EX-99.1 2 ex991.htm NEWS RELEASE DATED APRIL 22, 2008 ex991.htm
Exhibit 99.1
News release via Canada NewsWire, Calgary 403-269-7605

	    Attention Business Editors:
	    Jaguar Mining Provides Q1 Update of Operations and Q1 Earnings
	    Conference Call Details

	    Commissioning of Paciencia Operation Underway, 2008 Objectives On-track

	    JAG - TSX/NYSE Arca

	    CONCORD, NH, April 22 /CNW/ - Jaguar Mining Inc. ("Jaguar" or "the
Company") (JAG: TSX/NYSE Arca, JAG.NT: TSX) provided a summary today of its
preliminary Q1 2008 operating performance. All figures are in U.S. dollars
unless otherwise indicated.
	    <<
	    Recent operating highlights include:

	      -  In Q1 2008, the Company produced 21,414 oz of gold at an average
	         cash cost of $428/oz compared to 12,129 oz at an average cash cost
	         of $273/oz during the same period last year. Costs for Q1 2008 were
	         impacted by lower grades at Sabara and the weaker U.S. dollar
	         against the Brazilian real. The average exchange rate in Q1 2008 was
	         R$1.74/US $1.00 compared to R$2.11/US$1.00 in Q1 2007;

	      -  Q1 2008 gold sales totaled 20,344 oz at an average price of $924
	         compared to Q1 2007 figures of 9,885 oz at an average price of $662;

	      -  In Q1 2008, Turmalina produced 17,155 oz of gold at an average cash
	         cost of $387/oz compared to 7,423 oz at an average cash cost of
	         $206/oz in Q1 2007. During March of this year, operations at
	         Turmalina were slightly impacted by required maintenance to the
	         crushing circuit and one of the two milling circuits. A total of
	         four days of production were effectively lost in order to complete
	         the necessary repairs. During Q1 2008 the following was achieved at
	         Turmalina:

	           -  Ore production totaled 114,100 tonnes at an average grade of
	              5.46 g/t.

	           -  Ore processed through the mill totaled 102,000 tonnes at an
	              average grade of 5.71 g/t.

	           -  The average gold recovery grade was 88%, slightly below the
	              design rate of 90%, but trended higher during the quarter.

	           -  Mine development totaled 884 meters including approximately
	              200 meters in the Satinoco mineralized body.

	           -  The program to confirm the continuity of the main ore body at
	              Turmalina is in process where a drill hole to approximately
	              1,000 meters is underway. The results of this program are
	              expected mid-2008.

	           -  Work on the Turmalina expansion feasibility study has been
	              completed and is undergoing a final review. These results are
	              expected to be announced by the Company during May.

	      -  In Q1 2008 Sabara produced 4,259 oz of gold at an average cash cost
	         of $594/oz compared to 4,706 oz at an average cash cost of $378/oz
	         in the same period in 2007. Cash operating costs in the most recent
	         quarter were primarily impacted by lower grades, as expected. The
	         feed grade of ore processed in Q1 2008 averaged 1.61 g/t compared to
	         2.9 g/t in Q1 2007. Production from the new higher grade Serra
	         Paraiso mineralized zone located near the Sabara Plant is scheduled
	         to begin in Q3 2008;

	      -  Commissioning of the Paciencia Operation is underway with all
	         circuits now operating. Loading of the processing circuits begins
	         April 25 and gold production is expected during May.

	      -  Management currently estimates gold production and cash operating
	         costs for FY 2008 as follows:

	                       FY 2008 Est.  FY 2008 Est.
	           Operation    Production     Cash Cost
	                               (oz)        ($/oz)

	           Turmalina        88,000       299-310
	           Paciencia        49,000       364-370
	           Sabara           23,000       539-550
	                            ------
	            Total          160,000       353-359

	           Note: Estimated cash costs based on an exchange rate of
	           R$1.70/US$1.00.

	      -  The Caete Project remains on schedule with the feasibility study
	         nearing completion. A formal announcement of the finding will be
	         released during May.

	      -  Under the Normal Course Issuer Bid program announced in August 2007,
	         the Company has purchased 381,100 shares at an average price of
	         $10.30 from Q4 2007 through April 21, 2008.
	    >>

	    Daniel Titcomb, Jaguar's President and CEO stated, "Jaguar continues to
execute on its business plan on-schedule to build greater value for our
shareholders. With the commissioning of our third gold production facility now
underway, we have further demonstrated our ability to successfully develop
projects on time and on budget. With each milestone we set, our confidence
grows stronger on our commitment to reach 700,000 oz of gold production by
2014."

	    Q1 Earnings Release and Conference Call Details

	    Jaguar will release its Q1 2008 financial and operating results after the
market close on May 7, 2008. The Company will hold a conference call the
following morning, May 8 at 9:00 a.m. EDT, to discuss the results.
	    North American participants may access the call toll-free by dialing
800-218-4973. International participants should call 213-416-2196. Persons
wishing to participate in this conference call are asked to dial-in at least
five minutes prior to the start time to ensure prompt access to the call.
	    Jaguar will provide a web cast of this call over the Internet, which can
be accessed from the Calendar of Events tab located on the Company's homepage
at www.jaguarmining.com. An archive of the web cast and the audio replay will
be available approximately one hour after the call ends. The audio replay can
be accessed by calling 800-675-9924 from North America or 213-416-2185 outside
of North America. The replay ID number is 50808.

	    About Jaguar

	    Jaguar is one of the fastest growing gold producers in Brazil with
operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar
is actively exploring and developing additional mineral resources at its
72,000 acre land base in Minas Gerais and on an additional 159,000 acres in
the state of Ceara in the Northeast of Brazil through a joint venture.
Additional information is available on the Company's website at
www.jaguarmining.com.

	    Forward Looking Statements

	    This press release contains forward-looking statements, within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws, concerning Jaguar's objectives in the
years ahead, the commencement period of production, cash operating costs,
completion dates of feasibility studies, and gold production and sales
targets. Forward-looking statements can be identified by the use of words,
such as "are expected", "is forecast", "approximately" or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, or performance to be
materially different from any future results or performance expressed or
implied by the forward-looking statements.
	    These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in interpreting
drilling results and other ecological data, fluctuating gold prices and
monetary exchange rates, the possibility of project cost delays and overruns
or unanticipated costs and expenses, uncertainties relating to the
availability and costs of financing needed in the future, uncertainties
related to production rates, timing of production and the cash and total costs
of production, changes in applicable laws including laws related to mining
development, environmental protection, and the protection of the health and
safety of mine workers, the availability of labor and equipment, the
possibility of labor strikes and work stoppages and changes in general
economic conditions. The potential quantities and grades noted for the NW01
Target are conceptual in nature as there has been insufficient exploration to
define a mineral resource and it is uncertain whether further exploration will
result in the target being delineated as a mineral resource. The Company also
relied on information concerning the Conglomerates at the Paciencia as
accurate and reliable from the previous concession owners and does not warrant
that the information supplied reflects a potential resource. Although the
Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking information, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended.
	    These forward-looking statements represent our views as of the date of
discussion. The Company anticipates that subsequent events and developments
may cause the Company's views to change. The Company does not undertake to
update any forward-looking statements, either written or oral, that may be
made from time to time by or on behalf of the Company subsequent to the date
of this discussion. For a discussion of important factors affecting the
Company, including fluctuations in the price of gold and exchange rates,
uncertainty in the calculation of mineral resources, competition, uncertainty
concerning geological conditions and governmental regulations and assumptions
underlying the Company's forward-looking statements, see the "CAUTIONARY NOTE"
regarding forward-looking statements and "RISK FACTORS" in the Company's
Annual Information Form for the year ended December 31, 2007 filed on System
for Electronic Document Analysis and Retrieval and available at
http://www.sedar.com and the Company's Annual Report on Form 40-F for the year
ended December 31, 2007 filed with the United States Securities and Exchange
Commission and available at www.edgar.com.

	    %CIK: 0001333849

	    /For further information: Investors and analysts: Bob Zwerneman, Director
of Investor Relations, (603) 224-4800, bobz(at)jaguarmining.com; Media inquiries:
Valeria Rezende DioDato, Director of Communication, (603) 224-4800,
valeria(at)jaguarmining.com/
	    (JAG.NT. JAG JAG.)

CO:  Jaguar Mining Inc.

CNW 18:09e 22-APR-08