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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, 2013.

Notes to Table 1
Mineral Resources listed include Mineral Reserves, and are stated as of December 31, 2013. Some columns and rows may not total due to rounding. This table differs from those in the AIF 2012 and MD&A reports for Q1, Q2, and Q3 2013 by the discount of resources and reserves mined out in Caeté and Turmalina in 2013, and by revisions of geological models, block models, resources and reserves estimates on all ore bodies being mined in Turmalina, Caeté and those mined until 2012 in Paciência.
  1. Geological and block models revised in 2013 and discounted for the ore mined out in 2013.
  2. Rio de Peixe, Bahú, and Marzagão discounted for the ore mined out until December 31, 2013.
  3. Geological and block models revised in 2013 and discounted for the ore mined out in 2013 for RG1 and RG7. RG2, RG3, and RG6 remain as of TechnoMine NI 43-101 Technical Report on the Quadrilátero Gold Project filed on SEDAR in December 23, 2004 discounted for the mined out ore until December 31, 2013.
  4. Palmital, Ouro Fino, Quati, BIF Norte, and Bocaina discounted for the ore mined out until December 31, 2012.
  5. TechnoMine NI 43-101 Multi-Target Resource Estimate Technical Report filed on SEDAR in June 21, 2011 discounted for the ore mined out until December 31, 2013.
  6. Turmalina Resources and Reserves geological and block models were revised in 2013 and discounted the ore mined out in 2013. Faina and Pontal as well as other deposits remain as per TechnoMine NI 43-101 Technical Report on the Turmalina Gold Mining Complex filed on SEDAR on November 9, 2011 discounted for the ore mined out until December 31, 2013.
  7. Gurupi Resources disclosed on Leah Mach (SRK) Resource Statement on the Gurupi Project filed on SEDAR in July, 2012. Reserves as per Technomine Feasibility Study Technical Report filed on SEDAR in March 2011.


Notes to Table 2
Mineral Resources listed include Mineral Reserves, and are stated as of December 31, 2013. Some columns and rows may not total due to rounding. This table differs from those in the AIF 2012 and MD&A reports for Q1, Q2 and Q3 2013 by the discount of resources and reserves mined out in Caeté and Turmalina in 2013, and by revisions of geological models, block models, resources and reserves estimates on all ore bodies being mined in Turmalina, Caeté and those mined until 2012 in Paciência. These reserves are diluted by external dilution.

Geological and block models were revised in 2013 and discounted for the ore mined out in 2013
  1. Rio de Peixe, Bahú, and Marzagão discounted for the ore mined out until December 31, 2013.
  2. Roça Grande 1 and 7 Resources and Reserves geological and block models revised in 2013 and discounted the ore mined out in 2013. Roça Grande 02, 03 and 06 are not included
  3. Turmalina Resources and Reserves geological and block models revised in 2013 and discounted the ore mined out in 2013.
  4. Gurupi Reserves as per Technomine Feasibility Study Technical Report filed on SEDAR in March 2011.

Although Jaguar has carefully prepared and verified the mineral resource and 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 level of gold will be produced. Estimated 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 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 2013 Annual Information Form dated March 27, 2014 and available on SEDAR and EDGAR at www.sedar.com and www.sec.gov, respectively.  
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