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Jaguar losses approach US$1mn

Bnamericas Published: Tuesday, May 18, 2004
New Hampshire-based Jaguar Mining (TSX-V: JAG) with operations in Brazil reported a net loss of US$939,000 for the first quarter 2004, compared to a pro forma loss of US$154,000 posted in 1Q03. The miner had revenue of US$323,000 from gold sales at an average realized price of US$404/oz in Q1 as it ramped up production at its Sabará mine, in Minas Gerais state. Abnormally heavy rains across Brazil and much of South America created unusually difficult operating conditions and resulted in 33,000t of ore being trucked to the Caeté plant from Sabará rather than the forecast 55,000t, it said. Gold production was 1,189oz at an operating cost of $388/oz, lower than the forecast of 3,200oz at a direct operating cost of $207/oz. An increase in production to 1,200t/d from 1,000t/d is expected when weather conditions improve. Additional production from Santa Bárbara and Catita zones - also in Minas Gerais and slated to start up operations by the end of the year - have the potential to lift overall production to 27,000oz in 2004 with approximate operating cash costs of US$156/oz, Jaguar said. Jaguar has completed a US$8.8mn exploration program on the three projects aimed at upgrading 1.8Moz of measured and indicated resources to reserves. Detailed results of Sabará exploration are due in May and first phase of assay results on both Paciência and Catita are scheduled for release by the end of June 2004.

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