Jaguar Mining Inc
Symbol JAG
Shares Issued 45,833,100
Close 2006-09-28 C$ 4.59
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Jaguar drills 12.37 g/t Au of 6.35 m at Turmalina
2006-09-29 08:22 ET - News Release
Mr. Daniel Titcomb reports
JAGUAR MINING EXPECTS INCREASED RESERVES AND PRODUCTION RATE FROM NEW TURMALINA ZONE
Jaguar Mining Inc. has released strong drill results from phase I of the exploration program of the Satinoco zone at the Turmalina mine. Jaguar will proceed with a feasibility study to expand Turmalina's current 587,000-ounce reserve base and its 60,000-ounce-per-year gold production rate. Jaguar is targeting a significant increase of reserves and production rate over the next two years. Production at Turmalina is scheduled to begin in fourth quarter 2006.
Main phase I drill results:
Intervals
Hole Grade Thickness From To
(g/t) (m) (m) (m)
FSN-11 5.70 3.80 208.45 212.25
FSN-14 9.40 1.05 75.60 76.65
FSN-16 8.74 2.15 59.35 61.50
FSN-18 2.40 3.30 167.70 171.00
FSN-20 2.67 2.55 146.80 149.35
FSN-23 3.01 3.40 83.40 86.80
FSN-24 2.41 4.85 136.85 141.70
FSN-27 3.65 3.00 92.90 95.90
FSN-28 4.31 3.25 85.20 88.45
FSN-44 4.47 3.00 160.90 163.90
FSN-47 3.31 8.00 21.25 29.25
FSN-53 12.37 6.35 40.40 46.75
FSN-54 11.25 5.70 17.40 23.10
35.70 0.85 27.05 27.90
FSN-56 6.32 5.05 41.60 46.65
FSN-59 4.64 2.05 36.80 38.85
FSN-62 5.80 4.10 22.10 26.20
The drill results consist of 7,857 metres of drilling from 62 holes. Some of the deeper holes cut the mineralization 220 metres below the surface, indicating continuity at depth and consistency with the mineralization of the parallel Turmalina mine, which has known reserves to 500 metres.
The location map, complete drill hole data and sectional views are available at the company website.
The Satinoco target trend is about one kilometre long and is located 250 metres from Turmalina's Main zone. Jaguar intends to access this mineralization through a crosscut underground from the mine.
Phase II of the Satinoco exploration program is under way. Jaguar plans to carry out 12,000 metres of additional surface drilling, 1,250 metres of drifts and 1,500 metres of underground drilling.
The phase II fieldwork is expected to allow for the completion of the Satinoco feasibility study at an estimated cost of $3.0-million (U.S.). Historically, the company has been converting resources into reserves at a cost of $5 to $8 per ounce. The feasibility is expected to add reserves up to 500 metres deep. The mineralization appears to be open at depth as in Turmalina's Main and Northeast zones.
The phase I exploration results were audited by Ivan C. Machado, MSc, PE, PEng, principal of TechnoMine Services LLC, based in Salt Lake City. Mr. Machado serves as Jaguar's qualified person in accordance with NI 43-101. SGS Laboratories of Belo Horizonte, Minas Gerais, is providing independent sample preparation and assay services, using standard industry practices.
We seek Safe Harbor.
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