Jaguar Mining announces production results for the second quarter of 2022
TORONTO, ON / ACCESSWIRE / July 12, 2022 / Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX: JAG) today announced its production results for the second quarter of 2022 (“Q2 2022”). Q2 2022 financial results will be released and filed on SEDAR no later than August 10, 2022. All figures are in US dollars unless otherwise noted.
Q2 2022 Operational Highlights
Consolidated gold production increased by 4% with 21,036 ounces in Q2 2022 compared to 20,212 ounces in Q2 2021. Ore tonnes milled increased to 228,000 in Q2 2022 compared to 214,000 in Q2 2021.
Pilar’s gold production increased by 14% with 13,212 ounces in Q2 2022 compared to 11,631 ounces in Q2 2021;
Turmalina gold production decreased 9% to 7,824 ounces in Q2 2022 from 8,581 ounces in Q2 2021;
Total development of 2,847 meters for the second quarter of 2022, an increase of 25% compared to the same period in 2021 with 2,278 meters.
Total definition, infill and exploration drilling increased 64% to 30,605 meters in Q2 2022 from 18,665 meters in Q2 2021.
Cash position as of June 30, 2022, with cash of $30.5 million compared to cash of $34.8 million as of March 31, 2022. During the quarter, the Company paid a dividend of 2.3 million, invested about $6 million in equity investments and about $6 million in sustaining capital.
Q2 2022 operating results
“Vern Baker, President and CEO of Jaguar Mining, said: “I am very pleased with how our teams have gotten the mines back on track and at a reasonable pace. Performance has picked up both from the first quarter of 2022 and for the second quarter of a year on the We accelerated the development of both mines to build an inventory of stoping areas and to provide growth opportunities Pilar shows excellent consistency in production and development with a good quarter for ounces and development meters Turmalina has struggled with grade, partly due to the large amount of low-grade development ore, and partly due to a shortage of stoping blocks as the focus shifts to development. from ore body A to ore body C. Development rates in the structure of ore body C are at a level that will bring the stoping block inventory to adequate levels over the next in trimester. Development of the North West project at Turmalina is progressing well The Pilar South West project is also on track and has started to bring a modest amount of development ore into production at the mine. . Jaguar’s commitment to sustainable production and steady growth has been reflected in the teams’ efforts in development, diamond drilling and exploration.”
The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology – UCT), FAUSIMM, Vice President Geology and Exploration, who is also an employee of Jaguar Mining Inc. , and is a “qualified person” as defined by National Instrument 43-101 – Disclosure Standards for Mining Projects (“NI 43-101”).
The iron quadrilateral
The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum group metals in the southeast corner of the Iron Quadrangle gave the city its name Ouro Preto (black gold). The Iron Quadrilateral contains world-class, multi-million ounce gold deposits such as Morro Velho, Cuiabá and São Bento. Jaguar holds the third largest position of gold land in the Iron Quadrangle with over 50,000 hectares.
About Jaguar Mining Inc.
Jaguar Mining Inc. is a Canadian-listed junior gold mining, development and exploration company operating in Brazil with three gold mining complexes and a large land package with significant exploration potential from mining concessions. The Company’s principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the State of Minas Gerais and include the Turmalina Gold Mine Complex and the Caeté Mine Complex (mines Pilar and Roça Grande and factory in Caeté). The Company also owns the Paciência gold mine complex, which has been under care and maintenance since 2012. The Roça Grande mine has been under temporary care and maintenance since April 2019. Additional information is available on the Company’s website at www.jaguarmining.com.
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Certain statements contained in this press release constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans regarding the future. All forward-looking information contained in this press release is qualified by the cautionary statements below and those contained in our other filings with the securities regulatory authorities in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “is expected”, “is planned”, “is targeted”, “approximately”, “plans”, “anticipates”, “projects”, ” “anticipates”, “continues”, “estimates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “might”, “could”, “might”, or “will be taken, occur will occur or will occur. All statements, other than statements of historical fact, may be deemed to be or include forward-looking information. This press release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, timing and amount of estimated future production, production costs, on , capital expenditures, costs and timing of development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies , life of mine extensions, restart of suspended or discontinued operations, continuous improvement initiatives and resolution of ongoing litigation. The Company has made numerous assumptions regarding the forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of its mineral properties; supply and demand, as well as the level and volatility of the price of gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; receipt of necessary permits; market competition; ongoing relationships with employees and affected communities; political and legal developments in any jurisdiction in which the Company operates are consistent with its current expectations, including, without limitation, the impact of any potential energy rationing, regulation of tailings management facilities , exploration and mining licenses and permits obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any change in general commercial and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including: the risk that Jaguar will not meet expectations regarding its operations and financial performance; uncertainties regarding the price of gold, labor disruptions, mechanical failures, increased costs, environmental compliance and changing environmental laws and regulations, weather delays and increased costs or production delays due to natural disasters, power outages, procurement and delivery of parts and supplies to operations; the uncertainties inherent in financial markets generally (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent in the exploration, development and gold production, which, if incorrect, could cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with gold exploration, development, mining and production activities, including environmental hazards, tailings dam breaches, industrial accidents and safety issues. in the workplace, unusual or unexpected geological formations, pressures, cave-ins, floods, chemical spills, procurement fraud, and theft and loss of gold bullion (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Accordingly, readers should not place undue reliance on forward-looking information.
For more information on these and other factors and assumptions underlying the forward-looking information contained in this press release, please see the Company’s most recent Annual Information Form and MD&A, as well as other public disclosure documents accessible under the issuer profile of “Jaguar Mining Inc.” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as of the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
THE SOURCE: Jaguar Mining Inc.
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