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Reserves & Resources

The tables below set forth mineral resource and reserve estimates for the Turmalina, Paciência and Caeté operations and the Gurupi Project as of December 31, 2014.

Notes to Table 1
  1. CIM definitions are followed for Mineral Resources. Mineral Resources are inclusive of Mineral Reserves and are stated as at December 31, 2014.
  2. Turmalina
    1. Mineral Resources were estimated using a cut-off grade of 2.5 g/t Au (Turmalina), 3.8 g/t Au (Faina) and 2.9 g/t Au (Pontal).
  3. Caeté - Roça Grande
    1. Mineral Resources were estimated using a cut-off grade of 2.00 g/t Au for RG1 and RG7.
    2. RG1 and RG7 were estimated using residual block model, depleting the ore mined until December 31, 2014. RG2, RG3 and RG6 resources were as per TechnoMine NI 43-101 Technical Report dated December 23, 2004, depleting ore mined until December 31, 2013.
  4. Caeté - Pilar
    1. Mineral Resources were estimated using a cut-off grade of 2.5 g/t Au for Pilar.
    2. Resources were estimated using residual block model, depleting the ore mined until December 31, 2014.
  5. Other - include Juca Vieira / Catita / Morro do Adão Resources are based on TechnoMine NI 43-101 Technical Report dated December 23, 2004.
  6. Other - include Boa Vista / Fernandes / Camará II / Camará I / Serra Paraíso Resources were based on TechnoMine NI 43-101 Technical Report filed on SEDAR on June 21, 2011, depleting the ore mined until December 31, 2013.
  7. Gurupi Resources were approved by Leah Mach (SRK) as Qualified Person, as disclosed in the press release dated July 30, 2012 filed on SEDAR.
  8. Mineral Resources for Turmalina, Pilar, RG1 and RG7 are estimated using an average long-term foreign exchange rate of 2.5 Brazilian Reais: 1 US Dollar and average long term gold price of $1,400 per ounce.
  9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  10. Numbers may not add due to rounding.


Notes to Table 2
  1. CIM definitions are followed for Mineral Reserves.
  2. Turmalina
    1. Mineral Reserves were estimated using a cut-off grade of 2.9 g/t Au. Some stopes were included using an incremental cut-off grade of 1.5 g/t Au.
    2. For more information, refer to the Turmalina Technical Report filed on SEDAR (www.sedar.com) on April 07, 2015.
  3. Caeté - Roça Grande
    1. Mineral Reserves for RG1 and RG7 are estimated using a cut-off grade of 2.0 g/t Au.
    2. RG1 and RG7 Mineral Reserves estimation considered 15% unplanned dilution based on historical data.
    3. RG2, RG3 and RG6 were not included in the reserves estimation.
  4. Caeté - Pilar
    1. Mineral Reserves was estimated using a cut-off grade of 2.5 g/t Au.
    2. Mineral Reserves estimation considered 20% unplanned dilution based on historical data.
    3. Pilar Ore body SW was not included in the Reserves estimation.
  5. Gurupi Mineral Reserves are based on Technomine Feasibility Study Technical Report filed on SEDAR on January 31, 2011.
  6. Mineral Reserves for Turmalina, Pilar, RG1 and RG7 were estimated using a long-term foreign exchange rate of 2.5 Brazilian Reais: 1 US Dollar and long term gold price of $1,200 per ounce. Mineral Reserves for Gurupi were based on exchange rate of 1.9 Brazilian Reais: 1 US Dollar and long term gold price of $1,066 per ounce.
  7. Numbers may not add due to rounding.


Although Jaguar has carefully prepared and verified the Mineral Resource and Mineral Reserve figures presented herein, such figures are estimates, which are, in part, based on forward-looking information and no assurance can be given that the indicated amounts of gold will be produced. Estimated Mineral Reserves may have to be recalculated based on actual production experience. Market price fluctuations of gold as well as increased production costs or reduced recovery rates and other factors may render the present Proven and Probable Mineral Reserves unprofitable to develop at a particular site or sites for periods of time. See "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements "in the Company's 2014 Annual Information Form dated April 14, 2015 and available on SEDAR and EDGAR at www.sedar.com and www.sec.gov, respectively.  
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