Jaguar Mining Reports Third Quarter 2011 Financial Results

Nov 9, 2011 Download PDF

CONCORD, NH, Nov. 9, 2011, 2011 (Canada NewsWire via COMTEX) --

JAG - TSX/NYSE

Third Quarter 2011 Highlights

    --  Record total of 41,390 ounces of gold sold
    --  Record total revenue of $70.0 million
    --  Total gold production of 40,661 ounces
    --  Record cash operating margin of $806 per ounce
    --  Operating profit of $6.7 million
    --  Cash provided by operating activities totaled $30.0 million or
        $0.36 per fully diluted share, an increase of 164% from Q3 2010
        and 38% from Q2 2011

Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) (NYSE: JAG) today reported adjusted net income of $7.4 million or $0.09 per fully diluted share for the quarter ended September 30, 2011. The adjusted result excludes non-operating expenses including $27.3 million from an unrealized loss on the conversion option embedded in convertible debt (see note 1), an $18.6 million loss resulting from a significant decline in the value of the Brazilian real vs. the U.S. dollar during the period (see note 2), a $1.2 million loss on foreign exchange derivatives (see note 3), $5.6 million of deferred income taxes, $3.3 million non-cash interest expense and $2.8 stock based compensation. Including these items, Jaguar's third quarter result was a net loss of $51.3 million or $0.61 per fully diluted share.

Commenting on the quarter's results and operations, Daniel R. Titcomb, Jaguar's President and CEO stated, "We had a number of notable accomplishments in the quarter. We set a new quarterly record of 41,390 ounces of gold sold. Combined with strong gold prices, averaging $1,692 per ounce, we also achieved a record $70.0 million in total revenue. Our combined mine output for the third quarter 2011 totaled approximately 463,000 tonnes, yielding 40,661 recovered gold ounces. Our average cash operating margin per ounce increased by more than 77 percent compared to the third quarter of last year, setting a new quarterly record. This produced record quarterly cash flow of $30 million or $0.36 per share. These positives should not be overshadowed by the non-cash, non-operating expenses which negatively impacted net income in the quarter."

Cash operating costs were $886 per ounce of gold in the third quarter 2011 compared to $799 per ounce in the second quarter 2011. The vast majority of the cash cost increase is attributable to higher labor expense. Approximately half of the increase in labor expense for the quarter was the result of one-time payments for incentive/retention bonuses and unique, salary premiums as agreed in the June labor negotiations. Lower feed grades at the Paciência mining complex were also a factor in the higher average cash operating costs. The average cash operating margin for the third quarter 2011 was $806 per gold ounce sold compared to $708 per gold ounce sold in the second quarter of 2011.

Cash provided by operating activities during the quarter totaled $30.0 million or $0.36 per basic and diluted share.

At September 30, 2011, Jaguar had cash and cash equivalents totaling $101.7 million. This compares to $39.2 million at December 31, 2010 and $125.4 million at June 30, 2011. The decline from the end of the second quarter is largely attributable to $33.9 million capital investment in mining equipment and exploration, $14.8 million effect of foreign exchange on non-US dollar denominated cash and cash equivalents, offset by $30.0 million cash provided by operations.

For the first nine months of 2011, Jaguar sold 121,368 ounces of gold and reported total revenue of $185.7 million and a net loss of $32.0 million or $0.38 per fully diluted share. Excluding the non-operating expenses related to derivatives, the conversion option embedded in the Company's convertible debt, gains or losses from changes in foreign exchange rates, stock based compensation, interest expense and deferred taxes adjusted net income was $16.0 million or $0.19 per fully diluted share for the first nine months of 2011. Cash provided by operating activities in the first nine months of the year totaled $71.0 million, or $0.84 per share. The results compare to 106,395 ounces of gold sold, total revenue of $126.2 million, net income of $31.8 million, adjusted net loss of $8.1 million and cash provided by operating activities of $24.7 million in the first nine months of 2010. The increases in ounces of gold sold and total revenue in the first nine months of 2011are largely attributable to the addition of the Caeté operation which was commissioned in the third quarter of 2010. Total revenue was also driven higher by increased average price realization per ounce.

The following is a summary of key operating results and measures for the three month and nine month periods ended September 30, 2011 and comparable measures for the relevant prior year periods.

Summary of Key Operating Measures

                            Quarter Ended           Nine Months Ended

                            September 30                September 30

                         2011           2010          2011         2010

(unaudited)

($ in 000s, except
per share amounts)

Gold sales           $ 70,041       $ 48,712    $  185,739    $ 126,234

Ounces sold            41,390         38,861       121,368      106,395

Average sales
price ($ per            1,692          1,254         1,530        1,186
ounce)

Gross profit           17,716            256        41,536        9,792

Net income (loss)    (51,272)         19,230      (31,962)       31,810

Basic income           (0.61)           0.23        (0.38)         0.38
(loss) per share

Diluted income         (0.61)           0.23        (0.38)         0.37
(loss) per share

Weighted avg. # of
shares outstanding 84,388,909     84,224,952    84,378,791   84,117,099
- basic

Weighted avg. # of
shares outstanding 84,388,909     84,652,178    84,378,791   85,307,435
- diluted

South Operations Development and Exploration

During the third quarter, Jaguar's operations completed the development of more than 6.5 kilometers, added 17 new working faces, and completed over 23.3 kilometers of drilling in their existing mines. This development and drilling will provide opportunities to increase total production as well as improve operational flexibility, resulting in the ability to more effectively manage the consistency of feed grades at processing plants in future periods.

In addition, Jaguar is continuing brownfield exploration efforts at and around existing mining complexes. Subsequent to the end of the third quarter, the Company completed and filed a NI 43-101 compliant statement of resource technical report for its Faina and Pontal targets. Faina and Pontal are refractory ore deposits located near the Turmalina Mine. This technical report added 276,850 ounces of measured and indicated mineral resources and 127,820 ounces of inferred mineral resources to Jaguar's total mineral resources.

Conference Call Details

Members of the Jaguar senior management team will hold a conference call to discuss the third quarter results and operations on Thursday, November 10, 2011 at 10:00 a.m. ET. The call can be accessed via telephone or webcast.


                Conference Call
                Details:



                From North      888-702-7351
                America:

                International:  213-416-2192

                Replay:

                From North      800-675-9924
                America:

                International:  213-416-2185


                Replay ID:      111011


                Webcast:         www.jaguarmining.com

A slide presentation to accompany the conference call discussion will be available prior to the call on the Company's homepage at www.jaguarmining.com.

About Jaguar

Jaguar is a gold producer in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar is also engaged in developing the Gurupi Project in the state of Maranhão. Based on its development plans, Jaguar is one of the fastest growing gold producers in Brazil. The Company is actively exploring and developing additional mineral resources at its approximate 256,300-hectare land base in Brazil. Additional information is available on the Company's website at www.jaguarmining.com.

Forward Looking Statements

This press release contains forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, concerning the Company. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, or performance to be materially different from any future results or performance expressed or implied by the forward-looking statements.

These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating gold prices and monetary exchange rates, the possibility of project cost delays and overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future,uncertainties related to production rates, timing of production and the cash and total costs of production, changes in applicable laws including laws related to mining development, environmental protection, and the protection of the health and safety of mine workers, the availability of labor and equipment, the possibility of labor strikes and work stoppages and changes in general economic conditions. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking statements represent our view as of the date of discussion. The Company anticipates that subsequent events and developments may cause the Company's views to change. The Company does not undertake to update any forward-looking statements, either written or oral, that may be made from time to time by or on behalf of the Company subsequent to the date of this discussion except as required by law. For a discussion of important factors affecting the Company, including fluctuations in the price of gold and exchange rates,uncertainty in the calculation of mineral resources, competition, uncertainty concerning geological conditions and governmental regulations and assumptions underlying the Company's forward-looking statements,see the "CAUTIONARY NOTE" regarding forward-looking statements and "RISK FACTORS" in the Company's Annual Information Form for the year ended December 31, 2010 filed on System for Electronic Document Analysis and Retrieval and available at http://www.sedar.com and the Company's Annual Report on Form 40-F for the year ended December 31, 2010 filed with the United States Securities and Exchange Commission and available at www.sec.gov.

Note: As required by applicable Canadian rules, effective Q1 2011, Jaguar has prepared its financial statements in accordance with International Financial Reporting Standards ("IFRS"), including the restatement of the comparative period previously reported under Generally Accepted Accounting Principles ("GAAP") in Canada.

Additional details are available in the Company's filings on SEDAR and EDGAR, including Management's Discussion and Analysis of Financial Condition and Results of Operations and Consolidated Financial Statements for the quarter ended September 30, 2011.

The following tables are included in Jaguar's financial statements as filed on SEDAR and EDGAR. Readers should refer to those filings for the associated footnotes which are an integral part of the tables.


JAGUAR MINING INC.



Condensed Interim Consolidated Balance
Sheets

(Expressed in thousands of U.S. dollars)



(Unaudited)

                                           September 30, December 31,
                                                    2011         2010

Assets

Current assets:

  Cash and cash equivalents                    $ 101,725     $ 39,223

  Inventory                                       31,945       31,495

  Prepaid expenses and sundry assets              27,426       24,523

  Derivatives                                          -          168

                                                 161,096       95,409



  Prepaid expenses and sundry assets              45,545       48,582

  Net smelter royalty                                  -        1,006

  Restricted cash                                    909          908

  Property, plant and equipment                  384,401      348,815

  Mineral exploration projects                    83,259       74,658



                                               $ 675,210    $ 569,378



Liabilities and Shareholders' Equity

Current liabilities:

  Accounts payable and accrued liabilities      $ 36,335     $ 27,853

  Notes payable                                   20,536       26,130

  Income taxes payable                            19,077       16,677

  Reclamation provisions                           2,463        2,167

  Deferred compensation liabilities                2,974        2,436

  Derivative liabilities                             893            -

  Other liabilities                                1,086          704

                                                  83,364       75,967



  Notes payable                                  226,866      140,664

  Option component of convertible notes           67,101       28,776

  Deferred income taxes                            7,019          215

  Reclamation provisions                          17,216       17,960

  Deferred compensation liabilities                1,780        4,829

  Other liabilities                                  393          497

  Total liabilities                              403,739      268,908



Shareholders' equity

  Share capital                                  370,043      369,747

  Stock options                                   14,252       13,054

  Contributed surplus                              3,370        1,901

  Deficit                                      (116,194)     (84,232)

  Total equity attributable to equity            271,471      300,470
  shareholders of the Company



  Commitments

                                               $ 675,210    $ 569,378





JAGUAR MINING
INC.



Condensed Interim Consolidated Statements of Operations
and Comprehensive Income (Loss)

(Expressed in thousands of U.S. dollars, except per share
amounts)



(Unaudited)

                 Three Months Three Months    Nine Months Nine Months
                        Ended        Ended          Ended       Ended
                    September    September      September   September
                          30,          30,            30,         30,
                         2011         2010           2011        2010



Gold sales           $ 70,041     $ 48,712      $ 185,739   $ 126,234

Production costs     (40,602)     (37,193)      (110,494)    (88,016)

Stock-based             (189)            -          (212)       (381)
compensation

Depletion and        (11,534)     (11,263)       (33,497)    (28,045)
amortization

Gross profit           17,716          256         41,536       9,792



Operating
expenses:

  Exploration             230        1,012          1,281       3,291

  Stock-based           3,818      (3,639)            734     (2,464)
  compensation

  Administration        6,044        5,133         16,718      14,249

  Management              165          333            690         970
  fees

  Amortization            316          133            986         383

  Other                   438        1,190          1,509       2,208

  Total
  operating            11,011        4,162         21,918      18,637
  expenses



Income (loss)
before the              6,705      (3,906)         19,618     (8,845)
following



Loss on                 1,219          127            805         319
derivatives

Loss (gain) on
conversion
option embedded        27,260     (21,978)         19,420    (46,827)
in convertible
debt

Foreign exchange       18,559      (2,299)          8,944       (725)
loss (gain)

Accretion                 648          433          1,842         999
expense

Interest                7,203        4,157         19,960      12,501
expense

Interest income       (2,854)        (645)        (7,186)     (3,155)

Gain on
disposition of          (595)        (673)        (1,593)     (6,125)
property

Other
non-operating            (30)            -          (349)           -
expense
recoveries

Total other
expenses               51,410     (20,878)         41,843    (43,013)
(income)



Income (loss)
before income        (44,705)       16,972       (22,225)      34,168
taxes

Income taxes

  Current income
  taxes                   979      (1,273)          2,911       1,250
  (recoveries)

  Deferred
  income taxes          5,588        (985)          6,826       1,108
  (recoveries)

Total income            6,567      (2,258)          9,737       2,358
taxes



Net income
(loss) and
comprehensive
income (loss)
for the period     $ (51,272)     $ 19,230     $ (31,962)    $ 31,810





Basic earnings
(loss) per           $ (0.61)       $ 0.23       $ (0.38)      $ 0.38
share

Diluted earnings     $ (0.61)       $ 0.23       $ (0.38)      $ 0.37
(loss) per share



Weighted average
number of common
shares
outstanding -
basic              84,388,909   84,224,952     84,378,791  84,117,099

Weighted average
common shares
outstanding -
diluted            84,388,909   84,652,178     84,378,791  85,307,435





JAGUAR MINING INC.



Condensed Interim
Consolidated
Statements of Cash
Flows

(Expressed in
thousands of U.S.
dollars)



(Unaudited)

                      Three Months Three Months Nine Months Nine Months
                             Ended        Ended       Ended       Ended
                         September    September   September   September
                               30,          30,         30,         30,
                              2011         2010        2011        2010



Cash provided by
(used in):

  Operating
  activities:

    Net income
    (loss) and
    comprehensive       $ (51,272)     $ 19,230  $ (31,962)    $ 31,810
    income (loss)
    for the period

    Adjustments to
    reconcile net
    earnings to net
    cash provided
    from
     (used in)
    operating
    activities:

      Unrealized
      foreign               23,151      (2,324)      16,402         381
      exchange loss
      (gain)

      Stock-based
      compensation           4,007      (3,639)         946     (2,083)
      expense
      (recovered)

      Interest               7,203        4,157      19,960      12,501
      expense

      Accretion of
      interest                   -         (94)       (188)        (94)
      income

      Accretion                648          433       1,842         999
      expense

      Income taxes            (36)            -       (140)           -
      (recovered)

      Deferred               5,588        (985)       6,826       1,108
      income taxes

      Depletion and         11,850       11,396      34,483      28,428
      amortization

      Unrealized
      loss on                1,090          932       1,061       2,104
      derivatives

      Unrealized
      loss (gain)
      on option             27,260     (21,978)      19,420    (46,827)
      component of
      convertible
      note

      Gain on
      disposition                -            -           -     (4,625)
      of property

    Reclamation
    expenditure               (73)        (539)        (99)     (1,613)
    (recovery)

                            29,416        6,589      68,551      22,089

  Change in
  non-cash
  operating working
  capital:

    Inventory                  388        5,190       1,321       4,056

    Prepaid
    expenses and              (82)      (2,906)     (7,559)     (8,389)
    sundry assets

    Accounts
    payable and              1,297        2,959       6,678       6,423
    accrued
    liabilities

    Income taxes             (785)        (397)       2,540         606
    payable

    Deferred
    compensation             (255)         (42)       (501)        (42)
    liability

                            29,979       11,393      71,030      24,743

  Financing
  activities:

    Issuance of                164          127         164       2,078
    common shares

    Increase in                  -      (1,500)           -     (2,301)
    restricted cash

    Repayment of           (7,115)        (121)    (15,049)     (3,655)
    debt

    Increase in              6,000        9,036     105,313      20,152
    debt

    Interest paid          (4,387)         (48)     (9,002)     (5,137)

    Other                      333        (210)         278          16
    liabilities

                           (5,005)        7,284      81,704      11,153

  Investing
  activities:

    Short-term                   -        5,862           -           -
    investments

    Mineral
    exploration            (5,062)     (14,155)     (9,674)    (20,274)
    projects

    Purchase of
    property, plant       (28,820)     (21,193)    (70,420)    (88,461)
    and equipment

    Proceeds from
    disposition of               -        1,250           -       1,250
    property

                          (33,882)     (28,236)    (80,094)   (107,485)



Effect of foreign
exchange on
non-U.S. dollar
denominated

cash and cash             (14,767)          112    (10,138)       (490)
equivalents

Increase (decrease)
in cash and cash          (23,675)      (9,447)      62,502    (72,079)
equivalents

Cash and cash
equivalents,               125,400       58,624      39,223     121,256
beginning of period

Cash and cash
equivalents, end of      $ 101,725     $ 49,177   $ 101,725    $ 49,177
period

Non-IFRS Performance Measures

The Company has included the non-IFRS performance measures discussed below in this press release. These non-IFRS performance measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures provide investors with additional information that will better enable them to evaluate the Company's performance. Accordingly, these Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with IFRS.

The Company has included cash operating cost per ounce produced and cash operating margin per ounce because it believes these figures are a useful indicator of an operation's performance as they provide: (i) a measure of the mine's cash margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the mine matures; and (iii) an internal benchmark of performance to allow for comparison against other gold mining operations. Additionally, the Company has provided adjusted net income, which reflects the elimination of special non-operating and certain non-recurring charges that do not reflect on-going costs in Jaguar's operations or administrative costs; and cash flow from operations, which does not reflect the change in non-cash operating working capital. The definitions for these performance measures and reconciliation of the non-IFRS measures to reported IFRS measures are set out in the following tables:

Adjusted Net
Income
(Loss)

($000s)



                 Quarter        Quarter    Nine Months     Nine Months
                   Ended          Ended          Ended           Ended
             September 30   September 30   September 30   September 30
                                                                   2010
                     2011           2010           2011

Net income
(loss) as      $ (51,272)       $ 19,230     $ (31,962)        $ 31,810
reported

Adjustments:

Loss (gain)
on
conversion
option             27,260       (21,978)         19,420        (46,827)
embedded in
convertible
debt

Foreign
exchange           18,559        (2,299)          8,944           (725)
loss (gain)

Deferred
income tax          5,588          (985)          6,826           1,108
(recoveries)

Non-cash
interest            3,250          2,091          9,153           6,169
expense

Stock-based
compensation
stock               2,798              -          2,798               -
options
granted

Loss on             1,219            127            805             319
derivatives

Adjusted net
income              7,402        (3,814)         15,984         (8,146)
(loss)

Adjusted
basic and
diluted net        $ 0.09       $ (0.05)         $ 0.19        $ (0.10)
loss per
share





Cash Provided
by Operating
Activities

($000s)

                   Quarter        Quarter   Nine Months    Nine Months
                    Ended          Ended          Ended          Ended
                 September   September 30   September 30   September 30
                       30
                      2011           2010           2011           2010

Cash provided
by operating
activities as
reported

Net income      $ (51,272)       $ 19,230     $ (31,962)       $ 31,810
(loss)

Adjustments to
reconcile net
earnings to
net cash
provided from
(used in)
operating
activities:

  Unrealized
  foreign           23,151        (2,324)         16,402            381
  exchange
  (gain) loss

  Stock-based
  compensation       4,007        (3,639)            946        (2,083)
  (recovered)

  Interest           7,203          4,157         19,960         12,501
  expense

  Accretion of
  interest               -           (94)          (188)           (94)
  income

  Accretion            648            433          1,842            999
  expense

  Income taxes        (36)              -          (140)              -
  (recovered)

  Deferred
  income             5,588          (985)          6,826          1,108
  taxes

  Depletion
  and               11,850         11,396         34,483         28,428
  amortization

  Unrealized
  loss on            1,090            932          1,061          2,104
  derivatives

  Unrealized
  (gain) loss
  on option         27,260       (21,978)         19,420       (46,827)
  component of
  convertible
  note

  Gain on
  disposition            -              -              -        (4,625)
  of property

Reclamation
expenditure           (73)          (539)           (99)        (1,613)
(recovery)

                  $ 29,416        $ 6,589       $ 68,551       $ 22,089

Change in non
cash operating         563        $ 4,804          2,479        $ 2,654
working
capital

Cash provided
by operating      $ 29,979       $ 11,393       $ 71,030       $ 24,743
activities

Cash provided
by operating        $ 0.36         $ 0.14         $ 0.84         $ 0.29
activities per
share







Cash Operating Margin per
Ounce of Gold                     Quarter Ended     Nine Months Ended

                                   September 30          September 30

                                 2011       2010       2011       2010



Average sales price per ounce  $ 1,692    $ 1,254    $ 1,530    $ 1,186
gold

less

Cash operating cost per            886        798        804        722
oounce gold produced

equals

Cash operating margin per        $ 806      $ 456      $ 726      $ 464
oounce gold

Note 1 - Fair Valuation of Derivative Financial Instruments - Option Component of Convertible Notes

IFRS requires that derivative financial instruments be valued on a periodic basis. The option components of the Company's convertible notes are considered derivative financial instruments and are fair valued using the Crank - Nicolson valuation model using inputs, such as volatility and credit spread.

The carrying amount of the option components of the convertible notes was $67.1 million at September 30, 2011 (June 30, 2011 - $39.8 million; December 31, 2010 - $28.8 million). The change in fair value of $27.3 million for the three months ended September 30, 2011 is shown as a loss on conversion option embedded in convertible debt in the Statements of Operations and Comprehensive Income (Loss) (three months ended September 30, 2010 - $22.0 million gain.) The change in fair value of $19.4 million for the nine months ended September 30, 2011 is shown as a loss on conversion option embedded in convertible debt in the Statements of Operations and Comprehensive Income (Loss) (nine months ended September 30, 2010 - $46.8 million gain.)

Note 2 - Gains or Losses from Changes in Foreign Exchange Rates

The Company maintains a cash balance for general operating and investment purposes. Because the Company's operations and investments are located mostly in Brazil, much of the Company's cash and cash equivalents are held in Brazil and are denominated in Brazilian currency (Brazilian real). Because the Company's financial reporting is in U.S. dollars, changes in the exchange rate of the Brazilian real vs. the U.S. dollar result in unrealized gains or losses driven by the U.S. dollar valuation of the real denominated assets.

The exchange rate at September 30, 2011 was 1.85 Brazilian real per 1.0 U.S. dollar.

The exchange rate at June 30, 2011 was 1.56 Brazilian real per 1.0 U.S. dollar.

The exchange rate at December 31, 2010 was 1.67 Brazilian real per 1.0 U.S. dollar.

These changes in currency exchange rates resulted in losses of $18.6 million during the third quarter of 2011 and 8.9 million for the first nine months of 2011.

Note 3 - Forward foreign exchange contracts

As at September 30, 2011, the Company has forward foreign exchange contracts to purchase Brazilian real as follows:

  Settlement Date       Amount in  Settlement amount in
                  thousands of US$       thousands of R$

        28-Oct-11          $ 1,000  R$             1,652

        31-Oct-11            1,000                 1,835

        30-Nov-11            1,000                 1,663

        30-Nov-11            1,000                 1,846

        23-Dec-11            1,000                 1,623

        23-Dec-11            1,000                 1,638

        23-Dec-11            1,000                 1,644

        23-Dec-11            1,000                 1,672

                        $ 8,000.00  R$            13,573

As at September 30, 2011, derivative liabilities include $893,000 of unrealized foreign exchange losses relating to the forward foreign exchange contracts (June 30, 2011 - gains of $197,000; December 31, 2010 - gains of $168,000). Included in the Statements of Operations and Comprehensive Income (Loss) are the following amounts of unrealized and realized gains or losses on foreign exchange derivatives:

                         Three Months Ended      Nine Months Ended

                              September 30           September 30

                           2011       2010        2011       2010

Unrealized (gain) loss   $ 1,090     $ (570)    $ 1,061       $ 602

Realized (gain) loss         129       (805)      (450)     (1,785)

                         $ 1,219    $(1,375)      $ 612    $(1,183)

Company Contacts

Investors and Analysts may contact:
Roger Hendriksen, Vice President,
Investor Relations
603-224-4800
rhendriksen@jaguarmining.com

Members of the media may contact:
Valeria Rezende DioDato, Director of Communication
603-224-4800
valeria@jaguarmining.com