JAG - TSX/NYSE
BELO HORIZONTE, Brazil, Dec. 3, 2012 /CNW/ - Jaguar Mining Inc.
("Jaguar" or "the Company") (JAG: TSX) (JAG: NYSE) today announced that the New York Stock Exchange has notified the
Company that it has fallen below the NYSE's continued listing standard
relating to the price of its common stock. The NYSE requires that the
average closing price of a listed company's common stock be above $1.00
per share over a consecutive 30 trading-day period. As of November 30,
2012, the date of the NYSE notice, the 30 trading-day average closing
price of Jaguar's common stock was $0.94 per share.
Under the NYSE's rules, Jaguar has a period of six months to bring its
share price and 30 trading-day average share price back above $1.00.
During this period, Jaguar's common stock will continue to be traded on
the NYSE, subject to compliance with all other NYSE continued listing
requirements. As required by the NYSE in order to maintain its
listing, Jaguar will notify the NYSE by December 14, 2012 that it
intends to cure the price deficiency.
Commenting on the NYSE notification, David Petroff, Jaguar's President
and CEO stated, "We are taking measured, thought-out steps in the
execution of a comprehensive strategy designed to restore profitability
and deliver improved value creation for our shareholders. We are now
beginning to see traction from our turnaround efforts initiated earlier
in the year and continued success in our cost reduction efforts within
the operations. We expect this will lead to improved financial results
and stability over 2013."
About Jaguar Mining
Jaguar is a junior gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais and owns the Gurupi
Project in Northern Brazil in the state of Maranhão. The Company also
owns additional mineral resources at its approximate 210,000-hectare
land base in Brazil. Additional information is available on the
Company's website at www.jaguarmining.com.
Forward Looking Statements
Certain statements in this press release constitute "Forward-Looking
Statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and Canadian securities legislation.
Forward-Looking Statements can be identified by the use of words, such
as "are expected", "is forecast", "is targeted", "approximately" or
variations of such words and phrases or statements 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
These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drilling results and other geological 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. 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 Statements,
there may be other factors that could cause actions, events or results
to differ from those anticipated, estimated or intended.
These Forward-Looking Statements represent the Company's views as of the
date of this press release. 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 except
as required by law. 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, 2011 filed on SEDAR
and available at http://www.sedar.com and the Company's Annual Report on Form 40-F for the year ended
December 31, 2011 filed with the United States Securities and Exchange
Commission and available at www.sec.gov.
SOURCE: Jaguar Mining Inc.
For further information:
Vice President, Investor Relations
Valéria Rezende DioDato
Director of Communication