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
TORONTO, Oct. 6, 2015 /CNW/ - 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
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
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.
SOURCE Jaguar Mining Inc.