Jaguar Mining Reports Updated 2017 Mineral Reserves and Mineral Resources
NEWS RELEASE
March 2, 2018 TSX: JAG
FOR IMMEDIATE RELEASE
Jaguar Mining Reports Updated 2017 Mineral Reserves and Mineral Resources
Toronto, Canada, March 2, 2018 – Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) is pleased to
report updated Mineral Resources and Mineral Reserves estimates as at December 31, 2017 for Pilar Gold Mine
(“Pilar”) and Interim Mineral Resources for Turmalina Gold Mine (“Turmalina”), each prepared in accordance with
CIM definitions (2014) as in National Instrument 43- 101 (“NI 43-101”). The Pilar Mineral Resources and Mineral
Reserves update will be supported by a NI 43-10 1 Technical report that will be filed on SEDAR within 45 days of
this release. The Interim Turmalina Mineral Resource s and the Mineral Reserves will be updated when the drill
program is completed.
Year-End 2017 Pilar Gold Mine Mineral Reserves and Mineral Resources Highlights
Total Measured Resour ces increased 277% to 317,000 ounces of gold, net of depletion, grading 4.47 g/t.
Total Measured and Indicated (“M&I”) Resources increased 10% to 532,000 ounces of gold, grading 4.37 g/t.
Inferred Resources increased 104% to 433,000 ounces grading 5.69 g/t, reflecting successful growth
exploration drilling campaign in 2017 targeting high-grade de eper extensions to the principle banded iron
formation Orebodies (BA, BF, and BFII) below current mine production levels.
Total Proven and Probable (“2P”) Mineral Reserves of 125, 000 ounces of gold, grading 3.99 g/t reflecting two-
year replacement of mineral re serve depletion through production and addition of new mineral reserves,
confirming over three years of future production at current production levels.
Higher quality and increa sed grades of newly added mineral resources facilitate resource to reserve conversion
drilling to be prioritized in 2018 and scheduled as per the mine plan while ensuring financial discipline.
Interim Year-End 2017 Turmalina Gold Mine Mineral Resources Highlights
M&I Resources of 420,000 ounces of gold reflect fu ll replacement of 45,000 ounces of 2017 mining depletion for
Orebodies A, B, and C.
Measured Resources increased 8% to 265,000 ounces with a 6% increase in grade to 5.7 g/t.
Inferred Resources increased 158% to 305,000 ounces of gold with a 14% increase in grade to 5.49 g/t,
reflecting successful growth expl oration drilling campaign in 2017 target ing high-grade deepe r extensions to
the principle orebodies A and C below current mine production levels.
Focused on completing growth explorat ion and resource conversion drilling program throughout the first half of
2018 to further update Mineral Resources and Mineral Reserves at mid-year 2018.
Interim update based on drilling results from growth ex ploration, mine resource conversion and grade control
drilling completed on Orebodies A, B and C to Novemb er 30, 2017 compared to Mineral Resources as at
December 31, 2016
2
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Rodney Lamond, President and CE O of Jaguar Mining stated: “We have achieved solid growth in our mineral
resources at our core gold production operations, Pilar and Turmalina mines. At Pilar, we replaced two years of
mining depletion following a highly successful drilling campai gn completed in 2017. Our continued investment in
drilling has allowed us to maintain mineral reserves equivalent to over three years of reserve production mine life.
Strong drilling results to date offer additional perspective and are impressive as we have significantly advanced the
principal system containing Orebodies BA, BF and BFII in a short period of time, approximately seven months since
growth drilling began in May 2017. As a result, Mineral Reserves at Pilar are based on the main Orebodies BA, BF
and BFII currently in production above level 9 providing conf idence in future production. Going forward, we are
focused on upgrading and converting our Mineral Resource inventory to Mineral Reserves as well as upgrading
and converting the newly discovered Inferred Resources to M&I Resources. Inferred Mineral Resources at Pilar
confirm gold mineralization continues down-plunge on the main mineralized trends providing considerable potential
for further additions to our Mineral Resource base. Re cent positive drilling results include additional high-grade
intercepts and confirm the deep extensions of primary ore bodies which strengthen our confidence in delivering
improved near-term production.”
Mr. Lamond continued, “Moving forward our top focus is to continue drilling at our core operating assets to explore
and infill drill down-plunge extensions of main orebodies to increase life of mine. The growth exploration drilling
results announced over the past year resulted in the significant increase in the Mineral Resources at both Pilar and
Turmalina. With approximately one million ounces in the newly reported Mineral Resources (532,000 ounces in
M&I and 433,000 ounces in Inferred) at Pilar Mine alone, the Company is confident that this operation will deliver
exceptional value for many years in the future. We look forward to reporting updated Turmalina mineral reserves
and mineral resources once drilling is completed by the middle of 2018.”
The Mineral Resource and Reserve estimates were pr epared by Jaguar Mining under the supervision of Reno
Pressacco, P.Geo., and Jeff Sepp, P.Eng. of Roscoe Postle Associates Inc. (“RPA”). RPA is an independent mining
consultant and Mr. Pressacco and Mr. Sepp are Qualified Persons within the definition of NI 43-101. The effective
date of the estimates is December 31, 2017. An indepen dent technical report documenting the Mineral Resource
and Mineral Reserves estimates for the Pilar mine, prepared in accordance with NI 43-101, will be filed on SEDAR
within 45 days of the date of this press release.
About Pilar and Turmalina
Pilar is an underground gold mine and is part of the Caeté Gold Complex that also includes the underground Roça
Grande gold mine and mill operation that processes ore from both mines. The Caeté Complex is located in the
municipalities of Caeté and Santa Bárbara, respectively, in the state of Minas Gerais, Brazil, and is approximately
100 km from Belo Horizonte, the capita l city of the state of Minas Gerais . Turmalina is an underground gold mine
and plant complex, also located in the state of Minas Ge rais, approximately 130 km northwest of Belo Horizonte
(see Figure 1).
Pilar Gold Mine Exploration Program Drilling Results
Drilling focused on further defining the top three most significant mineralized banded iron formations (BA, BF, and
BFII) known at Pilar. (See Figure 2, which identifies the drill programs completed to support the Mineral Resources
and Mineral Reserves.)
The BA mineralized structure appears to diminish at dept h; however, the footwall flank of the BF and both the
footwall and hanging wall flanks of the BFII unit have seen increased grades and thicknesses in drilling at depth
below the active areas mined in 2016 and 2017. (See press releases from September and November 2017 for more
detailed growth exploration drill results.)
Pilar Gold Mine Mineral Resource and Mineral Reserve Estimates as at December 31, 2017
(See Tables 1–4 for more detail)
Proven & Probable Reserves: 0.97 million tonnes grading 3.99 g/t Au, containing 125,000 oz. Au
Measured & Indicated Resources: 3.79 million tonnes grading 4.37 g/t Au, containing 532,000 oz. Au
Inferred Resources: 2.38 million tonnes grading 5.69 g/t Au containing 433,000 oz. Au
3
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Table 1
Pilar Gold Mine Mineral Reserves Summary December 31, 2017, compared to December 31, 2016:
Pilar Gold Mine – Change in Mineral Reserves
Gold Ounces (000’s) Gold Grade (g/t Au)
As at December 31 2017 2016 Change (%) 2017 2016 Change (%)
Proven Reserves 81 2 3,950% 3.78 2.47 53%
Probable Reserves 44 140 (69%) 4.45 4.62 (4%)
Total 125 142 (12%) 3.99 4.56 (13%)
Table 2
Pilar Gold Mine Mineral Resources Summary December 31, 2017, compared to December 31, 2016:
Pilar Gold Mine – Change in Mineral Resources
Gold Ounces (000’s) Gold Grade (g/t Au)
As at December 31 2017 2016 Change (%) 2017 2016 Change (%)
Measured Resources 317 84 277% 4.47 4.14 8%
Indicated Resources 216 399 (46%) 4.22 4.62 (9%)
Total – M&I Resources 532 482 10% 4.37 4.53 (4 %)
Inferred Resources 433 212 104% 5.69 5.45 4%
Table 3
Pilar Gold Mine Mineral Reserves Summary as at December 31, 2017, by Orebody:
Pilar Gold Mine - Mineral Reserves, December 31, 2017
Orebody
Proven Reserves Probable Reserves Proven and Probable Reserves
Tonnes Grade Gold oz. Tonnes Grade Gold oz. Tonnes Grade Gold oz.
(000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's)
Orebody BA 93 2.47 7 102 5.39 18 195 3.99 25
Orebody BF 263 4.07 34 15 4.12 2 278 4.07 36
Orebody BFII 285 3.98 37 157 4.23 21 442 4.07 58
Orebody LFW 6 3.02 1 7 2.51 1 13 2.73 1
Orebody LPA 19 3.49 2 - - - 19 3.49 2
Orebody Torre - - - 26 2.78 2 26 2.78 2
Total 666 3.78 81 307 4.45 44 974 3.99 125
Notes:
1. CIM (2014) definitions were followed for Mineral Reserves
2. Mineral Reserves were estimated at a break-even cut-off grade of 2.33 g/t Au
4
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
3. Mineral Reserves are estimated using an av erage long-term gold price of US $1,250 per ounce
4. Mineral Reserves are estimated usi ng an average long-term foreign exchange rate of 3.5 Brazilian Reais: 1 US Dollar
5. A minimum mining width of 2 m was used
6. Numbers may not add due to rounding
Table 4
Pilar Gold Mine Mineral Resources Summary at December 31, 2017, by Orebody:
Pilar Gold Mine – Mineral Resources, December 31, 2017
Orebody
Measured Resources Indicated Resources Total Measured
& Indicated Resources Inferred Resources
Tonnes Grade Gold oz. Tonnes Grade
Gold
oz. Tonnes Grade
Gold
oz. Tonnes Grade
Gold
oz.
(000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's)
Orebody BA 457 4.53 67 187 5.28 32 644 4.75 98 57 4.50 8
Orebody BF 635 4.72 96 74 4.73 11 709 4.72 108 1,360 6.71 293
Orebody BFII 488 4.73 74 259 4.56 38 747 4.67 112 828 4.38 117
Orebody Torre 231 4.93 37 233 4.41 33 464 4.67 70 62 4.15 8
Orebody LFW
(200’s) 208 3.18 21 34 3.19 3 242 3.18 25 - - -
Orebody LHW 74 2.89 7 7 2.85 1 81 2.89 8 - - -
Orebody LPA 110 4.17 15 - - - 110 4.17 15 - - -
Orebody SW - - - 795 3.82 98 795 3.82 98 60 3.46 7
Total 2,203 4.47 317 1,589 4.22 216 3,792 4.37 532 2,367 5.69 433
Notes:
1. CIM (2014) definitions are followed for Mineral Resources
2. Mineral Resources were estimated at a break-even cut-off grade of 1.93 g/t Au
3. Mineral Resources are estimated using an average long-term gold price of US $1,400 per ounce
4. Mineral Resources are estimated using an average long-term foreign exchange rate of 3.8 Brazilian Reais: 1 US Dollar
5. A minimum mining width of 2 m was used
6. Gold grades are estimated by the Ordinary Kriging interpolation algorithm using capped composite samples
7. Mineral Resources are inclusive of Mineral Reserves
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
9. Numbers may not add due to rounding
Pilar Gold Mine Mineral Resources and Mineral Reserves Highlights
Drilling completed in 2016 and 2017 successfully replaced depletion, maintaining mineral reserves equivalent
to approximately three years of production resulting in total Mineral Resources and Mineral Reserves, including
total 2P reserves, of 125,000 ounces of gold (974,000 tonnes at an average grade of 3.99 g/t Au) which were
12% lower compared to 2P of 142,000 ounces as at December 31, 2016.
2017 growth exploration drilling result s clearly demonstrated continuity of the principal banded iron formation
orebodies to depth beyond current mining production ac tivities and quantified observed increases in grade,
tonnes and ounces per vertical metre.
Drilling completed resulted in a significant increase in M&I and Inferred Mineral Resources, exceeding the
Company’s target of replacing reserves mined in 2016 and 2017, and establishing increased M&I Resources
below mine Level 9 (see Figures 2, 3, 4 and 5).
5
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Mineral Reserves at Pilar are based on the main orebodi es currently in production above Level 9, BA, BF and
BFII. Further work is in progress to convert the M&I inventory to 2P Reserves on material from other orebodies
that are accessible from ramp development below Level 9.
The database, used to prepare the estimates, with a cut-off date of November 28, 2017, comprises 1,366 drill
holes and 19,838 channel samples. The estimate was generated from a block model constrained by three-
dimensional (3D) wireframe models. A capping value varying from 10 to 60 g/t Au was applied for all eight
orebodies. Wireframe models of the mineralization and excavated material for Pilar were constructed by Jaguar
and reviewed by RPA. A separate wi reframe was prepared for each orebody and was used to constrain the
grade estimates into the block model.
Mineralized material for each orebody was classified into the Measured, Indicated, or Inferred Mineral Resource
categories on the basis of the s earch ellipse ranges obtained from the variography study, the observed
continuity of the mineralization, the drill hole and channel sample density, and previous production experience
from these orebodies.
The Mineral Resources are inclusive of Mineral Reserv es. For those portions of the Mineral Resources that
comprise the Mineral Reserve, stope design wireframes were used to constrain the Mineral Resource reports.
Additional Mineral Resources are pr esent that reside beyond the Minera l Reserves. For these areas, 3D
clipping polygons were prepared to aid in the estimation of the Mineral Resources. The clipping polygons were
prepared in either plan or longitudinal views, as ap propriate. The clipping polygons were drawn to include
continuous volumes of blocks whose estimated grade s were above the stated cut-off grade, and were not
located in mined out areas. The clipping polygons were used to appropriately code the block model and
estimate the Mineral Resources.
For December 31, 2017, estimates, the Company pr epared an updated geological and block model under the
supervision of RPA. The Mineral Re sources and Mineral Reserves for 2017 will be s upported by a NI 43-101
technical report to be filed on SEDAR within 45 days of this press release.
Interim Turmalina Gold Mine Mineral Resources
Turmalina Mineral Resources highlights are shown on Tables 5 and 6.
Table 5
Turmalina Gold Mine Mineral Resources Summary December 31, 2017, compared to December 31, 2016:
Turmalina Gold Mine – Change in Mineral Resources
Gold Ounces (000’s) Gold Grade (g/t)
As at December 31 2017 2016 Change (%) 2017 2016 Change (%)
Measured Resources 265 246 8% 5.7 5.36 6%
Indicated Resources 155 174 (11%) 3.86 4.12 (6%)
Total – M&I Resources 420 420 0% 4.86 4.77 2%
Inferred Resources 305 118 158% 5.49 4.81 14%
6
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
Table 6
Turmalina Gold Mine Mineral Resources Summary as at December 31, 2017, by Orebody:
Turmalina Gold Mine – Mineral Resources, December 31, 2017
Orebody
Measured Resources Indicated Resources Total Measured
& Indicated Resources Inferred Resources
Tonnes Grade Gold oz. Tonnes Grade
Gold
oz. Tonnes Grade
Gold
oz. Tonnes Grade
Gold
oz.
(000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's)
Orebody A 905 7.22 210 99 5.94 19 1,004 7.09 229 659 5 107
Orebody B 350 3.32 37 182 4.33 25 533 3.67 63 24 5 4
Orebody C 190 2.91 18 961 3.57 110 1,152 3.46 128 1,044 6 194
Total 1,446 5.70 265 1,243 3.86 155 2,689 4.86 420 1,727 5.49 305
Notes:
1. CIM (2014) definitions are followed for Mineral Resources
2. Mineral Resources were estimated at a break-even cut-off grade of 2.1 g/t Au
3. Mineral Resources are estimated using an average long-term gold price of US $1,400 per ounce
4. Mineral Resources are estimated using an average long-term foreign exchange rate of 3.8 Brazilian Reais: 1 US Dollar
5. A minimum mining width of 2 m was used
6. Gold grades are estimated by the Inverse Distance Cubed interpolation algorithm using capped composite samples
7. Mineral Resources are inclusive of Mineral Reserves
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
9. Numbers may not add due to rounding
Mineral Resource estimates at December 31, 2017, reflect an updated geological and block model prepared
by Jaguar staff under the supervision of RPA. This up dated block model incorporates the results from the on-
going diamond drilling campaigns commenced in 2017.
This Interim Mineral Resource includes total Meas ured and Indicated Resources of 420,000 ounces of gold
(2.69 million tonnes at an average grade of 4.86 g /t Au) and Inferred Resources of 305,000 ounces of gold
(1.73 million tonnes at an average grade of 5.49 g/t Au).
Current growth drilling, as well as drill holes complet ed in 2017, focused on demonstrating the extensions and
continuity of the principal Orebodies A and C at depth beyond current mining production activities and
quantifying observed increases in grade, tonnes and ounces per vertical metre.
Orebody C Mineral Re source grades have increased following from new ex ploration drill hole intercepts and
from development channel sampling and infill drilling, in particular on Levels 3 and 4.
The resulting increases in Measured, Indicated and In ferred resources compared to the previously reported
resource inventory is in line with the Company’s target of replacing reserves mined in 2017 and establishing a
significant increase in M&I resources mainly below Level 11 on Orebody A and Level 4 on Orebody C (see
Figures 5, 6 and 7). (See press releases from November 2017 and February 2018 for further details.)
The database, used to prepare the es timates, with a cut-off date of J anuary 15, 2018, comprises 3,650 drill
holes and 15,365 channel samples. The estimate was generated from a block model constrained by three-
dimensional (3D) wireframe models. A capping value of 50 g/t Au was applied for all three orebodies. The
wireframe models of the mineralization and excavated material for Turmalina were constructed by Jaguar and
7
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
reviewed by RPA. A separate wireframe was built for each orebody and was used to constrain the grade
estimates into the block model.
The mineralized material for each orebody was classi fied into the Measured, Indi cated, or Inferred Mineral
Resource categories on the basis of the search e llipse ranges obtained from the variography study, the
observed continuity of the mineraliz ation, the drill hole and channel sample density, and previous production
experience from these orebodies.
The Mineral Resources are inclusive of Mineral Reserv es. For those portions of the Mineral Resources that
comprise the Mineral Reserve, stope design wireframes were used to constrain the Mineral Resource reports.
Additional Mineral Resources are pr esent that reside beyond the Minera l Reserves. For these areas, 3D
clipping polygons were prepared to aid in the estimation of the Mineral Resources. The clipping polygons were
prepared in either plan or longitudinal views, as ap propriate. The clipping polygons were drawn to include
continuous volumes of blocks whose estimated grade s were above the stated cut-off grade, and were not
located in mined out areas. The clipping polygons were used to appropriately code the block model and
estimate the Mineral Resources.
Year-End 2017 Turmalina Gold Mine Mineral Reserves w ill be updated from the previous estimate by depletion.
Qualified Persons
The scientific and technical information contained in th is press release has been reviewed and approved (i) in
respect of the estimated Mineral Reserves and the Life of Mine Plan (LOMP) by Jeff Sepp, P.Eng., of Roscoe Postle
Associates Inc. ("RPA"), and (ii) in respect of the estimated Mineral Reso urces by Reno Pressacco, P.Geo., of
RPA. RPA is an independent mining consultant and Mr. Sepp and Mr. Pressacco are each Qualified Persons within
the definition of NI 43-101.
Quality Control
All sampling and samples utilized at Jaguar for mineral resource and or mineral reserves estimation uses a quality-
control program that includes insertion of blanks and co mmercial standards in order to ensure best practice in
sampling and analysis.
HQ, NQ, and BQ size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard
intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel
sampling of the underground development follows the same standard intervals as for the drill core. All diamond drill
hole collars are accurately surveyed using a Total Station instrument, and down-hole deviations are surveyed using
non-magnetic equipment (SPT Stockholm Precision Tools with GyroMaster™ Solid State North Seeker).
Mean grades are calculated using a variable lower grade cut-off (generally 0.5g/t Au). No upper gold grade cut has
been applied to the data.
Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core
is stored in a secure location. The drill core and rock chip samples for resource-reserve conversion and grade
control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-
house laboratory located at the Roça Grande Mine, Caeté, Minas Gerais. Growth exploration samples are sent to
the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The
analysis of these exploration samples is conducted at ALS Global’s respective facilities (fire assay is conducted by
ALS Global in Lima, Peru, and multi-elementary analysis is conducted by ALS Global in Vancouver, Canada). ALS
has accreditation in a global management system that m eets all requirements of international standards ISO/IEC
17025:2005 and ISO 9001:2015. All major ALS geochemistry an alytical laboratories are accredited to ISO/IEC
17025:2005 for specific analytical procedures.
For a complete description of Jaguar’s sample prepar ation, analytical methods and QA/QC procedures, please
8
JAGUAR MINING INC.
First Canadian Place, 100 King Street West, 56th Floor, Toronto, Ontario, Canada M5X 1C9 T: 416-847-1854
refer to “Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil”, a copy of which
is available on the Company’s SEDAR profile at www.sedar.com.
The Iron Quadrangle
The Iron Quadrangle has been an area of mineral explorat ion dating back to the 16th century. The discovery in
1699-1701 of gold contaminated with iron and platinum-gro up metals in the southeastern corner of the Iron
Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class
multi-million ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar Mining is the second largest
operating gold company tenement holder in the Iron Quadrangle, holding just over 25,000 hectares.
About Jaguar Mining Inc.
Jaguar Mining Inc. 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 significant upside exploration potential from
mineral claims covering an area of approximately 64,000 hectares. The Company’s principal operating assets are
located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina
Gold Mine Complex and Caeté Gold Mine Complex. The Co mpany also owns the Paciência Gold Mine Complex,
which has been on care and maintenance since 2012. Additional information is available on the Company's website
at www.jaguarmining.com.
For further information please contact:
Rodney Lamond
President & Chief Executive Officer
Jaguar Mining Inc.
416-847-1854
Hashim Ahmed
Chief Financial Officer
Jaguar Mining Inc.
416-847-1854
Forward-Looking Statements
Certain statements in this news release constitute "for ward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking stat ements and information are provided for the purpose of
providing information about management's expectations and plans relating to the future. All of the forward-looking
information set forth in this news release is qualifie d by the cautionary statements below and those made in our
other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking
statements can be identified by the use of words such as "are expected," "is forecast," "is targeted,” "approximately,"
"plans," "anticipates," "projects," "c ontinue," "estimate," "believe," or vari ations of such words and phrases or
statements that certain actions, events or results "may," "could," "would," "mi ght," or "will" be taken, occur or be
achieved. All statements, ot her than statements of historical fact, may be considered to be or include forward-
looking information. These forward-looking statements are made as of the date of this news release and the dates
of technical reports, as applicable. This news release contains forward-looking information regarding potential and,
among other things, expected future mineral resources, potential mineral production opportunities, geological and
mineral exploration statistics, ore grades, cu rrent and expected future assay results, and
definition/delineation/exploration drilling at the Pilar Gold Mine and the Turmalina Gold Mine in Brazil, as well as
forward-looking information regarding costs of product ion, capital expenditures, costs and timing of the
development of projects and new deposits, success of ex ploration, development and mining activities, capital
requirements, project studies, mine life extensions, and continuous improvement initiatives. The Company has
made numerous assumptions with respect to forward-looking information contained herein, including, among other
things, assumptions about the estimated timeline and for t he development of the drill program at the Pilar Gold
Mine (and its expanded exploration footprint) and the Turm alina Gold Mine; its mineral properties; the supply and
demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and
the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market
competition; ongoing relations with employees and impacted communities; and political and legal developments in
any jurisdiction in which the Company operates being consis tent with its current expe ctations including, without
limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating