Jaguar Mining reports US$390,000 net loss in Q3

New Hampshire-based Jaguar Mining (TSX: JAG) has reported a net loss of US$390,000 for the third quarter of 2004 compared to a net loss of US$50,000 in the same period in 2003. Gold sales revenue during the third quarter was US$2.24mn compared to zero in 3Q03. All gold produced by Jaguar came from its Sabará zone B mine in Brazil's Minas Gerais state, which continues to increase production and lower costs after its third full quarter of operation. Production at Sabará zone B was 5,354oz of gold at a cash operating cost of U$293/oz. In the first nine months of 2004, the company produced 9,190oz at an average cash operating cost of US$339/oz and sold 7,590oz of gold at an average price of US$400/oz. "Jaguar's goals are to increase its gold production while converting a significant portion of its gold mineral resources to reserves before the end of 2005," the company said. The company made significant progress towards these goals during 3Q04 and mining, ore transport, crushing, stacking, processing tonnage and ore grades all increased, resulting in lower unit costs per ounce. Exploration programs at the Paciência and Santa Bárbara projects in Minas Gerais had returned "strong and significant" results during the quarter, Jaguar added.