Mineral Reserves & Mineral Resources

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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 Resources as at December 31, 2015

 Measured ResourcesIndicated ResourcesTotal Measured & Indicated ResourcesInferred 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 A4786.751043787.33898557.011935646.50118
Ore Body B3523.38381583.95205113.5658465.458
Ore Body C822.8886213.17637023.14717754.51112
Faina727.39171896.66422616.87581,5427.26360
Pontal2515.00401594.28224104.72621305.0321
Total - Turmalina1,2355.212071,5054.882362,7395.014423,0576.30619
Caeté Gold Complex
Pilar3
Ore Body BA2934.09391745.58314674.6670655.1311
Ore Body BF2594.57387764.741181,0354.691562936.7764
Ore Body BFII44.4618745.111448785.111451987.8950
Ore Body C804.24113714.73564514.62671405.1023
Ore Body LFW683.8281754.22242434.10321174.8718
Ore Body LHW---123.611123.61153.111
Ore Body LPA62.721503.996563.997---
Ore Body SW---3383.28363383.28363893.6045
Total - Pilar7094.25972,7704.684173,4794.595141,2085.45212
Roça Grande42172.17151,0142.95961,2312.811111,7593.48197
Total - Caeté9263.761123,7844.225134,7104.136252,9674.29409
Total - Southern Brazil2,1614.593195,2894.407497,4494.451,0676,0245.311,028
 
Northern Brazil
Gurupi Project5
Cipoeiro25,7340.7864058,4940.871,63384,2290.842,2737,0410.67152
Chega Tudo20,9230.6644037,4840.6780558,4080.661,2466780.6213
Total - Northern Brazil46,6570.721,08095,9790.792,438142,6360.773,5197,7190.66165
Total - Mineral Resources48,8180.891,399101,2680.983,187150,0850.954,58613,7432.701,193

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.

Summary of Mineral Reserves as at December 31, 2015

 Proven ReservesProbable ReservesProven 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 A3875.70714405.92848275.82155
Ore Body C732.5161804.13242533.6630
Total - Turmalina4605.19776205.401081,0805.31185
Caeté Gold Complex
Pilar3
Ore Body BA693.207---693.207
Ore Body BF642.9563434.44494074.2055
Ore Body BFII---7074.661067074.66106
Ore Body LFW303.443---303.443
Ore Body LPA13.19064.15174.001
Total - Pilar1643.15171,0564.581561,2204.39172
Roça Grande---------
Total - Caeté1643.15171,0564.581561,2204.39172
Total - Southern Brazil6244.65941,6764.892642,3004.82357
 
Northern Brazil
Gurupi Project4
Cipoeiro---45,0441.201,73545,0441.201,735
Chega Tudo---18,7130.9959318,7130.99593
Total - Northern Brazil---63,7571.142,32863,7571.142,328
Total - 2P Mineral Reserves6244.659465,4331.232,59266,0571.262,685

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.

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.

Turmalina - “Technical Report on the Turmalina Mine, Minas Gerais State, Brazil”, filed on SEDAR on April 7, 2015 (with an effective date of March 27, 2015), (the “Turmalina Technical Report”). The Turmalina Technical Report was prepared by Jason Cox, P. Eng. and Reno Pressacco, P. Geo, both from RPA, each of whom is a “qualified person” as that term is defined in NI 43-101 and have verified the data.

Caete - “Technical Report on the Roca Grande and Pilar Opertions”, filed on SEDAR on April 18, 2016 (with an effective date of April 18, 2016), (the Caete Technical Report”) was prepared by Jason Cox, P. Eng. and Reno Pressacco, P. Geo, both from RPA, each of whom is a “qualified person” as that term is defined in NI 43-101 and have verified the data.

Gurupi - In respect of the scientific and technical information contained in this AIF relating to the Company’s 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 was prepared by or under the supervision of Leah Mach from SRK. Gurupi Mineral Reserves and Mineral Resources 2015 estimated were reviewed, approved and verified by Marcos Dias Alvim, BSc Geo., MAusIMM (CP), who is a “qualified person” as that term is defined in NI 43-101.

Jason Cox, Reno Pressacco, Ivan Machado and Leach Mach do not own, directly or indirectly, any securities of Jaguar or have any direct or indirect interest in any property of Jaguar or of any associate or affiliate of Jaguar. Mr. Alvim is an employee of Jaguar and does not own securities of Jaguar or have any direct or indirect interest in any property of Jaguar or any associate or affiliate of Jaguar.