April 15, 2010 / 9:05 PM / 7 years ago

UPDATE 1-Jaguar Mining Q1 gold production falls 5 pct

* Says Q1 production at 31,223 ounces vs 32,868 ounces, yr ago

* Says cash operation cost rises

April 15 (Reuters) - Gold producer Jaguar Mining Inc (JAG.TO) said its first-quarter gold production fell 5 percent, partly hurt by lower grades at its Brazilian mines.

The Concord, New Hampshire-based miner said cash operating costs rose as the Brazilian real appreciated against the dollar.

For the first quarter, Jaguar produced 31,223 ounces of gold at an average cash operating cost of $595 per ounce, compared with 32,868 ounces at an average cash operating cost of $409 an ounce, a year ago.

Production at Turmalina mine fell 9.5 percent and cash costs per ounce rose 57 percent due to lower grades brought about by higher than planned dilution, distributing fixed operating costs over fewer ounces and costs related to a scheduled 10-day maintenance.

Production at its Paciencia mine fell slightly and cash operating cost rose 33 percent.

The company said the last quarter was generally in line with its 2010 target, as the quarter was expected to have the year’s lowest production and grade and the highest cash operating costs.

Shares of the company closed C$11.28 Thursday on the Toronto Stock Exchange. The New York Stock Exchange-listed shares closed at $11.25. (Reporting by Aftab Ahmed in Bangalore; Editing by Ratul Ray Chaudhuri)

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