10:11 AM EDT, 05/28/2019 (MT Newswires) -- Jaguar Mining Inc. (JAG.TO) said Tuesday that it continues to advance a turnaround plan expected to return gold production to historical rates of approximately 15,000 ounces quarterly by the end of 2020 at Turmalina.
Turmalina, the company said, maintains a well-defined base of mineral reserves and mineral resources to support a sustainable, increasing gold grade and production profile. The company continues to focus on operational execution. The company added that total mineral reserve gold ounces increased 95% as at December 31, 2018 to 1.4 Mt at 5.05 g/t containing 228 koz, representing over four years of mine life based on a 50,000-ounce annual production rate.
At the Pilar Gold Mine, the management continues to make progress on operational execution and key initiatives to support a sustainable production profile. This includes proven mineral reserves of 1.2 Mt at 3.79 g/t containing 143,000 ounces, and probable mineral reserves of 0.6 Mt at 3.47 g/t containing 68,000 ounces.
Lastly, the Company has also retained an external executive recruitment firm to search for a permanent Chief Executive Officer. The hiring process is in an advance stage and the Company expects to finalize the position in Q2 2019.
Shares were unchanged at $0.08 apiece in a 52-week range of $0.08 - 0.40.
Price: 0.08, Change: 0.00, Percent Change: 0.00
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