Brazilian Resources Inc.

	June 30, 2004 Brazilian Resources Completes Private Placement; Discusses Capital Structure
	Press Release: 2004-03 Brazilian Resources, Inc. ("BRAZILIAN") has completed its previously announced non-brokered US$115,000 private placement of units at a price of 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 whole "A" purchase warrant entitles the holder to purchase one additional common share at a price of US$0.125 until June 8, 2005. Each whole "B" purchase warrant entitles the holder to purchase one additional common share at a price of US$0.15 until June 8, 2005. Proceeds have and will be used for working capital and to complete due diligence on certain mineral projects in Brazil. Current capital structure BRAZILIAN recently received final regulatory approvals regarding options that had been re-issued and/or re-priced as part of the company's comprehensive debt restructuring plan and approved at a shareholder meeting. A total of 4,294,793 options (4,064,793 options for directors and officers) were cancelled and re-issued with and exercise price of Cdn.$0.10 per share until April 3, 2008. A total of 800,000 options (all for directors and officers) were amended to be exercised at Cdn.$0.10. After issuance of the shares, purchase warrants and options described above, BRAZILIAN's capital structure is as follows: --------------------------------------------------------------------- Security Expiration Exercise Price Securities Common Date Outstanding Shares on Exercise --------------------------------------------------------------------- Common Shares 80,579,488 80,579,488 --------------------------------------------------------------------- Warrants 17 Feb 05 US$0.40 1,000,000 1,000,000 --------------------------------------------------------------------- Warrants 8 Jun 05 US$0.125 575,000 575,000 --------------------------------------------------------------------- Warrants 8 Jun 05 US$0.15 575,000 575,000 --------------------------------------------------------------------- Options 5 Dec 05 Cdn$0.10 650,000 650,000 --------------------------------------------------------------------- Options 28 Mar 06 Cdn$0.10 150,000 150,000 --------------------------------------------------------------------- Options 12 Dec 07 Cdn$0.10 1,523,000 1,523,000 --------------------------------------------------------------------- Options 3 Apr 08 Cdn$0.10 4,294,793 4,294,793 --------------------------------------------------------------------- Options 14 Apr 09 Cdn$0.155 1,250,000 1,250,000 ----------- --------------------------------------------------------------------- 90,597,281 ------------ --------------------------------------------------------------------- BRAZILIAN is a resource and infrastructure development company trading on the NEX board of the TSX Venture Exchange. 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. -30-

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