TORONTO, July 20 /CNW/ - Jaguar Financial Corporation (TSX: JFC)

("Jaguar") today announced that it has completed a preliminary investigation

into the authenticity of a purported bank confirmation of US$115,000,000 in

funds that Glen Eagle Resources Inc. ("Glen Eagle", TSX-V: GER) has claimed

was available to finance a now-terminated transaction with Kinbauri Gold Corp.

("Kinbauri", TSX-V: KNB).

Based on the results of its preliminary investigation to date, Jaguar

believes that the bank confirmation relied upon by Glen Eagle is not an

authentic document.

Jean Labrecque, President and Chief Executive Officer of Glen Eagle,

filed an affidavit with the Ontario Superior Court of Justice which included a

purported bank confirmation from Kuwait Finance House ("KFH"), a large and

well-respected financial institution in the Middle East. The bank confirmation

was filed as evidence that Glen Eagle would have had adequate funding

arrangements in place to complete an investment by Glen Eagle in Kinbauri. In

press releases dated June 23, 2009 and July 8, 2009, Glen Eagle claims that

these funds (said to be in the amount of US$110,000,000) were committed for

gold mining opportunities available to Glen Eagle and Paradise Peak Holdings

S.A.

In its preliminary investigation, Jaguar engaged Kuwaiti legal counsel

who attended upon the Salmiya Branch of KFH from which the bank confirmation

was purportedly issued and also attended upon KFH's Head Office.

Jaguar's Kuwaiti legal counsel reported the following to Jaguar based on

information received from KFH:

<<

- The bank confirmation was not issued by KFH.

- The signature on the bank confirmation is that of a manager who left

the employment of KFH more than 8 years earlier.

- The letterhead on which the purported bank confirmation is printed is

not KFH's official letterhead.

- The stamp seal on the purported bank confirmation is not KFH's stamp.

- The bank confirmation is not drafted in the manner normally adopted

by KFH.

>>

Jaguar therefore believes the so-called bank confirmation is not an

authentic document.

Background

On May 20, 2009, Jaguar announced that it had commenced an action in

oppression (the "Action") in the Ontario Superior Court of Justice against

Kinbauri, its Directors and Glen Eagle due to the then failure of the Kinbauri

Board to conduct an auction in the face of an announced offer by Orvana

Minerals Corp. ("Orvana", TSX: ORV) to acquire Kinbauri. At that time Kinbauri

had entered into an agreement with Glen Eagle to sell up to 50% of its primary

asset for up to $37 million to Glen Eagle, a public company with no cash

resources and a $3 million market capitalization. Jaguar claimed that this

agreement was auction-inhibiting and had been entered into while Kinbauri was

"in play".

The transaction with Glen Eagle has since been terminated by Kinbauri

because Kinbauri did not have sufficient comfort that Glen Eagle had the

funding arrangements in place.

In connection with the Action, Jean Labrecque filed three affidavits

including a June 21 affidavit (the "Affidavit") which stated that Glen Eagle

received a letter dated June 18, 2009, from a purported investor who was

putting forward US$110,000,000 for the Kinbauri transaction. Mr. Labrecque

further stated in his Affidavit that the June 18 letter was accompanied by "a

bank confirmation from Kuwait Finance House indicating the availability of

USD$115,000,000" in an account belonging to the purported investor. Mr.

Labrecque's Affidavit attached a copy of the bank confirmation written in

Arabic.

The Affidavit also contains an English translation of the bank

confirmation, performed by Mr. Hossam Shatta who Glen Eagle announced as a new

director on June 18 and whose investment group was announced in the same Glen

Eagle press release as including "his Royal Highness the Prince of the Saudi

Royal Family".

Jaguar Investigates the Bank Confirmation

After reviewing the materials, including the Affidavit, produced by Glen

Eagle and Mr. Labrecque in connection with the Action, Jaguar has obtained

information that makes it doubtful Glen Eagle has, or ever had, financing in

place to fund its transaction with Kinbauri. The Ontario Superior Court of

Justice, in a decision on July 6, 2009, dismissed a summary judgment motion by

Kinbauri to terminate the Glen Eagle agreement without any liability to

Kinbauri. As a result, the claim by Glen Eagle for damages against Kinbauri

for such termination has been referred to arbitration.

Following the Court's decision, Jaguar asked its legal counsel in Kuwait

to investigate the authenticity of the bank confirmation. Jaguar's Kuwaiti

counsel recently reported to Jaguar on its attendance at both the Salmiya

Branch of KFH and the Head Office of KFH in Kuwait and confirmed the lack of

authenticity of the KFH confirmation described above.

Vic Alboini, Chairman and Chief Executive Officer of Jaguar stated: "Our

preliminary findings confirm what we suspected all along: there is good reason

to doubt that financing from Glen Eagle for the Kinbauri transaction was ever

available and Glen Eagle's claim in the arbitration should not stand in the

way of a full and fair auction for Kinbauri."

About Jaguar Financial Corporation

Jaguar is a Canadian merchant bank that invests in undervalued small and

mid-cap companies in a variety of industry sectors.

The Toronto Stock Exchange does not accept responsibility for the

adequacy or accuracy of this news release. This news release may contain

certain forward looking statements which involve known and unknown risks,

delays, and uncertainties not under Jaguar's control which may cause actual

results, performances or achievements of Jaguar to be materially different

from those implied by such forward looking statements.

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/For further information: Vic Alboini, Chairman & Chief Executive

Officer, (416)