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Jaguar Mining ups 2020 gold output by 23%

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(Kitco News) - Jaguar Mining (TSX:JAG) today announced that its annual consolidated gold production for 2020 increased 23% with 91,116 ounces compared to 2019 production of 74,083 ounces.

The company said that annual production was in the upper half of the 2020 production guidance of 84,000 to 94,000 ounces of gold despite a “…tumultuous year dominated by the COVID-19 pandemic”.

Both Jaguar Mining’s mines saw significant improvement from 2019 production levels with Pilar up 25% and Turmalina up 20%. Q4 2020 consolidated gold production increased 12% to 22,532 ounces, compared to Q4 2019 production of 20,029 ounces.

The company added that its treasury position as of December 31, 2020, with cash of $39 million compared to cash of $11 million on December 31, 2019 and $39 million on September 30, 2020, “…demonstrating continued generation of free cash flow”.

President and CEO Vern Baker stated, "The results for the year demonstrate an exceptional turn around for Jaguar implemented by our mining teams in Brazil. In 2021 we expect to make further strides and reach our target of 100,000 sustainable ounces produced per year. The quarterly results continue strong for Pilar, while Turmalina´s fourth quarter gold production was below our expectations.”

“Our guidance for production performance for FY 2021 is 95,000-105,000 ounces. We expect the All-in-Sustaining-Costs for 2021 to be within the range of $975 to $1,125 per ounce, utilizing a foreign exchange rate of R$5.2 for the Brazilian Real versus the US dollar,” continued Baker.

Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil.

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