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Jaguar Mining's gold reserves decreased in 2022, resources up

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(Kitco News) - Jaguar Mining (TSX: JAG) today announced its annual mineral reserves and mineral resources statement (MRMR) for 2022.

According to MRMR, proven and probable mineral reserves additions of 49 koz were offset by mined depletion of 103 koz for a net decrease of 11% to 454 koz, (3816 kt @ 3.70 g/t Au).

The company's measured and indicated resources increased by 7% to 1320 koz, (9455 kt @ 4.43 g/t Au), while inferred mineral resources increased by 13% to 1191 koz, (10302 kt @ 3.60 g/t Au).

The company said that the Faina growth project infill drilling moved the project forward increasing the measured and indicated mineral resource from 58 koz to 233 koz with conversion from inferred to indicated mineral resources of 128 koz and with an addition of 47 koz.

At Paciência complex, some 235 koz of inferred mineral resources were added to inventory from Santa Isabel and Margazao after a full review of historical data and for Bahu after 2022 drilling.

Jaguar added that exploration results from in-mine and brownfields areas were robust with solid increases reported in all mineral resource categories including initial disclosure of inferred mineral resources reported from two new discoveries (Zona Basal and Pontal South).

CEO Vern Baker stated, "Jaguar has generated $91.2M in free cash flow over the last three years and paid out $29.6M in dividends. In addition to making the required investments to sustain current operations, its further objective is to make targeted capital allocations necessary to best exploit the company's underutilized plant capacity. This year's mineral reserve and mineral resource update underlines this strategy."

Jaguar Mining is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes, and a large land package with upside exploration potential from mineral claims covering an area of approximately 56,000 hectares.

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