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
| |Q4 2012 Production| Full Year 2012 |
|Operation| (ounces Au) |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
Roger Hendriksen Vice President, Investor Relations 603-410-4888
Valéria Rezende DioDato Director of Communication 011-55-31-4042-1249
SOURCE: Jaguar Mining Inc.
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CO: Jaguar Mining Inc.
-0- Jan/17/2013 22:08 GMT
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