TORONTO, October 6, 2015 /PRNewswire/ --
TSX-V: JAG
- 24,406 ounces of gold were sold in Q3 2015, compared to 22,681
ounces in Q3 2014
- 25,235 ounces of gold were produced in Q3 2015, compared to
22,374 ounces in Q3 2014
- Turmalina produced 13,994 ounces of gold in Q3 2015 compared to
11,336 ounces in Q3 2014
- Caeté produced 11,241 ounces of gold in Q3 2015 compared to
11,038 in Q3 2014
- Jaguar targets 2015 annual gold production of approximately
92,000 ounces
- Cash and bullion as at September 30,
2015 was approximately $3.1
million
All Dollar amounts are in thousands
of U.S. dollars unless stated otherwise
Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX-V: JAG)
reported gold production of 25,235 ounces in Q3 2015 (Q3 2014 -
22,374 ounces) while 223,000 tonnes of ore was processed in Q3 2015
(Q3 2014 - 249,000 tonnes) at an average grade of 3.90 grams per
tonne (Q3 2014 - 3.13 grams per tonne).
During Q3 2015, total tonnes milled decreased by 10% compared to
Q3 2014, whereas the average grade milled increased by 25% compared
to the same period in 2014. This was primarily due to availability
of higher grade stopes, improved ground conditions and an overall
focus on grade control. Mill recoveries for the quarter averaged
90% (Q3 2014 - 89%).
Production Q3 2015 Q3 2014
Turmalina Caeté Total Turmalina Caeté Total
Tonnes milled 101,000 122,000 223,000 107,000 142,000 249,000
Recovery 91% 89% 90% 91% 88% 89%
Head grade (grams/tonne) 4.77 3.17 3.90 3.69 2.71 3.13
Gold ounces:
Produced 13,994 11,241 25,235 11,336 11,038 22,374
Sold 13,485 10,921 24,406 11,710 10,971 22,681
Exploration and definition
drilling (meters) 9,094 6,239
Commenting on Q3 2015 production results, George Bee, President and CEO of Jaguar, stated:
"We continue to make progress on the Company's turn-around by
improving grade and focusing on profitable production with
improvements in mining and business practice. The devaluation of
the Brazilian Real in conjunction with our operational improvements
is expected to lead to the continued per-ounce cost reductions. As
we look to conclude the recently announced financing, thereby
increasing our net-working-capital, we also look to build on our
recent exploration drilling success defining better grade
opportunities ahead of production."
Details of the Company's financial performance, including
capital and operating costs, will be included in its third quarter
2015 financial results. Outlined below is the Company's cash and
gold bullion position as at September 30,
2015.
Cash and gold bullion, as at September 30, 2015 December 31, 2014
Cash 3,073 7,161
Gold bullion - 1,801
Total cash and gold bullion 3,073 8,962
About Jaguar Mining Inc.
Jaguar is a gold producer with mining operations in a prolific
greenstone belt in the state of Minas Gerais, Brazil. Additionally, Jaguar wholly owns the
large-scale Gurupi Development Project in the state of Maranhão,
Brazil. In total, the Company owns
mineral claims covering an area of approximately 197,000-hectares.
Additional information is available on the Company's website at
http://www.jaguarmining.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute
"Forward-Looking Statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Forward-looking statements include, but are
not limited to, management's assessment of Jaguar's future plans
and operation. Forward-looking statements can be identified by the
use of words such as "are expected", "is forecast", "is targeted",
"approximately", "plans", "anticipates" "projects", "anticipates",
"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. In this news release, information contained in
forward-looking statements is based on current expectations,
estimates and projections that involve a number of known and
unknown risks and uncertainties, including among others the risk of
Jaguar not meeting the forecast plans regarding its operations and
financial performance, uncertainties with respect to
the success of the financing, and uncertainties
inherent to capital markets in general, which, if
incorrect, may cause actual results to differ materially from those
anticipated by Jaguar and described herein.
For additional information with respect to these and other
factors and assumptions underlying the forward-looking statements
made in this news release, see the Company's most recent annual
information form and management's discussion and analysis, as well
as other public disclosure documents that can be accessed under the
issuer profile of "Jaguar Mining Inc." on SEDAR at
http://www.sedar.com. The forward-looking statements set
forth herein reflect Jaguar's expectations as at the date of this
news release and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, other than as required by law. The
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Derrick Weyrauch, Chief Financial
Officer, +1-416-628-9601, dweyrauch@jaguarmining.com