Production numbers!
Production numbers are in and it appears Jaguar has finally turned the corner.
Jaguar Mining Provides Q1 2011 Update of Operations
4/19/2011 2:11 PM - Canada NewsWire
CONCORD, NH, Apr 19, 2011 (Canada NewsWire via COMTEX News Network) --
Q1 Earnings Conference Call Details Included
JAG - TSX/NYSE
Jaguar Mining Inc. ("Jaguar" or "the Company") (JAG: TSX/NYSE) provides a summary of its preliminary Q1 2011 operating performance as compared to Q4 2010. As a result of the operational improvement program initiated in 2010, significant progress has been achieved at all operations. All figures are in U.S. dollars unless otherwise indicated.
Consolidated Operations
-- In Q1 2011, the Company produced 41,449 ounces of gold at a
cash operating cost of $727 per ounce as compared to 34,682
ounces at a cash operating cost of $762 per ounce in Q4 2010, a
20% production increase and 5% cash operating cost decrease.
-- Notwithstanding the impact of a stronger Brazilian real in Q1
2011, which added $15 per ounce, the cash operating cost was
reduced by $35 per ounce.
-- Removing the effect of gold-in-process and stockpile inventory
changes from Q4 2010, the underlying operating cash cost was
$663 per ounce.
-- Q1 2011 average feed grade increased 10% to 3.42 grams per
tonne ("g/t") as compared to 3.09 g/t in Q4 2010.
-- Q1 2011 gold sales increased 17% to 39,794 ounces at an average
price of $1,386 as compared to 34,134 ounces at an average
price of $1,306 per ounce in Q4 2010.
-- The Q1 2011 cash operating margin increased 24% to $659 per
ounce, exceeding the Company's expectation.
-- Underground mine development for Q1 2011 increased by 20% to a
total of 5.9 km as compared to 4.9 km in Q4 2010.
-- As of March 31, 2011, the Company had cash and cash equivalents
of $136 million.
Mr. Daniel R. Titcomb, Jaguar's President and CEO stated: "Our Q1 production results reflect our operating team's significant effort and priority to improve processes and operations. The ongoing program we initiated in 2010 to accelerate development at all of our mines is providing increased operating flexibility. Based on the substantial progress made thus far, we are confident our 2011 targets will be met."
Turmalina Operations