TSX: JAG
TORONTO, May 31, 2018 /PRNewswire/ -- Jaguar Mining
Inc. ("Jaguar" or the "Company") (TSX: JAG) announced the
following update on the impact of a nationwide Truck Drivers'
strike on the Company's operations located in Brazil. Over the past few weeks, the strike
has resulted in delayed delivery of fuel and other critical mining
consumables needed to sustain normal course mining activities. In
light of the ongoing delays in the delivery of these critical
materials, and to maintain the integrity of key safety measures in
place across all operations, the Company is significantly scaling
back its underground mining activities at Pilar and Turmalina Gold
mines. Gold processing facilities will remain operational, while
equipment maintenance and administrative oversight activities at
both sites will continue.
The Company continues to maintain sufficient level of working
capital to meet its financial obligations. The Company will
continue to monitor the status of the strike and provide an update
on the resumption of full production of the underground mining
operations once availability and the supply chain for mining
consumables returns to normal levels. The impact on the
Company's production guidance will be assessed at the time of
re-start.
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, labor 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.
For further information: Rodney
Lamond, President & Chief Executive Officer, Jaguar
Mining Inc., rodney.lamond@jaguarmining.com, 416-847-1854