Wednesday, 26th March 2008 (1208 views)

Jaguar Mining has unveiled its financial results for the fourth quarter (Q4) of 2007 and cited an increase in gold sales as the reason for its growth.

According to the company, revenue for Q4 reached a total of $14.9 million, while the figure for the full year was confirmed as $47.8 million. These are increases of 137 per cent and 126 per cent on the previous periods respectively.

During Q4, Jaguar produced 20,463oz of gold, with a higher cash operating cost than the same period in 2006. Throughout the year, gold production totalled 70,113oz, which is almost double that of the year before.

President and chief operating officer Daniel R Titcomb said in a statement that the results put Jaguar in a strong position for the coming year.

"We have secured the necessary finds to execute our new plan to reach approximately 700,000oz of annual gold production by 2014," he explained.

"Jaguar enters 2008 in the strongest position in history."

The company operates and develops projects located in the Brazilian state of Minas Gerais.

 

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