TSX: JAG
TORONTO, March 2, 2018 /CNW/ - Jaguar Mining Inc.
("Jaguar" or the "Company") (TSX: JAG) is pleased to report
updated Mineral Resources and Mineral Reserves estimates as at
December 31, 2017 for Pilar Gold Mine
("Pilar") and Interim Mineral Resources for Turmalina Gold Mine
("Turmalina"), each prepared in accordance with CIM definitions
(2014) as in National Instrument 43-101 ("NI 43-101"). The Pilar
Mineral Resources and Mineral Reserves update will be supported by
a NI 43-101 Technical report that will be filed on SEDAR within 45
days of this release. The Interim Turmalina Mineral Resources and
the Mineral Reserves will be updated when the drill program is
completed.
Year-End 2017 Pilar Gold Mine Mineral Reserves and Mineral
Resources Highlights
- Total Measured Resources increased 277% to 317,000 ounces of
gold, net of depletion, grading 4.47 g/t.
- Total Measured and Indicated ("M&I") Resources increased
10% to 532,000 ounces of gold, grading 4.37 g/t.
- Inferred Resources increased 104% to 433,000 ounces grading
5.69 g/t, reflecting successful growth exploration drilling
campaign in 2017 targeting high-grade deeper extensions to the
principle banded iron formation Orebodies (BA, BF, and BFII) below
current mine production levels.
- Total Proven and Probable ("2P") Mineral Reserves of 125,000
ounces of gold, grading 3.99 g/t reflecting two-year replacement of
mineral reserve depletion through production and addition of new
mineral reserves, confirming over three years of future production
at current production levels.
- Higher quality and increased grades of newly added mineral
resources facilitate resource to reserve conversion drilling to be
prioritized in 2018 and scheduled as per the mine plan while
ensuring financial discipline.
Interim Year-End 2017 Turmalina Gold Mine Mineral Resources
Highlights
- M&I Resources of 420,000 ounces of gold reflect full
replacement of 45,000 ounces of 2017 mining depletion for Orebodies
A, B, and C.
- Measured Resources increased 8% to 265,000 ounces with a 6%
increase in grade to 5.7 g/t.
- Inferred Resources increased 158% to 305,000 ounces of gold
with a 14% increase in grade to 5.49 g/t, reflecting successful
growth exploration drilling campaign in 2017 targeting high-grade
deeper extensions to the principle orebodies A and C below current
mine production levels.
- Focused on completing growth exploration and resource
conversion drilling program throughout the first half of 2018 to
further update Mineral Resources and Mineral Reserves at mid-year
2018.
- Interim update based on drilling results from growth
exploration, mine resource conversion and grade control drilling
completed on Orebodies A, B and C to November 30, 2017 compared to Mineral Resources
as at December 31, 2016
Rodney Lamond, President and CEO
of Jaguar Mining stated: "We have achieved solid growth in our
mineral resources at our core gold production operations, Pilar and
Turmalina mines. At Pilar, we replaced two years of mining
depletion following a highly successful drilling campaign completed
in 2017. Our continued investment in drilling has allowed us to
maintain mineral reserves equivalent to over three years of reserve
production mine life. Strong drilling results to date offer
additional perspective and are impressive as we have significantly
advanced the principal system containing Orebodies BA, BF and BFII
in a short period of time, approximately seven months since growth
drilling began in May 2017. As a
result, Mineral Reserves at Pilar are based on the main Orebodies
BA, BF and BFII currently in production above level 9 providing
confidence in future production. Going forward, we are focused on
upgrading and converting our Mineral Resource inventory to Mineral
Reserves as well as upgrading and converting the newly discovered
Inferred Resources to M&I Resources. Inferred Mineral Resources
at Pilar confirm gold mineralization continues down-plunge on the
main mineralized trends providing considerable potential for
further additions to our Mineral Resource base. Recent positive
drilling results include additional high-grade intercepts and
confirm the deep extensions of primary orebodies which strengthen
our confidence in delivering improved near-term
production."
Mr. Lamond continued, "Moving forward our top focus is to
continue drilling at our core operating assets to explore and
infill drill down-plunge extensions of main orebodies to increase
life of mine. The growth exploration drilling results announced
over the past year resulted in the significant increase in the
Mineral Resources at both Pilar and Turmalina. With approximately
one million ounces in the newly reported Mineral Resources (532,000
ounces in M&I and 433,000 ounces in Inferred) at Pilar Mine
alone, the Company is confident that this operation will deliver
exceptional value for many years in the future. We look forward to
reporting updated Turmalina mineral reserves and mineral resources
once drilling is completed by the middle of 2018."
The Mineral Resource and Reserve estimates were prepared by
Jaguar Mining under the supervision of Reno Pressacco, P.Geo., and
Jeff Sepp, P.Eng. of Roscoe Postle
Associates Inc. ("RPA"). RPA is an independent mining consultant
and Mr. Pressacco and Mr. Sepp are Qualified Persons within the
definition of NI 43-101. The effective date of the estimates is
December 31, 2017. An independent
technical report documenting the Mineral Resource and Mineral
Reserves estimates for the Pilar mine, prepared in accordance with
NI 43-101, will be filed on SEDAR within 45 days of the date of
this press release.
About Pilar and Turmalina
Pilar is an underground gold mine and is part of the Caeté Gold
Complex that also includes the underground Roça Grande gold mine
and mill operation that processes ore from both mines. The Caeté
Complex is located in the municipalities of Caeté and Santa
Bárbara, respectively, in the state of Minas Gerais, Brazil, and is approximately 100 km from
Belo Horizonte, the capital city
of the state of Minas Gerais. Turmalina is an underground gold mine
and plant complex, also located in the state of Minas Gerais,
approximately 130 km northwest of Belo
Horizonte (see Figure 1).
Pilar Gold Mine Exploration Program Drilling Results
Drilling focused on further defining the top three most
significant mineralized banded iron formations (BA, BF, and BFII)
known at Pilar. (See Figure 2, which identifies the drill programs
completed to support the Mineral Resources and Mineral
Reserves.)
The BA mineralized structure appears to diminish at depth;
however, the footwall flank of the BF and both the footwall and
hanging wall flanks of the BFII unit have seen increased grades and
thicknesses in drilling at depth below the active areas mined in
2016 and 2017. (See press releases from September and November 2017 for more detailed growth
exploration drill results.)
Pilar Gold Mine Mineral Resource and Mineral Reserve
Estimates as at December 31,
2017
(See Tables 1–4 for more
detail)
- Proven & Probable Reserves: 0.97 million tonnes
grading 3.99 g/t Au, containing 125,000 oz. Au
- Measured & Indicated Resources: 3.79 million tonnes
grading 4.37 g/t Au, containing 532,000 oz. Au
- Inferred Resources: 2.38 million tonnes grading 5.69 g/t
Au containing 433,000 oz. Au
Table 1
Pilar Gold Mine Mineral Reserves Summary December 31, 2017, compared to December 31, 2016:
Pilar Gold Mine –
Change in Mineral Reserves
|
Gold Ounces
(000's)
|
Gold Grade (g/t
Au)
|
As at December
31
|
2017
|
2016
|
Change
(%)
|
2017
|
2016
|
Change
(%)
|
Proven
Reserves
|
81
|
2
|
3,950%
|
3.78
|
2.47
|
53%
|
Probable
Reserves
|
44
|
140
|
(69%)
|
4.45
|
4.62
|
(4%)
|
Total
|
125
|
142
|
(12%)
|
3.99
|
4.56
|
(13%)
|
Table 2
Pilar Gold Mine Mineral Resources Summary December 31, 2017, compared to December 31, 2016:
Pilar Gold Mine –
Change in Mineral Resources
|
Gold Ounces
(000's)
|
Gold Grade (g/t
Au)
|
As at December
31
|
2017
|
2016
|
Change
(%)
|
2017
|
2016
|
Change
(%)
|
Measured
Resources
|
317
|
84
|
277%
|
4.47
|
4.14
|
8%
|
Indicated
Resources
|
216
|
399
|
(46%)
|
4.22
|
4.62
|
(9%)
|
Total – M&I
Resources
|
532
|
482
|
10%
|
4.37
|
4.53
|
(4%)
|
Inferred
Resources
|
433
|
212
|
104%
|
5.69
|
5.45
|
4%
|
Table 3
Pilar Gold Mine Mineral Reserves Summary as at December 31, 2017, by Orebody:
Pilar Gold Mine -
Mineral Reserves, December 31, 2017
|
Orebody
|
Proven
Reserves
|
Probable
Reserves
|
Proven and
Probable Reserves
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
Orebody BA
|
93
|
2.47
|
7
|
102
|
5.39
|
18
|
195
|
3.99
|
25
|
Orebody BF
|
263
|
4.07
|
34
|
15
|
4.12
|
2
|
278
|
4.07
|
36
|
Orebody
BFII
|
285
|
3.98
|
37
|
157
|
4.23
|
21
|
442
|
4.07
|
58
|
Orebody
LFW
|
6
|
3.02
|
1
|
7
|
2.51
|
1
|
13
|
2.73
|
1
|
Orebody
LPA
|
19
|
3.49
|
2
|
-
|
-
|
-
|
19
|
3.49
|
2
|
Orebody
Torre
|
-
|
-
|
-
|
26
|
2.78
|
2
|
26
|
2.78
|
2
|
Total
|
666
|
3.78
|
81
|
307
|
4.45
|
44
|
974
|
3.99
|
125
|
|
Notes:
|
1.
|
CIM (2014)
definitions were followed for Mineral Reserves
|
2.
|
Mineral Reserves were
estimated at a break-even cut-off grade of 2.33 g/t Au
|
3.
|
Mineral Reserves are
estimated using an average long-term gold price of US $1,250 per
ounce
|
4.
|
Mineral Reserves are
estimated using an average long-term foreign exchange rate of 3.5
Brazilian Reais: 1 US Dollar
|
5.
|
A minimum mining
width of 2 m was used
|
6.
|
Numbers may not add
due to rounding
|
Table 4
Pilar Gold Mine Mineral Resources Summary at December 31, 2017, by Orebody:
Pilar Gold Mine –
Mineral Resources, December 31, 2017
|
Orebody
|
Measured
Resources
|
Indicated
Resources
|
Total
Measured
&
Indicated Resources
|
Inferred
Resources
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
Orebody BA
|
457
|
4.53
|
67
|
187
|
5.28
|
32
|
644
|
4.75
|
98
|
57
|
4.50
|
8
|
Orebody BF
|
635
|
4.72
|
96
|
74
|
4.73
|
11
|
709
|
4.72
|
108
|
1,360
|
6.71
|
293
|
Orebody
BFII
|
488
|
4.73
|
74
|
259
|
4.56
|
38
|
747
|
4.67
|
112
|
828
|
4.38
|
117
|
Orebody
Torre
|
231
|
4.93
|
37
|
233
|
4.41
|
33
|
464
|
4.67
|
70
|
62
|
4.15
|
8
|
Orebody LFW
(200's)
|
208
|
3.18
|
21
|
34
|
3.19
|
3
|
242
|
3.18
|
25
|
-
|
-
|
-
|
Orebody
LHW
|
74
|
2.89
|
7
|
7
|
2.85
|
1
|
81
|
2.89
|
8
|
-
|
-
|
-
|
Orebody
LPA
|
110
|
4.17
|
15
|
-
|
-
|
-
|
110
|
4.17
|
15
|
-
|
-
|
-
|
Orebody SW
|
-
|
-
|
-
|
795
|
3.82
|
98
|
795
|
3.82
|
98
|
60
|
3.46
|
7
|
Total
|
2,203
|
4.47
|
317
|
1,589
|
4.22
|
216
|
3,792
|
4.37
|
532
|
2,367
|
5.69
|
433
|
|
Notes:
|
1.
|
CIM (2014)
definitions are followed for Mineral Resources
|
2.
|
Mineral Resources
were estimated at a break-even cut-off grade of 1.93 g/t
Au
|
3.
|
Mineral Resources are
estimated using an average long-term gold price of US $1,400 per
ounce
|
4.
|
Mineral Resources are
estimated using an average long-term foreign exchange rate of 3.8
Brazilian Reais: 1 US Dollar
|
5.
|
A minimum mining
width of 2 m was used
|
6.
|
Gold grades are
estimated by the Ordinary Kriging interpolation algorithm using
capped composite samples
|
7.
|
Mineral Resources are
inclusive of Mineral Reserves
|
8.
|
Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability
|
9.
|
Numbers may not add
due to rounding
|
Pilar Gold Mine Mineral Resources and Mineral Reserves
Highlights
- Drilling completed in 2016 and 2017 successfully replaced
depletion, maintaining mineral reserves equivalent to approximately
three years of production resulting in total Mineral Resources and
Mineral Reserves, including total 2P reserves, of 125,000 ounces of
gold (974,000 tonnes at an average grade of 3.99 g/t Au) which were
12% lower compared to 2P of 142,000 ounces as at December 31, 2016.
- 2017 growth exploration drilling results clearly demonstrated
continuity of the principal banded iron formation orebodies to
depth beyond current mining production activities and quantified
observed increases in grade, tonnes and ounces per vertical
metre.
- Drilling completed resulted in a significant increase in
M&I and Inferred Mineral Resources, exceeding the Company's
target of replacing reserves mined in 2016 and 2017, and
establishing increased M&I Resources below mine Level 9 (see
Figures 2, 3, 4 and 5).
- Mineral Reserves at Pilar are based on the main orebodies
currently in production above Level 9, BA, BF and BFII. Further
work is in progress to convert the M&I inventory to 2P Reserves
on material from other orebodies that are accessible from ramp
development below Level 9.
- The database, used to prepare the estimates, with a cut-off
date of November 28, 2017, comprises
1,366 drill holes and 19,838 channel samples. The estimate was
generated from a block model constrained by three-dimensional (3D)
wireframe models. A capping value varying from 10 to 60 g/t Au was
applied for all eight orebodies. Wireframe models of the
mineralization and excavated material for Pilar were constructed by
Jaguar and reviewed by RPA. A separate wireframe was prepared for
each orebody and was used to constrain the grade estimates into the
block model.
- 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.
- For December 31, 2017, estimates,
the Company prepared an updated geological and block model under
the supervision of RPA. The Mineral Resources and Mineral Reserves
for 2017 will be supported by a NI 43-101 technical report to
be filed on SEDAR within 45 days of this press release.
Interim Turmalina Gold Mine Mineral Resources
Turmalina Mineral Resources highlights are shown on Tables 5 and
6.
Table 5
Turmalina Gold Mine Mineral Resources Summary December 31, 2017, compared to December 31, 2016:
Turmalina Gold
Mine – Change in Mineral Resources
|
Gold Ounces (000's)
|
Gold Grade
(g/t)
|
As at December
31
|
2017
|
2016
|
Change
(%)
|
2017
|
2016
|
Change
(%)
|
Measured
Resources
|
265
|
246
|
8%
|
5.7
|
5.36
|
6%
|
Indicated
Resources
|
155
|
174
|
(11%)
|
3.86
|
4.12
|
(6%)
|
Total – M&I
Resources
|
420
|
420
|
0%
|
4.86
|
4.77
|
2%
|
Inferred
Resources
|
305
|
118
|
158%
|
5.49
|
4.81
|
14%
|
Table 6
Turmalina Gold Mine Mineral Resources Summary as at December 31, 2017, by Orebody:
Turmalina Gold
Mine – Mineral Resources, December 31,
2017
|
Orebody
|
Measured
Resources
|
Indicated
Resources
|
Total
Measured
&
Indicated Resources
|
Inferred
Resources
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
Tonnes
|
Grade
|
Gold
oz.
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
(000's)
|
(g/t
Au)
|
(000's)
|
Orebody A
|
905
|
7.22
|
210
|
99
|
5.94
|
19
|
1,004
|
7.09
|
229
|
659
|
5
|
107
|
Orebody B
|
350
|
3.32
|
37
|
182
|
4.33
|
25
|
533
|
3.67
|
63
|
24
|
5
|
4
|
Orebody C
|
190
|
2.91
|
18
|
961
|
3.57
|
110
|
1,152
|
3.46
|
128
|
1,044
|
6
|
194
|
Total
|
1,446
|
5.70
|
265
|
1,243
|
3.86
|
155
|
2,689
|
4.86
|
420
|
1,727
|
5.49
|
305
|
|
Notes:
|
1.
|
CIM (2014)
definitions are followed for Mineral Resources
|
2.
|
Mineral Resources
were estimated at a break-even cut-off grade of 2.1 g/t
Au
|
3.
|
Mineral Resources are
estimated using an average long-term gold price of US $1,400 per
ounce
|
4.
|
Mineral Resources are
estimated using an average long-term foreign exchange rate of 3.8
Brazilian Reais: 1 US Dollar
|
5.
|
A minimum mining
width of 2 m was used
|
6.
|
Gold grades are
estimated by the Inverse Distance Cubed interpolation algorithm
using capped composite samples
|
7.
|
Mineral Resources are
inclusive of Mineral Reserves
|
8.
|
Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability
|
9.
|
Numbers may not add
due to rounding
|
- Mineral Resource estimates at December
31, 2017, reflect an updated geological and block model
prepared by Jaguar staff under the supervision of RPA. This updated
block model incorporates the results from the on-going diamond
drilling campaigns commenced in 2017.
- This Interim Mineral Resource includes total Measured and
Indicated Resources of 420,000 ounces of gold (2.69 million tonnes
at an average grade of 4.86 g/t Au) and Inferred Resources of
305,000 ounces of gold (1.73 million tonnes at an average grade of
5.49 g/t Au).
- Current growth drilling, as well as drill holes completed in
2017, focused on demonstrating the extensions and continuity of the
principal Orebodies A and C at depth beyond current mining
production activities and quantifying observed increases in grade,
tonnes and ounces per vertical metre.
- Orebody C Mineral Resource grades have increased following from
new exploration drill hole intercepts and from development channel
sampling and infill drilling, in particular on Levels 3 and 4.
- The resulting increases in Measured, Indicated and Inferred
resources 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™ 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
and an uncertain ability to raise new capital) and other risks
inherent to the gold exploration, development and production
industry, which, if incorrect, may cause actual results to differ
materially from those anticipated by the Company and described
herein. In addition, there are risks and hazards associated with
the business of gold exploration, development, mining and
production, including without limitation environmental hazards,
tailings dam failures, industrial accidents and workplace safety
problems, unusual or unexpected geological formations, pressures,
cave-ins, flooding, chemical spills, and gold bullion thefts and
losses (and the risk of inadequate insurance, or the inability to
obtain insurance, to cover these risks). Although we have attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information.
SOURCE Jaguar Mining Inc.