BRAZIL - JAGUAR MINING of Concord, New Hampshire, says it has closed a Cdn$60-million (gross) offering that will go in part toward the completion of the Turmalina gold project in the Iron Quadrangle region. The money was raised through the sale of over 11.4 million common shares through a syndicate of underwriters.
Jaguar is building a 1,200-tonnes/day conventional, CIL processing plant for its underground Turmalina gold mine. Production is expected in Q4 this year. The plant will produce an average of 60,000 oz/year for 5.5 years. Capital costs are pegged at US$19.4 million, and total production costs should be US$235/oz. The mine has "mineral reserves" of 1.9 million tonnes at 6.0 g/t Au.
A portion of the money raised in Canada is earmarked for feasibility studies of the Paciencia-Santa Isabel and Santa Barbara-Pilar projects, near Belo Horizonte. If the studies are positive, the Paciencia-Santa Isabel project could begin production in Q4 2007, and the Santa Barbara-Pilar project (50,000 oz/year) by 2008.
Another feasibility study will be funded for the Rocas Grandes property near Jaguar's existing Caete 1,500-tonnes/day leach plant.
More information about Jaguar's ambitious plans is available at www.JaguarMining.com.
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