JAG - TSX/NYSE
CONCORD, NH, Jan. 11, 2012 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE) today announced that G. Rogério F. Fernandes has been appointed to
succeed Lúcio Cardoso as the Chief Operating Officer of the Company
following Mr. Cardoso's planned retirement at the end of January 2012.
Further, the Company announced that Adriano Luiz do Nascimento, Vice
President of Exploration and Engineering, retired from the Company, as
had been planned, effective December 31, 2011.
"Rogério brings a wealth of experience uniquely matched to Jaguar's
current operations and growth plans," said Gary German, Chairman of the
Jaguar Board of Directors. "His track record of cost reduction, new
mine development, and successful management of multiple underground and
open pit operations make him an ideal candidate to succeed Lúcio. We
are excited to welcome him to Jaguar."
Fernandes, a native of Minas Gerais, has been involved in the mining
industry since 1981. Since 1998 he has held various leadership and
management positions within the Glencore Group overseeing significant
operations in Zambia, Peru and Brazil. He holds a graduate degree in
risk management from Universidad Ancash - Peru and a mining engineering
degree from Universidade Federal de Minas Gerais - Brazil.
Messrs. Cardoso and Nascimento were among the original founders of
Jaguar, helping to establish the Company in 2002. As key members of
the management team they have been instrumental in establishing all of
Jaguar's mining operations and leading the Company on a path of
multiple acquisitions, rapid growth and continuing development. Under
their direction, Jaguar first began commercial gold production in 2005
and expanded production at a cumulative annual average growth rate of
more than 50 percent from 2005 through 2010.
"Lúcio and Adriano have had an immeasurable impact on the Company," Mr.
German said. "Their ability to identify and develop quality gold
assets has benefitted all Jaguar stakeholders. Their legacy at Jaguar
and throughout the Brazilian mining industry will not soon be
forgotten. We wish Lúcio and Adriano the very best in their well
Messrs. Cardoso and Nascimento have both agreed to continue their
affiliation with Jaguar in consulting roles through 2012.
The announced retirements were both planned previously and the
transition process was initiated several months ago, well before the
Company's announcement of the strategic review process in November
2011. The changes in management are unrelated to and are not expected
to have any impact on the strategic review process.
Jaguar is a gold producer in Brazil with operations in a prolific
greenstone belt in the state of Minas Gerais. Jaguar is also engaged
in developing the Gurupi Project in the state of Maranhão. Based on
its development plans, Jaguar is one of the fastest growing gold
producers in Brazil. The Company is actively exploring and developing
additional mineral resources at its approximate 256,300-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:
Investors and Analysts may contact:
Vice President, Investor Relations
Members of the media may contact:
Valéria Rezende DioDato
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