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
TORONTO, March 25, 2015 /CNW/ - 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
|
Ore
Body
|
Proven
Reserves
|
Probable
Reserves
|
Proven and
Probable Reserves
|
Tonnes
|
Gold
|
Gold
oz.
|
Tonnes
|
Gold
|
Gold
oz.
|
Tonnes
|
Gold
|
Gold
oz.
|
(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/m3.
|
|
|
|
|
|
|
7. Numbers may
not add due to rounding.
|
|
|
|
|
|
|
Summary of Mineral Resources as at December 31, 2014
|
Measured and
Indicated Resources
|
Ore
Body
|
Measured
Resources
|
Indicated
Resources
|
Total Measured
& Indicated
Resources
|
Tonnes
|
Gold
|
Gold
oz.
|
Tonnes
|
Gold
|
Gold
oz.
|
Tonnes
|
Gold
|
Gold
oz.
|
(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/m3for Orebodies A and B and 2.95
t/m3for 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
(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
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 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.
SOURCE Jaguar Mining Inc.