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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, 2015.

Summary of Mineral Reserves as at December 31, 2015

  Proven Reserves Probable Reserves Proven and Probable Reserves
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Southern Brazil
Turmalina Gold Complex2
Ore Body A 387 5.70 71 440 5.92 84 827 5.82 155
Ore Body C 73 2.51 6 180 4.13 24 253 3.66 30
Total - Turmalina 460 5.19 77 620 5.40 108 1,080 5.31 185
Caeté Gold Complex
Pilar3
Ore Body BA 69 3.20 7 - - - 69 3.20 7
Ore Body BF 64 2.95 6 343 4.44 49 407 4.20 55
Ore Body BFII - - - 707 4.66 106 707 4.66 106
Ore Body LFW 30 3.44 3 - - - 30 3.44 3
Ore Body LPA 1 3.19 0 6 4.15 1 7 4.00 1
Total - Pilar 164 3.15 17 1,056 4.58 156 1,220 4.39 172
Roça Grande - - - - - - - - -
Total - Caeté 164 3.15 17 1,056 4.58 156 1,220 4.39 172
Total - Southern Brazil 624 4.65 94 1,676 4.89 264 2,300 4.82 357
 
Northern Brazil
Gurupi Project4
Cipoeiro - - - 45,044 1.20 1,735 45,044 1.20 1,735
Chega Tudo - - - 18,713 0.99 593 18,713 0.99 593
Total - Northern Brazil - - - 63,757 1.14 2,328 63,757 1.14 2,328
Total - 2P Mineral Reserves 624 4.65 94 65,433 1.23 2,592 66,057 1.26 2,685
Notes to Table 1:
  1. CIM definitions are followed for Mineral Reserves;
  2. Turmalina
    1. Mineral Reserves are estimated using a break-even cut-off grade of 2.57 g/t Au. Some stopes were included using an incremental cut-off grade of 1.38 g/t Au;
    2. Bulk densities used were 2.76 t/m3 for Ore Body A and B, and 2.95 t/m3 for Ore Body C;
    3. Mineral Reserves are estimated using an average long-term foreign exchange rate of 3.8 Brazilian Reais: 1 US Dollar;
    4. Mineral Reserves are estimated using a gold price of US$1,150 per ounce for the year of 2016 and US$1,250 per ounce for the year of 2017 and beyond;
    5. A minimum mining width of approximately 2 m was used.
  3. Caeté - Pilar
    1. Mineral Reserves were estimated using a break-even cut-off grade of 2.5 g/t Au;
    2. Bulk densities used were 2.89 t/m3 for iron-formation poor domains or 3.05 t/m3 for iron-formation rich domains;
    3. Mineral Reserves are estimated using an average gold price of US$1,150 per ounce;
    4. Mineral Reserves are estimated using an average long-term foreign exchange rate of 3.8 Brazilian Reais: 1 US Dollar;
    5. A minimum mining width of approximately 2 m was used.
  4. Gurupi Reserves are based on the Technomine Feasibility Study Technical Report filed on SEDAR on January 31, 2011;
  5. Numbers may not add due to rounding.
Summary of Mineral Resources as at December 31, 2015

  Measured Resources Indicated Resources Total Measured & Indicated Resources Inferred Resources
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Tonnes
(000's)
Grade
(g/t)
Gold oz
(000's)
Southern Brazil
Turmalina Gold Complex2
Ore Body A 478 6.75 104 378 7.33 89 855 7.01 193 564 6.50 118
Ore Body B 352 3.38 38 158 3.95 20 511 3.56 58 46 5.45 8
Ore Body C 82 2.88 8 621 3.17 63 702 3.14 71 775 4.51 112
Faina 72 7.39 17 189 6.66 42 261 6.87 58 1,542 7.26 360
Pontal 251 5.00 40 159 4.28 22 410 4.72 62 130 5.03 21
Total - Turmalina 1,235 5.21 207 1,505 4.88 236 2,739 5.01 442 3,057 6.30 619
Caeté Gold Complex
Pilar3
Ore Body BA 293 4.09 39 174 5.58 31 467 4.66 70 65 5.13 11
Ore Body BF 259 4.57 38 776 4.74 118 1,035 4.69 156 293 6.77 64
Ore Body BFII 4 4.46 1 874 5.11 144 878 5.11 145 198 7.89 50
Ore Body C 80 4.24 11 371 4.73 56 451 4.62 67 140 5.10 23
Ore Body LFW 68 3.82 8 175 4.22 24 243 4.10 32 117 4.87 18
Ore Body LHW - - - 12 3.61 1 12 3.61 1 5 3.11 1
Ore Body LPA 6 2.72 1 50 3.99 6 56 3.99 7 - - -
Ore Body SW - - - 338 3.28 36 338 3.28 36 389 3.60 45
Total - Pilar 709 4.25 97 2,770 4.68 417 3,479 4.59 514 1,208 5.45 212
Roça Grande4 217 2.17 15 1,014 2.95 96 1,231 2.81 111 1,759 3.48 197
Total - Caeté 926 3.76 112 3,784 4.22 513 4,710 4.13 625 2,967 4.29 409
Total - Southern Brazil 2,161 4.59 319 5,289 4.40 749 7,449 4.45 1,067 6,024 5.31 1,028
 
Northern Brazil
Gurupi Project5
Cipoeiro 25,734 0.78 640 58,494 0.87 1,633 84,229 0.84 2,273 7,041 0.67 152
Chega Tudo 20,923 0.66 440 37,484 0.67 805 58,408 0.66 1,246 678 0.62 13
Total - Northern Brazil 46,657 0.72 1,080 95,979 0.79 2,438 142,636 0.77 3,519 7,719 0.66 165
Total - Mineral Resources 48,818 0.89 1,399 101,268 0.98 3,187 150,085 0.95 4,586 13,743 2.70 1,193
Notes to Table 2:
  1. CIM definitions are followed for Mineral Resources. Mineral Resources are inclusive of Mineral Reserves and are stated as at December 31, 2015;
  2. Turmalina
    1. Mineral Resources were estimated using a cut-off grade of 2.11 g/t Au (Turmalina); 3.8 g/t Au (Faina); and 2.9 g/t Au (Pontal);
    2. Bulk densities used were 2.89 t/m3 for iron-formation poor domains or 3.05 t/m3 for iron-formation rich domains;
  3. Caeté - Pilar
    1. Mineral Resources were estimated using a cut-off grade of 1.93 g/t Au;
    2. Bulk densities used were 2.89 t/m3 for iron-formation poor domains or 3.05 t/m3 for iron-formation rich domains;
  4. Caeté - Roça Grande
    1. Mineral Resources are estimated using a cut-off grade of 1.46 g/t Au.;
    2. Bulk densities used were 2.87 t/m3 for RG1, RG2, RG3, and RG6, and 2.75 t/m3 for RG7;
  5. Gurupi Resources were approved by Leah Mach (SRK) as Qualified Person, as disclosed in the press release dated July 30, 2012 filed on SEDAR;
  6. A minimum mining width of approximately 2 m was used;
  7. Mineral Resources for Turmalina, Pilar, and Roça Grande 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;
  8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;
  9. 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 most recently released Annual Information Form, available on SEDAR at www.sedar.com.

Qualified Persons

Mineral Reserves and Mineral Resources 2015 estimates for Southern Brazil were prepared by Jaguar Mining under the supervision of Jason Cox, P.Eng., and Reno Pressacco, P.Geo. of Roscoe Postle Associates Inc. ("RPA"). RPA is an independent mining consultant and each of Messrs. Cox and Pressacco are Qualified Persons within the meaning of NI 43-101. The effective date of these estimates is December 31, 2015. An independent technical report documenting the Mineral Resource estimates prepared in accordance with NI 43-101 will be filed on SEDAR.

In respect of Mineral Reserves and Mineral Resources 2015 estimates for Northern Brazil i.e. the Gurupi Project, (i) information up to January 31, 2011 is derived from the technical report titled "Gurupi Gold Project Cipoeiro e Chega Tudo Properties Feasibility Study", filed on Sedar on January 31, 2011 (with an effective date of January 31, 2011), (the "Gurupi Feasibility Study"). The Gurupi Feasibility Study was prepared by Ivan C. Machado, MSc. P.E., P.Eng. of TechnoMine; (ii) information on updated Measured & Indicated Resources dated July 30, 2012 for the Gurupi Project has been prepared by or under the supervision of Leah Mach. Gurupi Mineral Reserves and Mineral Resources 2015 estimated were reviewed by Marcos Dias Alvim, BSc Geo., MAusIMM (CP) as the Qualified Person.  
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