Jaguar Mining Receives Preliminary License for Gurupi Project
CONCORD, NH, June 15, 2011 /CNW/ --
JAG - TSX/NYSE
CONCORD, NH, June 15, 2011 /CNW/ - Jaguar Mining Inc. ('Jaguar' or the
'Company') (JAG: TSX/NYSE) announced today it has received the Preliminary License ('LP') from
SEMA, the environmental agency of the state of Maranhão, for its
fully-owned Gurupi Project.
The granting of the LP means that the Gurupi Project is environmentally
feasible and socially accepted. This includes all infrastructure,
processing plant, water usage, tailings impoundment areas and related
access and power supply for a five million tonnes per year open pit
gold mining operation. The LP is a result of sustained efforts by
Jaguar, which involved external consultants, baseline, environmental
impact and technical studies, as well as a successful and supportive
public hearing conducted by SEMA and involving all stakeholders.
Commenting on this milestone, Mr. Daniel R. Titcomb, Jaguar's President
and CEO stated, 'The approval of the LP is the cornerstone for Jaguar
to reach a decision to proceed, during Q3 2011, with final detailed
engineering and advance the project-specific financing process with the
Brazilian Development Bank. As with the other four projects Jaguar
completed in Minas Gerais over the past six years, our environmental
and engineering teams have again demonstrated our ability to permit and
develop integrated gold mining and processing operations on-time and
on-budget. With the bankable feasibility study we filed earlier this
year, we have now achieved the principal components required to finance
Gurupi.'
Along with cash-on-hand and cash flow from operations, Jaguar expects to
raise the balance of the capital necessary to fund the Gurupi Project
from the Brazilian Development Bank. The Gurupi Project is slated for
commissioning during the first quarter of 2013.
Jaguar has also updated its Corporate Presentation, which can be found
on the company's website at www.jaguarmining.com.
About Jaguar
Jaguar is a junior gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais. Jaguar is also engaged
in developing the Gurupi Project in the state of Maranhão. Based on
its development plans, Jaguar is one of the fastest growing gold
producers in Brazil. The Company is actively exploring and developing
additional mineral resources at its 256,300-hectare land base.
Additional information is available on the Company's website at www.jaguarmining.com.
Forward Looking Statements
This press release contains forward-looking statements, within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995
and applicable Canadian securities laws, concerning the Company's
ability to secure financing from the Brazilian Development Bank for the
Gurupi Project as well as commission the Gurupi Project during the
first quarter of 2013. Forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, or performance to be materially different from any
future results or performance expressed or implied by the
forward-looking statements.
These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drilling results and other geological data, fluctuating
gold prices and monetary exchange rates, the possibility of project
cost delays and overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future, uncertainties related to production rates, timing
of production and the cash and total costs of production, changes in
applicable laws including laws related to mining development,
environmental protection, and the protection of the health and safety
of mine workers, the availability of labor and equipment, the
possibility of labor strikes and work stoppages and changes in general
economic conditions. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking information,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
These forward-looking statements represent our view as of the date of
discussion. The Company anticipates that subsequent events and
developments may cause the Company's views to change. The Company does
not undertake to update any forward-looking statements, either written
or oral, that may be made from time to time by or on behalf of the
Company subsequent to the date of this discussion except as required by
law. For a discussion of important factors affecting the Company,
including fluctuations in the price of gold and exchange
rates, uncertainty in the calculation of mineral resources,
competition, uncertainty concerning geological conditions and
governmental regulations and assumptions underlying the Company's
forward-looking statements, see the 'CAUTIONARY NOTE' regarding
forward-looking statements and 'RISK FACTORS' in the Company's Annual
Information Form for the year ended December 31, 2010 filed on System
for Electronic Document Analysis and Retrieval and available at http://www.sedar.com and the Company's Annual Report on Form 40-F for the year ended
December 31, 2010 filed with the United States Securities and Exchange
Commission and available at www.sec.gov.
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Valéria Rezende DioDato
Director of Communication
603-224-4800
valeria@jaguarmining.com