PR Newswire
TORONTO, April 17, 2018
TSX: JAG
TORONTO, April 17, 2018 /PRNewswire/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) today announced operating results for the first quarter ("Q1 2018") ended March 31, 2018. All figures are in US dollars, unless otherwise expressed. Detailed financial results for Q1 2018 will be reported and filed on or before May 10, 2018.
Q1 2018 Summary
Rodney Lamond, President and Chief Executive Officer commented, "We have successfully established a large mineral resource at Pilar and Turmalina as a direct result of our strategic investments in Growth Exploration programs, underground mine development and upgrading mining equipment. These investments demonstrate our commitment to growing sustainable gold production over the long-term. Through our investments, we have unlocked significant value at Pilar and its performance is increasing our ability to grow operating and free cash flow. Based on Pilar's performance to date, we believe there continues to be excellent upside potential. We are taking the same approach to unlocking the deep value that we believe exists at Turmalina, which is also supported by its mineral resource."
"Pilar's first quarter operating results, including a 13% year-over-year increase in gold production driven by a 20% increase in head grade, are positively impacting our overall profitability and generating increased returns. This performance was achieved through targeted exploration programs, development and training of operations teams, disciplined capital allocation and operational excellence. The confidence in delivering increased gold production supported the Company's decision to place Roça Grande temporarily on care and maintenance. This decision will further decrease the Company's COC by displacing high gold ounces with Pilar's lower COC ounces."
Mr. Lamond continued, "In addition to the excellent ongoing work completed by our operations teams, during the quarter we successfully transitioned to a new mining contractor to increase high speed development at Turmalina. We completed key development objectives to access higher grade pay-shoots in Orebodies A and C. Primary waste development increased 77% during the quarter, the highest level since Q2 2016. The extensive accelerated development will continue to increase as key access drives are advanced into higher-grade mineralization in Level 11 at Orebody A and Level 4 at Orebody C. A new total of four production sublevels are expected to contribute to production in Q2 2018. To further support production and drive increased annual production, we have purchased two new underground loaders and one 30-tonne underground haulage truck for Turmalina."
Mr. Lamond concluded, "Looking ahead, we are positioned to deliver stronger production in the second half of 2018 as we expect to see higher production at Turmalina, as well as higher production at Pilar. Ongoing infill drilling on Orebody A and C at Turmalina has demonstrated continued high-grade mineralization in upcoming sublevels for mining, which is expected to significantly increase production. Our strategy for sustainable production, which starts with a fundamental understanding of our geological models, aims to extend the reserve mine life at all of our operations by replacing depleted Mineral Resources in a timely manner through the execution of targeted exploration programs. We have also made important staffing changes at our sites to ensure we deliver on our productivity and efficiency targets to achieve our 2018 objectives. We continue to focus on mining quality ounces to generate cash flow, sustain future growth and reduce our bank debt."
2018 First Quarter Operating Results Summary
| | | ||||||
Quarterly Summary | Q1 2018 | Q1 2017 | ||||||
Turmalina | Pilar | Roça | Total | Turmalina | Pilar | Roça | Total | |
Tonnes milled (t) | 81,000 | 81,000 | 12,000 | 174,000 | 113,000 | 84,000 | 17,000 | 214,000 |
Average head grade (g/t) | 3.43 | 4.08 | 2.52 | 3.67 | 3.79 | 3.39 | 2.12 | 3.50 |
Recovery % | 91% | 89% | 89% | 90% | 91% | 91% | 91% | 91% |
Gold ounces | | | | | | | | |
Produced (oz) | 8,442 | 9,553 | 870 | 18,864 | 12,736 | 8,485 | 1,070 | 22,291 |
Sold (oz) | 8,414 | 9,929 | 894 | 19,237 | 13,536 | 9,422 | 1,076 | 24,034 |
Preliminary Financial Data | | | | | | | | |
Cash Operating Costs1 ($/oz) | 777 | 809 | 1,216 | 814 | 738 | 1,092 | 1,787 | 924 |
Development | | | | | | | | |
Primary (metres) | 648 | 422 | 84 | 1,154 | 366 | 470 | 74 | 910 |
Exploration (metres) | - | - | - | - | 104 | 13 | 34 | 151 |
Secondary (metres) | 91 | 356 | - Werbung Mehr Nachrichten zur Jaguar Mining Aktie kostenlos abonnieren
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