06:27:52 EDT Thu 21 Jun 2018
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Jaguar Mining Inc
Symbol C : JAG
Shares Issued 84,409,648
Close 2013-01-17 C$ 0.67
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Jaguar Mining produces 102,823 oz Au in 2012

2013-01-17 17:16 ET - News Release

Mr. David Petroff reports


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 ounces.

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 production cycle.

"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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