Monday, 20th February 2006 (2867 views)

Canadian outfit Jaguar Mining has reported "very positive" results from its gold exploration programme in Brazil.

Jaguar currently boasts an annual capacity of 75,000 ounces but says that latest developments at Brazil's Iron Quadrangle will help it achieve its goal of producing 200,000 ounces per annum by the end of 2007.

The Toronto-listed firm said that its gold exploration programme in Turmalina would soon get off the ground, with an annual capacity of 60,000 ounces a year.

It is currently revising its reserve estimates for the project after the programme revealed more multiple zones of economic gold grades.

Similar structures in the region have held gold reserves exceeding one million ounces and Jaguar's production is set to start in the fourth quarter of 2006.

The gold miner also recently acquired an option on a "highly prospective" gold property in the Iron Quadrangle from Companhia Vale do Rio Doce.

Jaguar now owns 62,500 acres of gold properties, which it claims is the largest portfolio in the region. It is active in four regions in the Iron Quadrangle: Turmalina, Paciência, Sabará and Santa Bárbara.

 

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