Mr. David Petroff reports
JAGUAR MINING MEETS FULL YEAR 2012 PRODUCTION TARGETS
Jaguar Mining Inc.'s full-year 2012 production totalled 102,823
ounces of gold, in line with its most recent public guidance targets.
Gold production for the quarter ended Dec. 31, 2012, totalled 21,676
These production results compare with 33,397 ounces of gold in the fourth
quarter of 2011 and 155,764 ounces for the full-year 2011. The decline
in comparative quarterly and annual production levels was the result of
the company's decision to place the Paciencia operation on care and
maintenance, beginning in May, 2012, and a transition of mining and ground
support methods, which, during the course of implementation, negatively
impacted production cycle times in the Turmalina operation.
PRODUCTION BY OPERATION IN 2012
Operation Q4 2012 production (ounces Au) Full-year 2012 production (ounces Au)
Turmalina 8,206 37,840
Paciencia -- 9,987
Caete 13,470 54,996
Total 21,676 102,823
Commenting on the production results, David Petroff, Jaguar's president
and chief executive officer, stated: "Two thousand twelve was a challenging year for Jaguar, and these
results reflect the magnitude of the challenges and the temporary
disruptive impact related to the implementation of new mining and
ground control methods.
"The Caete operation had a very good year, meeting production targets and
developing a sound production cycle," Mr. Petroff continued. "The
Turmalina operation is making progress with development now moving out
ahead of production and providing some additional operational
flexibility. The change in ground control method is having the desired
effect of improving safety and structural stability in the mines. The
temporary negative impact of the implementation has begun to ease as
the operations have incorporated the revised program into the
"With a new permanent management team now in place, we will continue to
focus on and implement continuous improvement at the operations
throughout 2013. We are encouraged by our many opportunities in this
new year as we build and strengthen for the future," Mr. Petroff concluded.
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