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Press Release: Jaguar Mining Reports Updated 2017 -3-

2 Mar 2018 11:00 am
      compared to the previously reported resource inventory is in line with 
      the Company's target of replacing reserves mined in 2017 and establishing 
      a significant increase in M&I resources mainly below Level 11 on Orebody 
      A and Level 4 on Orebody C (see Figures 5, 6 and 7). (See press releases 
      from November 2017 and February 2018 for further details.) 
 
   -- The database, used to prepare the estimates, with a cut-off date of 
      January 15, 2018, comprises 3,650 drill holes and 15,365 channel samples. 
      The estimate was generated from a block model constrained by 
      three-dimensional (3D) wireframe models. A capping value of 50 g/t Au was 
      applied for all three orebodies. The wireframe models of the 
      mineralization and excavated material for Turmalina were constructed by 
      Jaguar and reviewed by RPA. A separate wireframe was built for each 
      orebody and was used to constrain the grade estimates into the block 
      model. 
 
   -- The 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. 
 
   -- Year-End 2017 Turmalina Gold Mine Mineral Reserves will be updated from 
      the previous estimate by depletion. 

Qualified Persons

The scientific and technical information contained in this press release has been reviewed and approved (i) in respect of the estimated Mineral Reserves and the Life of Mine Plan (LOMP) by Jeff Sepp, P.Eng., of Roscoe Postle Associates Inc. ("RPA"), and (ii) in respect of the estimated Mineral Resources by Reno Pressacco, P.Geo., of RPA. RPA is an independent mining consultant and Mr. Sepp and Mr. Pressacco are each Qualified Persons within the definition of NI 43-101.

Quality Control

All sampling and samples utilized at Jaguar for mineral resource and or mineral reserves estimation uses a quality-control program that includes insertion of blanks and commercial standards in order to ensure best practice in sampling and analysis.

HQ, NQ, and BQ size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel sampling of the underground development follows the same standard intervals as for the drill core. All diamond drill hole collars are accurately surveyed using a Total Station instrument, and down-hole deviations are surveyed using non-magnetic equipment (SPT Stockholm Precision Tools with GyroMaster(TM) Solid State North Seeker).

Mean grades are calculated using a variable lower grade cut-off (generally 0.5g/t Au). No upper gold grade cut has been applied to the data.

Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core is stored in a secure location. The drill core and rock chip samples for resource-reserve conversion and grade control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-house laboratory located at the Roça Grande Mine, Caeté, Minas Gerais. Growth exploration samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global's respective facilities (fire assay is conducted by ALS Global in Lima, Peru, and multi-elementary analysis is conducted by ALS Global in Vancouver, Canada). ALS has accreditation in a global management system that meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.

For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to "Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil", a copy of which is available on the Company's SEDAR profile at www.sedar.com.

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar Mining is the second largest operating gold company tenement holder in the Iron Quadrangle, holding just over 25,000 hectares.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes, and a large land package with significant upside exploration potential from mineral claims covering an area of approximately 64,000 hectares. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Gold Mine Complex. The Company also owns the Paciência Gold Mine Complex, which has been on care and maintenance since 2012. Additional information is available on the Company's website at www.jaguarmining.com.

Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information set forth in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "continue," "estimate," "believe," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. This news release contains forward-looking information regarding potential and, among other things, expected future mineral resources, potential mineral production opportunities, geological and mineral exploration statistics, ore grades, current and expected future assay results, and definition/delineation/exploration drilling at the Pilar Gold Mine and the Turmalina Gold Mine in Brazil, as well as forward-looking information regarding costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, capital requirements, project studies, mine life extensions, and continuous improvement initiatives. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline and for the development of the drill program at the Pilar Gold Mine (and its expanded exploration footprint) and the Turmalina Gold Mine; its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; and political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting its plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities

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