Brazilian Resources Inc.

	May 20, 2004 Brazilian Resources Reports 2003 Year-End Results; Gain On Debt Restructuring, New Projects
	Brazilian Resources, Inc. ("BRAZILIAN") reports net income of US$1,368,152, or US$0.03 per common share outstanding, for the year ended December 31, 2003, as compared to net income of $843,110, or US$0.02 per common share in 2002. The net income is derived primarily from a US$1,044,994 gain on debt restructuring (US$3,246,404 -- 2002) and the settlement or write-off of US$984,570 of past accounts payable (nil -- 2002). Current liabilities decreased from US$6,437,382 at December 31, 2002 to US$1,892,565 at the end of 2003, which puts the company in a much stronger financial position. BRAZILIAN's annual audited consolidated financial statements have been filed on SEDAR and will be available at its corporate website www.brazilianresources.com. Investment in Jaguar Mining Inc. BRAZILIAN's primary asset is its investment in its former subsidiary, Jaguar Mining Inc. ("Jaguar") (JAG -- TSX) with a book value of US$4.1 million at December 31, 2003. BRAZILIAN held 59% of Jaguar at the beginning of 2003. During the year, Jaguar issued additional shares through equity financings at steadily increasing prices, and BRAZILIAN bought and sold Jaguar shares, resulting in a reduction of BRAZILIAN's ownership in Jaguar to 26% at December 31, 2003. BRAZILIAN's investment in Jaguar was consolidated for the first six months of 2003 and accounted for under the equity method after July 1. The market value of BRAZILIAN's holdings of Jaguar was US$12.2 million at the end of 2003 and US$14.3 million at the current date. BRAZILIAN may decide to sell a portion of its Jaguar holdings in order to finance other projects. Other projects: Gold, base metals, energy, food irradiation Subject to regulatory approvals, BRAZILIAN has agreed to subscribe to 60% of the quota shares of a new corporation in Brazil, Ambra Mineração Ltda. ("Ambra"), equivalent to US$2.25 million to be paid over fourteen months beginning at the date of incorporation of Ambra, which the company estimates to be near October 1, 2004. These funds are expected be used for the development of gold properties in the state of Amapá, Brazil. Ambra's shareholders have commissioned a feasibility study on the properties, which is nearing completion. Subsequent to the end of 2003, and also subject to regulatory approvals, BRAZILIAN subscribed to 49% of the quota shares of an existing corporation in Brazil, Prometalica Mineração Ltda. ("Prometalica"). Other shareholders include IMS Empreendimentos Ltda., a Brazilian mine engineering firm and current operator of Jaguar's gold properties. Prometalica intends to develop basic and precious mineral resources through a project known as Monte Cristo. BRAZILIAN will be responsible for providing a guarantee of US$3.85 million to the institution providing financing for the Monte Cristo project. During 2003 management elected to write off the remaining US$450,000 of it investment in hydroelectric projects. Although the company believes it will eventually receive proceeds from the sale of its energy interests, there is no definite timeline for required permits to be issued before a sale is likely to close. BRAZILIAN is currently revising and/or renewing prior agreements related to its planned development of food irradiation facilities in Brazil. The company expects to make further announcements regarding its developing businesses over the next 30 days, as certain permits and other regulatory approvals are granted. Private placement BRAZILIAN has received subscriptions totaling US$115,000 for a non-brokered private placement previously announced as a US$100,000 offering on April 21, 2004. Subject to regulatory approvals, BRAZILIAN now intends to sell 1,150,000 Units at US$0.10 per Unit. Each Unit consists of one common share and two one-half common share purchase warrants (the "A" and "B" purchase warrants). Each full common share "A" purchase warrant entitles the holder to purchase one additional common share at a price of US$0.125 for a period of one year after the purchase date. Each full common share "B" purchase warrant entitles the holder to purchase one additional common share at a price of US$0.15 for a period of one year after the purchase date. Proceeds will be used to fund due diligence regarding the acquisition of equity interests of infrastructure projects in Brazil and for working capital. Annual meeting BRAZILIAN has rescheduled its annual and special meeting of shareholders to June 30, 2004 at its corporate offices in Concord, New Hampshire. BRAZILIAN is a resource and infrastructure development company trading on the NEX board of the TSXV. BRAZILIAN has 79,429,488 common shares outstanding (88,297,281 fully diluted). BRAZILIAN currently has business interests in mining, energy and gamma ray ionization, and holds 4,855,776 common shares of Jaguar Mining Inc., a gold producing company listed on the Toronto Stock Exchange. For further information, please contact: Daniel Titcomb, President or Jeffrey Kirchhoff, Chief Financial Officer Brazilian Resources, Inc. 48 Pleasant Street Concord, NH 03301 Telephone: 603-224-4800 Facsimile: 603-228-8045 E-mail: info@brazilianresources.com Website: www.brazilianresources.com Listing: BZI.H -- TSXV The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements that are not historical facts are forward-looking statements involving 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. BRAZILIAN's and 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.

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