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Jaguar Mining Reports Q2 2018 Production, 17% Lower Cash Costs, Higher Grades and Record Results at Pilar

Nachrichtenquelle: PR Newswire (engl.)
12.07.2018, 12:30  |  407   |   |   

TORONTO, July 12, 2018 /PRNewswire/ -- Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) today announced operating results for the second quarter ("Q2 2018") ended June 30, 2018. All figures are in US dollars, unless otherwise expressed. Detailed financial results for Q2 2018 will be reported and filed on or before August 15, 2018.

Q2 2018 Key Highlights

  • Q2 2018 consolidated gold production of 18,819 ounces (171,600 tonnes milled), average feed grade of 3.77 g/t, up 19% year-over-year, including record performance at Pilar Gold Mine ("Pilar").
  • Pilar record gold production of 10,995 ounces, up 43%, higher average grade of 4.03 g/t, up 28% year-over-year.
  • Turmalina Gold Mine ("Turmalina") gold production of 7,824 ounces, decreased 28%; production expected to increase in second half of 2018 as accelerated primary waste development advances.
  • Primary waste development up 47% at Turmalina, to 740 metres, focused on significant advancement of accelerated development to access additional high-grade sub-levels for increased production.
  • Preliminary cash costs improved 17% to $713 per ounce sold year-over-year and 11% from Q1 2018. Pilar cash costs $678 per ounce sold, decreased 34%, driving higher margin per ounce and cash flow.
  • Preliminary cash balance of $11.1 million as of June 30, 2018, includes approximately $3.5–$4 million in operating cash flow and $6 million invested in growth activities.
  • The Company replaced its fully secured Sprott Resource Lending loan with an unsecured credit facility with Auramet.

Rodney Lamond, President and Chief Executive Officer commented, "We have made solid progress with our operating results in the first half of 2018 which include record production at Pilar, increasing average grade as per expected levels and significantly higher primary and secondary development combined to increase future production levels. Our 17% lower operating cash costs enabled us to generate strong operating cash flow and continue investing in our growth exploration programs that will drive strong performance going forward. Pilar continues to demonstrate tremendous upside. We now expect lower operating cash costs per ounce sold. We also repaid approximately $4 million of debt in the first half of 2018 and converted our fully secured Sprott Resource Lending loan to an unsecured, lower cost credit facility with Auramet."

"We are extremely pleased to have restarted operations following the end of the national truck driver labour strike, which reduced production by approximately 2,500 ounces in the second quarter. Looking ahead, while Pilar remains firmly on track due to strong grade performance exceeding expectations so far this year, the slower than expected ramp up at Turmalina will result in lower production in 2018. At Turmalina, we continue to take a systematic approach to rebuilding its production profile to prior historical levels. Our top priority is to ensure we continue to complete critical primary and secondary development over the next 6 to 12 months that will enable us to access higher grade sub-levels, drive stoping, increase future production and meet our targets for 2018."

2018 Second Quarter Operating Results




Quarterly Summary

Q2 2018

Q2 2017

Turmalina

Pilar

Roça
Grande1

Total

Turmalina

Pilar

Roça
Grande

Total


Tonnes milled (t)

77,227

94,377

-

171,604

112,122

85,209

19,353

216,684

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