JAG...Jaguar produces 41,449 ounces of gold in Q1 2011
Ticker Symbol: C:JAG
Jaguar produces 41,449 ounces of gold in Q1 2011
Jaguar Mining Inc (C:JAG)
Shares Issued 84,373,648
Last Close 4/18/2011 $4.81
Tuesday April 19 2011 - News Release
Mr. Daniel Titcomb reports
JAGUAR MINING PROVIDES Q1 2011 UPDATE OF OPERATIONS
Jaguar Mining Inc. has provided a summary of its preliminary Q1 2011, operating performance as compared with Q4 2010. As a result of the operational improvement program initiated in 2010, significant progress has been achieved at all operations. All figures are in U.S. dollars unless otherwise indicated.
Consolidated Operations In Q1 2011, the Company produced 41,449 ounces of gold at a cash operating cost of $727 per ounce as compared to 34,682 ounces at a cash operating cost of $762 per ounce in Q4 2010, a 20% production increase and 5% cash operating cost decrease.
Notwithstanding the impact of a stronger Brazilian real in Q1 2011, which added $15 per ounce, the cash operating cost was reduced by $35 per ounce.
Removing the effect of gold-in-process and stockpile inventory changes from Q4 2010, the underlying operating cash cost was $663 per ounce.
Q1 2011 average feed grade increased 10% to 3.42 grams per tonne ("g/t") as compared to 3.09 g/t in Q4 2010.
Q1 2011 gold sales increased 17% to 39,794 ounces at an average price of $1,386 as compared to 34,134 ounces at an average price of $1,306 per ounce in Q4 2010.
The Q1 2011 cash operating margin increased 24% to $659 per ounce, exceeding the Company's expectation.
Underground mine development for Q1 2011 increased by 20% to a total of 5.9 km as compared to 4.9 km in Q4 2010.
As of March 31, 2011, the Company had cash and cash equivalents of $136 million. Mr. Daniel R. Titcomb, Jaguar's President and CEO stated: "Our Q1 production results reflect our operating team's significant effort and priority to improve processes and operations. The ongoing program we initiated in 2010 to accelerate development at all of our mines is providing increased operating flexibility. Based on the substantial progress made thus far, we are confident our 2011 targets will be met." Turmalina Operations In Q1 2011, Turmalina produced 15,855 ounces of gold at a cash operating cost of $755 per ounce as compared to 10,275 ounces at a cash operating cost of $899 per ounce in Q4 2010, a 54% increase in ounces produced and a reduction of 16% in costs.
Removing the effect of gold-in-process inventory changes from Q4 2010, the underlying operating cash cost was $ 639 per ounce.
Ore processed in Q1 2011 totaled 136,153 tonnes at an average feed grade of 4.02 g/t as compared to 142,765 tonnes of ore at an average feed grade of 2.89 g/t in Q4 2010, an increase of 39% as a result of improved mine grades and better dilution control.
Plant recovery averaged 90% in Q1 2011 as compared to 88% in Q4 2010.
Mine development totaled 2.1 km in Q1 2011 as compared to 1.7 km during Q4 2010, an increase of 12%. PaciAancia Operations In Q1 2011, PaciAancia produced 12,114 ounces of gold at a cash operating cost of $555 per ounce as compared to 13,808 ounces at a cash operating cost of $628 per ounce in Q4 2010.
Q1 2011 cash operating costs were reduced by 13% from Q4 2010, as a result of the previously announced decision to haul Pilar Mine ROM to the CaetAcopyright mill.
Ore processed in Q1 2011 totaled 118,222 tonnes at an average feed grade of 3.51 g/t as compared to 135,455 tonnes at an average feed grade of 3.57 g/t in Q4 2010.
Plant recovery averaged 93% in Q1 2011 as compared to 94% in Q4 2010.
Mine development totalled 2.05 km in Q1 2011 as compared to 1.5 km in Q4 2010, a 37% increase. Caet Operations Ramp-up In Q1 2011, Caet produced 13,480 ounces of gold at a cash operating cost of $850 per ounce as compared to 10,595 ounces at a cash operating cost of $804 per ounce in Q4 2010, a 27% increase in ounces produced.
Q1 2011 average cash operating costs were affected during the current ramp-up stage, by processing of the remaining RoAparagrapha Grande pre-operating low-grade development ore stockpile and by the stronger Brazilian real.
Removing the effect of stockpile inventory changes, the underlying operating cash cost was $775 per ounce.
Ore processed in Q1 2011 totaled 166,163 tonnes at an average feed grade of 2.86 g/t as compared to 156,344 tonnes at an average feed grade of 2.84 g/t in Q4 2010.
Plant recovery averaged 88% during Q1 2011 and Q4 2010.
Mine development totaled 1.8 km in Q1 2011 as compared to 1.6 km in Q4 2010, an increase of 13%.
Q1 2011 Earnings Conference Call Details
The Company plans to release its Q1 2011 financial and operating results after the market close on May 17, 2011. The Company will hold a conference call the following morning, May 18, 2011 at 9:00 AM EDT to discuss the results. Management will reference a presentation during the conference call, which will be posted on the Company's web site after the Q1 2011 earnings press release is issued on May 17, 2011.
Conference Call Details:
North America:800-476-0592 International:213-416-2192 Replay from North America:800-675-9924 International:213-416-2185 Replay ID: 51811
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