- 24,227 ounces of gold were sold in Q1 2015, compared to 24,181
ounces in Q1 2014
- 21,336 ounces of gold were produced in Q1 2015, compared to
23,359 ounces in Q1 2014
- Turmalina produced 11,796 ounces of gold in Q1 2015 compared to
11,374 ounces in Q1 2014
- Caeté produced 9,540 ounces of gold in Q1 2015 compared to
11,985 Q1 2014
- Jaguar maintains its 2015 annual gold production guidance of
92,000 to 102,000 ounces and its cost guidance
- Cash and equivalents at March 31,
2015 was approximately $10.25
million
TSX-V: JAG
TORONTO, April 20, 2015 /CNW/ - Jaguar Mining Inc.
("Jaguar" or the "Company") (TSX-V: JAG) is pleased to report gold
production of 21,336 ounces in Q1 2015 (Q1 2014 – 23,359
ounces). A total of 226,000 tonnes was processed in Q1 2015
(Q1 2014 – 268,000 tonnes) at an average grade of 3.2 grams per
tonne (Q1 2014 – 2.9 grams per tonne).
Consistent with efforts to decrease overall production costs,
tonnes milled decreased in Q1 2015 by 16% compared to Q1 2014,
while the average grade milled increased by 11% compared to Q1
2014.
Mill recoveries for the quarter averaged 89% (Q1 2014 -
88%).
|
|
|
|
Production
|
Q1
2015
|
Q1
2014
|
Variance
(%)
|
|
Turmalina
|
Caeté
|
Total
|
Turmalina
|
Caeté
|
Total
|
Turmalina
|
Caeté
|
Total
|
Tonnes
milled
|
111,000
|
115,000
|
226,000
|
111,000
|
157,000
|
268,000
|
0%
|
(27%)
|
(16%)
|
Recovery
|
90%
|
89%
|
89%
|
88%
|
88%
|
88%
|
3%
|
1%
|
2%
|
Head grade
(grams/tonne)
|
3.6
|
2.9
|
3.2
|
3.2
|
2.7
|
2.9
|
11%
|
10%
|
11%
|
|
|
|
|
|
|
|
|
|
|
Gold
ounces:
|
|
|
|
|
|
|
|
|
|
|
Produced
|
11,796
|
9,540
|
21,336
|
11,374
|
11,985
|
23,359
|
4%
|
(20%)
|
(9%)
|
|
Sold
|
13,196
|
11,031
|
24,227
|
11,513
|
12,668
|
24,181
|
15%
|
(13%)
|
0%
|
Definition drilling
(meters)
|
4,365
|
4,603
|
8,968
|
3,685
|
2,786
|
6,471
|
18%
|
65%
|
39%
|
Cash &
equivalents at March 31 (US$ '000)
|
|
|
10,258
|
|
|
7,009
|
|
|
46%
|
George Bee, President and CEO of
Jaguar, commented: "Our focus remains on further improving gold
grade and to minimize production costs. With mining
activities suspended at the lower grade areas of Orebody B at
Turmalina, less ore dilution was realized in Q1 2015 compared to Q1
2014. Additionally, having suspended secondary development at
Pilar until we define profitable ore areas for further development,
less low grade material is being mined and this has resulted in a
higher average grade being milled. Both initiatives are
expected to reduce our cash operating costs in 2015. With the
progress made in the first quarter, we maintain our gold production
guidance of 92,000-102,000 ounces for 2015."
Details of the Company's financial performance, including
capital and operating costs, will be included in its first quarter
2015 financial results.
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 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. Management does not have firm
commitments for all of the costs, expenditures, prices or other
financial assumptions used to prepare the financial outlooks or
assurance that such results will be achieved. The actual results of
Jaguar will likely vary from the amounts set forth in the financial
outlooks and such variation may be material. Jaguar and its
management believe that the financial outlooks have been prepared
on a reasonable basis, reflecting the best estimates and judgments,
and represent, to the best of management's knowledge and opinion,
the Company's expected production, grades, tones milled, recovery
rates, cash operating costs, and definition/delineation drilling,
in addition to overall expenditures and results of operations
during 2015. However, because this information is highly subjective
and subject to numerous risks, including the risks discussed below,
it should not be relied on as necessarily indicative of future
results. 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 the risk of Jaguar's not meeting the
forecast plans regarding its operations and financial performance,
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.
Non-IFRS Measures.
This press release
provides certain financial measures that do not have a standardized
meaning prescribed by IFRS. Readers are cautioned to review the
above stated footnotes where the Company expanded on its use of
non-IFRS measures.
SOURCE Jaguar Mining Inc.