Grade     Gold oz.  Tonnes   Grade     Gold oz.  Tonnes   Grade     Gold oz.  Tonnes   Grade     Gold oz. 
          (000's)  (g/t Au)  (000's)   (000's)  (g/t Au)  (000's)   (000's)  (g/t Au)  (000's)   (000's)  (g/t Au)  (000's) 
Orebody 
 BA       457      4.53      67        187      5.28      32        644      4.75      98        57       4.50      8 
Orebody 
 BF       635      4.72      96        74       4.73      11        709      4.72      108       1,360    6.71      293 
Orebody 
 BFII     488      4.73      74        259      4.56      38        747      4.67      112       828      4.38      117 
Orebody 
 Torre    231      4.93      37        233      4.41      33        464      4.67      70        62       4.15      8 
Orebody 
 LFW 
 (200's)  208      3.18      21        34       3.19      3         242      3.18      25        -        -         - 
Orebody 
 LHW      74       2.89      7         7        2.85      1         81       2.89      8         -        -         - 
Orebody 
 LPA      110      4.17      15        -        -         -         110      4.17      15        -        -         - 
Orebody 
 SW       -        -         -         795      3.82      98        795      3.82      98        60       3.46      7 
Total     2,203    4.47      317       1,589    4.22      216       3,792    4.37      532       2,367    5.69      433 
 
 
 
Notes: 
1.  CIM (2014) definitions are followed for Mineral Resources 
2.  Mineral Resources were estimated at a break-even cut-off grade of 1.93 g/t 
    Au 
3.  Mineral Resources are estimated using an average long-term gold price of 
    US $1,400 per ounce 
4.  Mineral Resources are estimated using an average long-term foreign 
    exchange rate of 3.8 Brazilian Reais: 1 US Dollar 
5.  A minimum mining width of 2 m was used 
6.  Gold grades are estimated by the Ordinary Kriging interpolation algorithm 
    using capped composite samples 
7.  Mineral Resources are inclusive of Mineral Reserves 
8.  Mineral Resources that are not Mineral Reserves do not have demonstrated 
    economic viability 
9.  Numbers may not add due to rounding 
 

Pilar Gold Mine Mineral Resources and Mineral Reserves Highlights
   -- Drilling completed in 2016 and 2017 successfully replaced depletion, 
      maintaining mineral reserves equivalent to approximately three years of 
      production resulting in total Mineral Resources and Mineral Reserves, 
      including total 2P reserves, of 125,000 ounces of gold (974,000 tonnes at 
      an average grade of 3.99 g/t Au) which were 12% lower compared to 2P of 
      142,000 ounces as at December 31, 2016. 
 
   -- 2017 growth exploration drilling results clearly demonstrated continuity 
      of the principal banded iron formation orebodies to depth beyond current 
      mining production activities and quantified observed increases in grade, 
      tonnes and ounces per vertical metre. 
 
   -- Drilling completed resulted in a significant increase in M&I and Inferred 
      Mineral Resources, exceeding the Company's target of replacing reserves 
      mined in 2016 and 2017, and establishing increased M&I Resources below 
      mine Level 9 (see Figures 2, 3, 4 and 5). 
 
   -- Mineral Reserves at Pilar are based on the main orebodies currently in 
      production above Level 9, BA, BF and BFII. Further work is in progress to 
      convert the M&I inventory to 2P Reserves on material from other orebodies 
      that are accessible from ramp development below Level 9. 
 
   -- The database, used to prepare the estimates, with a cut-off date of 
      November 28, 2017, comprises 1,366 drill holes and 19,838 channel 
      samples. The estimate was generated from a block model constrained by 
      three-dimensional (3D) wireframe models. A capping value varying from 10 
      to 60 g/t Au was applied for all eight orebodies. Wireframe models of the 
      mineralization and excavated material for Pilar were constructed by 
      Jaguar and reviewed by RPA. A separate wireframe was prepared for each 
      orebody and was used to constrain the grade estimates into the block 
      model. 
 
   -- Mineralized material for each orebody was classified into the Measured, 
      Indicated, or Inferred Mineral Resource categories on the basis of the 
      search ellipse ranges obtained from the variography study, the observed 
      continuity of the mineralization, the drill hole and channel sample 
      density, and previous production experience from these orebodies. 
 
   -- The Mineral Resources are inclusive of Mineral Reserves. For those 
      portions of the Mineral Resources that comprise the Mineral Reserve, 
      stope design wireframes were used to constrain the Mineral Resource 
      reports. Additional Mineral Resources are present that reside beyond the 
      Mineral Reserves. For these areas, 3D clipping polygons were prepared to 
      aid in the estimation of the Mineral Resources. The clipping polygons 
      were prepared in either plan or longitudinal views, as appropriate. The 
      clipping polygons were drawn to include continuous volumes of blocks 
      whose estimated grades were above the stated cut-off grade, and were not 
      located in mined out areas. The clipping polygons were used to 
      appropriately code the block model and estimate the Mineral Resources. 
 
   -- For December 31, 2017, estimates, the Company prepared an updated 
      geological and block model under the supervision of RPA. The Mineral 
      Resources and Mineral Reserves for 2017 will be supported by a NI 43-101 
      technical report to be filed on SEDAR within 45 days of this press 
      release. 

Interim Turmalina Gold Mine Mineral Resources

Turmalina Mineral Resources highlights are shown on Tables 5 and 6.

Table 5

Turmalina Gold Mine Mineral Resources Summary December 31, 2017, compared to December 31, 2016:
 
Turmalina Gold Mine -- Change in Mineral Resources 
                    Gold Ounces (000's)          Gold Grade (g/t) 
As at December 31        2017  2016  Change (%)  2017  2016  Change (%) 
Measured Resources       265   246   8%          5.7   5.36  6% 
Indicated Resources      155   174   (11%)       3.86  4.12  (6%) 
Total -- M&I Resources   420   420   0%          4.86  4.77  2% 
Inferred Resources       305   118   158%        5.49  4.81  14% 
 

Table 6

Turmalina Gold Mine Mineral Resources Summary as at December 31, 2017, by Orebody:
 
Turmalina Gold Mine -- Mineral Resources, December 31, 2017 
                                                                    Total Measured 
Orebody   Measured Resources           Indicated Resources           & Indicated Resources       Inferred Resources 
          Tonnes   Grade     Gold oz.  Tonnes   Grade     Gold oz.  Tonnes   Grade     Gold oz.  Tonnes   Grade     Gold oz. 
          (000's)  (g/t Au)  (000's)   (000's)  (g/t Au)  (000's)   (000's)  (g/t Au)  (000's)   (000's)  (g/t Au)  (000's) 
Orebody 
 A        905      7.22      210       99       5.94      19        1,004    7.09      229       659      5         107 
Orebody 
 B        350      3.32      37        182      4.33      25        533      3.67      63        24       5         4 
Orebody 
 C        190      2.91      18        961      3.57      110       1,152    3.46      128       1,044    6         194 
Total     1,446    5.70      265       1,243    3.86      155       2,689    4.86      420       1,727    5.49      305 
 
 
 
Notes: 
1.  CIM (2014) definitions are followed for Mineral Resources 
2.  Mineral Resources were estimated at a break-even cut-off grade of 2.1 g/t 
    Au 
3.  Mineral Resources are estimated using an average long-term gold price of 
    US $1,400 per ounce 
4.  Mineral Resources are estimated using an average long-term foreign 
    exchange rate of 3.8 Brazilian Reais: 1 US Dollar 
5.  A minimum mining width of 2 m was used 
6.  Gold grades are estimated by the Inverse Distance Cubed interpolation 
    algorithm using capped composite samples 
7.  Mineral Resources are inclusive of Mineral Reserves 
8.  Mineral Resources that are not Mineral Reserves do not have demonstrated 
    economic viability 
9.  Numbers may not add due to rounding 
 
   -- Mineral Resource estimates at December 31, 2017, reflect an updated 
      geological and block model prepared by Jaguar staff under the supervision 
      of RPA. This updated block model incorporates the results from the 
      on-going diamond drilling campaigns commenced in 2017. 
 
   -- This Interim Mineral Resource includes total Measured and Indicated 
      Resources of 420,000 ounces of gold (2.69 million tonnes at an average 
      grade of 4.86 g/t Au) and Inferred Resources of 305,000 ounces of gold 
      (1.73 million tonnes at an average grade of 5.49 g/t Au). 
 
   -- Current growth drilling, as well as drill holes completed in 2017, 
      focused on demonstrating the extensions and continuity of the principal 
      Orebodies A and C at depth beyond current mining production activities 
      and quantifying observed increases in grade, tonnes and ounces per 
      vertical metre. 
 
   -- Orebody C Mineral Resource grades have increased following from new 
      exploration drill hole intercepts and from development channel sampling 
      and infill drilling, in particular on Levels 3 and 4. 
 
   -- The resulting increases in Measured, Indicated and Inferred resources 

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