TORONTO, March 25, 2015 /PRNewswire/ --
TSX-V: JAG
Highlights
- Proven and probable gold reserves at Turmalina increased by 51%
to 217,000 ounces of gold, while the average proven and probable
reserve grade increased by 75% to 5.33 g/t gold compared to
2013,
- At Turmalina Orebodies A, B and C:
- Measured and indicated gold resources increased by 53% or
120,000 ounces of gold compared to 2013,
- The average measured and indicated gold grade increased by 14%
to 4.93 g/t gold compared to 2013,
- Total Inferred gold resource ounces increased by 118%, while
the average inferred gold grade increased by 113% compared to
2013
Jaguar Mining Inc. ("Jaguar" or the "Company")
(JAG: TSX-V) today reported an independent reserve and
resource estimate for its wholly owned Turmalina Mine Complex,
supported by a Technical Report compliant with National Instrument
43-101 ("NI 43-101"). The reserve includes a 51% increase in
total reserves to 217,000 ounces (1,266,000 tonnes at an average
grade of 5.33 grams per tonne). The 51% increase in reserves
from the previous year's estimate of 144,000 ounces (1,471,800
tonnes at an average grade of 3.05 grams per tonne) exceeded the
Company's target of replacing reserves mined in 2014.
Reserves at Turmalina, Ore Body A grew by 117% to 180,000 ounces
(899,000 tonnes at an average grade of 6.23 grams per tonne) from
the previous estimate of 83,000 ounces (463,800 tonnes at an
average grade of 5.58 grams per tonne) and significantly, the
average reserve grade of the orebody increased by 12% to 6.23 grams
per tonne.
The geological drilling database cut-off date used to prepare
the estimates is June 30, 2014 and
therefore the database excludes drilling results obtained after
June 30, 2014, while including
depletion from mine activity through December 31, 2014.
The following table summarizes the change in mineral reserves
from December 31, 2013 to
December 31, 2014:
Change in Mineral Reserves
Au Ounces (000) Au grams/tonne
As at December 31 2014 2013 Change (%) 2014 2013 Change (%)
Ore Body A 180 83 117% 6.23 5.58 12%
Ore Body B - 18 - - 1.95 -
Ore Body C 37 43 (14%) 3.14 1.87 68%
Total 217 144 51% 5.33 3.05 75%
The following table summarizes the change in mineral resources
from December 31, 2013 to
December 31, 2014:
Change in Mineral Resources
Measured & Indicated Au Ounces (000) Inferred Au Ounces (000)
As at December 31 2014 2013 Change (%) 2014 2013 Change (%)
Ore Body A 224 146 53% 143 31 361%
Ore Body B 58 22 164% 1 41 (98%)
Ore Body C 64 58 10% 148 88 68%
A, B, C Total 346 226 53% 292 160 83%
Faina 58 440 (87%) 360 137 163%
Pontal 62 112 (45%) 21 13 62%
Total - M&I 466 778 (40%) 673 310 117%
Summary of Mineral Reserves as at December 31, 2014
Mineral Reserves
Proven and Probable
Proven Reserves Probable Reserves Reserves
Tonnes Gold Gold oz. Tonnes Gold Gold oz. Tonnes Gold Gold oz.
Ore Body (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
Ore Body A 333 5.00 54 566 6.96 127 899 6.23 180
Ore Body B - - - - - - - - -
Ore Body C - - - 367 3.14 37 367 3.14 37
Total 333 5.00 54 933 5.46 164 1266 5.33 217
Notes:
1. CIM definitions were followed for Mineral Reserves
2. Mineral Reserves were estimated at a break-even cut-off grade of 2.9 g/t Au. Some stopes were
included using an incremental cut-off
grade of 1.5 g/t Au.
3. Mineral Reserves are estimated using an average long-term gold price of
US$1,200 per ounce.
4. Mineral Reserves are estimated using an average long-term foreign exchange rate of 2.5
Brazilian Reais: 1 US Dollar.
5. A minimum mining width of 3 metres was used.
6. Bulk density of 2.70 t/m[3].
7. Numbers may not add due to rounding.
Summary of Mineral Resources as at December 31, 2014
Measured and Indicated Resources
Total Measured & Indicated
Measured Resources Indicated Resources Resources
Tonnes Gold Gold oz. Tonnes Gold Gold oz. Tonnes Gold Gold oz.
Ore Body (000's) (g/t) (000's) (000's) (g/t) (000's) (000's) (g/t) (000's)
Ore Body A 412 6.93 92 491 8.35 131 904 7.7 224
Ore Body B 514 3.11 51 67 3.12 7 581 3.11 58
Ore Body C 40 2.48 3 657 2.88 61 697 2.86 64
A, B, C Total 966 4.71 146 1215 5.10 199 2182 4.93 346
Faina 72 7.39 17 189 6.66 42 261 6.87 58
Pontal 251 5.00 40 159 4.28 22 410 4.72 62
Total 1289 4.92 203 1563 5.21 263 2853 5.08 466
Notes:
1. CIM definitions are followed for Mineral Resources.
2. Mineral Resources include only the Turmalina mine, Faina deposit and Pontal
deposit.
3. Mineral Reserves were estimated at a break-even cut-off grade of 2.5 g/t Au (Turmalina), 3.8 g/t Au (Faina) and
2.9 g/t Au (Pontal).
4. Mineral Resources are estimated using an average long-term gold price of US$1,400 per ounce.
5. Mineral Reserves are estimated using an average long-term foreign exchange rate of 2.5 Brazilian Reais:
1 US Dollar
6. A minimum mining width of 2 metres was used.
7. Bulk density is 2.76 t/m[3]for Orebodies A and B and 2.95 t/m[3]for Orebody C at the
Turmalina mine.
8. Gold grades are estimated by the Inverse Distance, Cubed interpolation algorithm using capped composite
samples.
9. Mineral Resources are inclusive of Mineral
Reserves.
10. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
11. Numbers may not add due to rounding.
George Bee, President and CEO of
Jaguar Mining Inc, commented: "As we focus on the Company's
turn-around to profitability, we are delighted to see the strength
and continuity of higher grades over significant thicknesses of
deposition at our Turmalina Orebody A. With the cut-off date for
drill results being last June, some 9-months past, the reserve and
resource increases announced are just the precursor to reserves
that we plan to announce once our 2015, 25,000-m drill program,
that tests the continuity of the orebody at depth are announced. He
went on to say, "While Orebody A is our clear path to better grade
and positive cash flow, the rest of Jaguar's brownfield portfolio,
which has been woefully under explored due to prior cash
constraints, holds significant potential. We thank the team at RPA
for their independent estimate of our reserves and resources, which
is aimed at assuring investors of the quality of the assets we
hold."
Other
The 2015 exploration work program for Turmalina entails 25,000
metres of drilling targeting the conversion of existing resources
to reserves and testing the down-dip extension of Orebody A in an
effort to significantly increase resources and life-of-mine.
The NI 43-101 technical report will be filed on SEDAR
(http://www.sedar.com) within 45 days of this news release.
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 Jason Cox, 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 each of Messrs. Cox and Pressacco
are Qualified Persons within the meaning of NI 43-101.
About Jaguar Mining
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 approximate 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. Certain statements throughout this press release
constitute forward-looking statements (forecasts) under applicable
securities laws relating to future events or future performance.
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. Forward-Looking Statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results or performance to be materially different from any future
results or performance expressed or implied by the Forward-Looking
Statements. These factors include the uncertainties associated with
the exploration and development of mineral properties, in
interpreting drilling results and other geological data,
fluctuating gold prices and monetary exchange rates, the
possibility of project cost delays and overruns or unanticipated
costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future for the continuance of the
operations and development of the reserves and resources,
uncertainties related to production rates, timing of production and
the cash and total costs of production. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. ]. Forward-looking
information is based on current expectations, estimates and
projections that involve a number of risks and uncertainties which
could cause actual results to differ materially from those
anticipated by Jaguar and described in the forward-looking
information. The forward-looking information contained in this
press release is made as of the date hereof and Jaguar undertakes
no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless required by applicable securities laws. The
forward-looking information contained in this press release is
expressly qualified by this cautionary statement.
Forward-Looking Statements involve known and unknown risks,
uncertainties and other factors may cause the actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. Such risk
factors include, among others, risks associated with exploration
and development of mineral properties, the uncertainties involved
in interpreting drilling results and other geological data,
fluctuating gold prices and monetary exchange rates, the
possibility of project cost delays and overruns or unanticipated
costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future for the continuance of the
operations and development of the reserves and resources,
uncertainties related to production rates, timing of production and
the cash and total costs of production. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended as well as those factors
disclosed in the Company's current Annual Information Form and
Management's Discussion and Analysis, as well as other public
disclosure documents, available on SEDAR
at http://www.sedar.com. Although the Company has 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. The forward-looking statements contained
herein are presented for the purposes of assisting investors in
understanding the Company's plan, objectives and goals and may not
be appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking statements. These
Forward-Looking Statements represent the Company's views as of the
date of this press release. The Company anticipates that subsequent
events and developments may cause the Company's views to change.
Factors, which could cause results or events to differ from current
expectations, include, among other things, actions taken against
the Company by governmental agencies and securities and other
regulators and other factors not currently viewed as material that
could cause actual results to differ materially from those
described in the Forward-Looking Statements. The Company does not
undertake to update any Forward-Looking Statements, either written
or oral, that may be made from time to time by or on behalf of the
Company subsequent to the date of this discussion except as
required by law.
Derrick Weyrauch, Chief Financial
Officer, Phone: +1-416-628-9601, dweyrauch@jaguarmining.com