TORONTO, ON / ACCESSWIRE / January 14, 2020 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG) today announced interim production results for the fourth quarter of 2019 ("Q4 2019"). The Company is pleased to announce that it continues to achieve strong operational performances and sustainable gold production growth at the Pilar Gold Mine ("Pilar") and Turmalina Gold Mine ("Turmalina") located in Minas Gerais, Brazil. Financial results for Q4 2019 will be reported and filed on SEDAR on or before March 20, 2020. All figures are in US Dollars, unless otherwise expressed.

Q4 2019 Operating Highlights

Vern Baker, CEO, commented, "Jaguar is delighted to be able to report continuing progress toward our goal of 100,000 ounces per year with steady production increases quarter-over-quarter. Both Pilar and Turmalina mines continued producing mined tonnes at sustainable levels, as well as development metres at levels well above sustainable levels, allowing us to continue forecasting improved future production levels. Our sustainable production improvement was matched by safety performance with no lost-time accidents occurring in Q4 2019."

Q4 2019 witnessed the third consecutive quarter of sustainable production growth: consolidated gold production increased by 18% with 20,029 ounces produced compared to 17,044 ounces in Q4 2018, and increased 4% and 9% compared with Q3 and Q2 production, respectively, and increased 22% from Q1 production levels;
Pilar gold production increased 10% with 10,255 ounces produced compared to 9,301 ounces in Q4 2018;
Turmalina gold production increased 26% with 9,774 ounces produced compared to 7,743 ounces in Q4 2018;
Total development metres increased 52% to 2,278 metres compared to 1,508 metres in Q4 2018; and decreased 10% from 2,527 metres in Q3 2019;
A total definition, infill and exploration drilling campaign achieved 12,196 metres in Q4 2019, as two additional rigs were mobilized at both operations to continue expanding the resource envelope;
Strong liquidity as at December 31, 2019, with a cash and unsold bullion balance of $11.7 million, as compared to $12.2 million of cash and unsold bullion on September 30, 2019;
By the end of Q4 2019, Jaguar paid down 100% of its outstanding gold loan to Auramet. The repayment of the loan provides more liquidity to the balance sheet and cash flow for 2020; $1.1 million in finance payments were made during Q4 2019; the Company's remaining debt of $4 million is now comprised of a number of short-term loans from Brazilian banks.
Vern continued: "Both mines continue to demonstrate the ability to handle the level of tonnes and development metres needed to be sustainable operations. While limitations on stoping options kept average mill head grades lower, development rates are now opening up options at both mines, and we expect to see the realized grades increasing over the next several quarters. At Turmalina, mining in the A12 block was initiated at the end of December, providing access to the mine's better grade reserves and a mining area that will be sequenced into the mine plan. Overall ore tonnes and grade at Turmalina continue to be restricted by developed stope availability. Pilar head grades were limited by a stoping sequence that included several lower grade blocks. Pilar also initiated work on a new level with blasting of the first stopes on the 12 Level of the mine and expects to see grades moving back to reserve levels."

The table below summarizes the gradual improvements of our consolidated operations for the 2019 financial year.

see & read more on
https://www.accesswire.com/572910/JaguarMiningReports202c029OuncesProducedInFourthQuarterContinuesSustainableGoldProductionGrowthPaysDown10025ofGoldLoan