JAG - TSX/NYSE
BELO HORIZONTE, Brazil, June 29, 2012 /CNW/ - Jaguar Mining Inc. (TSX: JAG) (NYSE: JAG) today announced that at its
annual general meeting held earlier today, the six directors nominated
by management were elected, however, each of Messrs. Andrews, Clausen
and German received more "withheld" votes than votes "for."
Despite Jaguar's majority voting policy not applying to contested
director elections, following the meeting, each of Messrs. Andrews,
Clausen and German offered up their resignation from the Board of
Directors. During the next 90 days, following receipt of a
recommendation from Jaguar's Corporate Governance Committee, the Board
of Directors will consider each such resignation and announce its
decision, in accordance with the process stipulated in the majority
The Company also announced that Mr. Gary German, who has been the
Chairman since shortly after Jaguar became a public company, has
stepped down as the Chairman of the Board of Directors. "The Company
and the entire Board want to thank Gary for all of his hard work,
dedication and leadership over nearly 10 years." said Mr. Griffiths,
the senior independent director and member of the Corporate Governance
Mr. Richard Falconer has been appointed as the new Chairman. "We are
extremely pleased that Richard has agreed to be the Chairman of the
Board," said Mr. Griffiths. "His experience, judgment, and strong
leadership skills will strengthen our Board and benefit both the
shareholders and management of the Company. We look forward to
benefitting from his leadership and insight."
Mr. Falconer joined the Board of Directors on May 22, 2012. Prior to
that, he spent his entire career with CIBC World Markets Inc., where he
retired after 40 years of service as Vice Chairman and Managing
Director. In addition to being responsible for senior investment
banking relationships, Mr. Falconer's experience at CIBC extended from
head of research to co-head of investment banking to Vice Chairman with
knowledge across several industries. He is also currently serving as a
Director for Resolute Forest Products, Chorus Aviation, Inc., the
Bridgepoint Health Foundation and LOFT Community Services.
Jaguar is continuing its active search for a permanent Chief Executive
Officer, and expects to make an appointment during the third quarter.
As previously announced, pending the appointment of a permanent Chief
Executive Officer, Mr. John Andrews has been appointed, and will
continue to act, as interim Chief Executive Officer.
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 is developing the
Gurupi Project in Northern Brazil in the state of Maranhão. The Company
is actively exploring and developing additional mineral resources at
its approximate 240,000-hectare land base in Brazil. Additional
information is available on the Company's website at www.jaguarmining.com.
SOURCE Jaguar Mining Inc.
For further information:
Vice President, Investor Relations
Valéria Rezende DioDato
Director of Communication