TSX: JAG
TORONTO, Ontario, Aug. 6, 2019 /CNW/ - Jaguar Mining Inc.
("Jaguar" or the "Company") (TSX: JAG) is pleased to announce
the appointment of Mr. Vernon Baker
as Chief Executive Officer. Ben
Guenther, interim CEO will step down, effective immediately
but will remain on Jaguar Mining's Board of Directors (the
"Board").
"On behalf of the Jaguar Mining's Board of Directors, I am very
pleased to welcome Vernon Baker as
the new CEO," said Thomas Weng,
Chairman, Jaguar Mining. "Mr. Baker is an experienced
executive with extensive underground mining experience and a
diverse operational background. We are excited by his commitment to
continue executing Jaguar's key strategic priorities and turnaround
strategy."
Mr. Baker stated: "I am thrilled to be leading Jaguar Mining and
working closely with the Board and all of our employees to continue
the progress made to date at Turmalina and Pilar, and to be focused
on achieving the Company's strategic goals to increase gold
production from their high-quality gold assets in Brazil."
The appointment of Mr. Baker as CEO is the conclusion of
Jaguar's review of strategic alternatives previously announced by
the Company. The Board believes that the execution of the Company's
business plan under Mr. Baker's leadership will be the best path
forward for the Company to maximize value for shareholders.
Mr. Weng stated "The Board would like to thank Ben Guenther for his service as interim
CEO".
The Company also announced the acceptance of Mr. Richard Falconer's resignation as an independent
director and the appointment of Rodney
Lamond to the Board. Mr. Lamond previously served as Jaguar
Mining Chief Executive Officer from December
2015 to August 2018. On behalf of the Board, "I would
like to thank Mr. Falconer for his many contributions to Jaguar
during his tenure and wish him success on his future
endeavors. I would also like to welcome Mr. Lamond back to
the Jaguar family and look forward to working with him in executing
Jaguar's turnaround." The appointments are subject to
regulatory approval.
Vernon Baker Bio
Mr. Vernon Baker will be
appointed as the new Chief Executive Officer effective August 6, 2019. Mr. Baker brings over 35 years of
mining industry experience. He has extensive management and
operations expertise at globally focused mid-tier and senior mining
companies. Most recently, he was General Manager at Goldcorp's
Cerro Negro Mine in Argentina, overseeing 3,000 tonnes per day of
high-grade production and implementing programs to reduce costs,
grow production and development, and leading strong safety
improvement to achieve an AIFR of 0.28 in 2017. Previously,
Mr. Baker held management and senior leadership roles with various
mining companies including President at Duluth Metals Limited, Vice
President of Operations at FNX Mining, General Manager at Barrick
Goldstrike Mines Inc., and General Manager of Hemlo Operations, a
Joint Venture of Teck Cominco and Barrick
Gold.
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
Mining Complex (Pilar and Roça Grande
Mines, and Caeté Plant). The Company also owns the Paciência
Gold Mine Complex, which has been on care and maintenance since
2012 and the Roça Grande Mine which has been on care and
maintenance since April 2018.
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 made 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," "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. All statements, other than statements of historical fact,
may be considered to be or include forward-looking information.
This news release contains forward-looking information regarding,
among other things, expected sales, production statistics, ore
grades, tonnes milled, recovery rates, cash operating costs,
definition/delineation drilling, the timing and amount of estimated
future production, costs of production, capital expenditures, costs
and timing of the development of projects and new deposits, success
of exploration, development and mining activities, currency
fluctuations, capital requirements, project studies, mine life
extensions, restarting suspended or disrupted operations,
continuous improvement initiatives, and resolution of pending
litigation. The Company has made numerous assumptions with respect
to forward-looking information contained herein, including, among
other things, assumptions about the estimated timeline for the
development of 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; 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
an 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 the forecast 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 environmental
hazards, tailings dam failures, industrial accidents and workplace
safety problems, unusual or unexpected geological formations,
pressures, cave-ins, flooding, chemical spills, procurement fraud
and gold bullion thefts and losses (and the risk of inadequate
insurance, or the inability to obtain insurance, to cover these
risks). Accordingly, readers should not place undue reliance on
forward-looking information.
For additional information with respect to these and other
factors and assumptions underlying the forward-looking information
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 www.sedar.com.
The forward-looking information set forth herein reflects the
Company's reasonable 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 information, whether as a result of new
information, future events or otherwise, other than as required by
law. The forward-looking information contained in this news release
is expressly qualified by this cautionary statement.
Ben Guenther, Interim Chief
Executive Officer, Jaguar Mining Inc., bguenther@jaguarmining.com,
416-847-1854; Hashim Ahmed, Chief
Financial Officer, Jaguar Mining Inc.,
hashim.ahmed@jaguarmining.com, 416-847-1854
