JAG - TSX/NYSE
BELO HORIZONTE, Brazil, Jan. 17, 2013 /CNW/ - Jaguar Mining Inc.
("Jaguar" or "the Company") (JAG: TSX/NYSE)today announced that its full year 2012 production totaled 102,823
ounces of gold, in line with its most recent public guidance targets.
Gold production for the quarter ended December 31, 2012 totaled 21,676
ounces.
These production results compare to 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 Paciência 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.
2012 Production by Operation
Operation | Q4 2012 Production (ounces Au) | Full Year 2012 Production (ounces Au) |
Turmalina
|
8,206
|
37,840
|
Paciência
|
-
|
9,987
|
Caeté
|
13,470
|
54,996
|
Total
|
21,676
|
102,823
|
Commenting on the production results, David Petroff, Jaguar's President
and CEO stated, "2012 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 Caeté operation had a very good year meeting production targets and
developing a sound production cycle," 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 to 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," Petroff concluded.
About Jaguar Mining
Jaguar is a junior gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais and owns the Gurupi
Project in Northern Brazil in the state of Maranhão. The Company also
owns additional mineral resources at its approximate 210,000-hectare
land base in Brazil. Additional information is available on the
Company's website at www.jaguarmining.com.
SOURCE: Jaguar Mining Inc.
<p> Roger Hendriksen<br/> Vice President, Investor Relations<br/> 603-410-4888<br/> <a href="mailto:rhendriksen@jaguarmining.com">rhendriksen@jaguarmining.com </a> </p> <p> Valéria Rezende DioDato<br/> Director of Communication<br/> 011-55-31-4042-1249<br/> <a href="mailto:valeria@jaguarmining.com">valeria@jaguarmining.com</a><br/> </p>