ercent of the outstanding capital stock of Jaguar, the Jaguar stockholders received 33 million shares of the combined company's common stock, which represents approximately 54.7 percent of the combined company's common stock following the Merger
RICHMOND, TX, Dec 16, 2009 (MARKETWIRE via COMTEX) -- Jaguar Mining Enterprises, Inc. (PINKSHEETS: JAGR) announced today that iron ore extraction at its Cascaronal Mine is scheduled to commence on January 19, 2010. The company has recently contracted a local firm to begin construction of roads to facilitate the extraction and transportation of iron ore from the mining site. Production at Cascaronal is now anticipated to commence in January, with ramp up likely to be completed by April. With estimated reserves of 20 million metric tons, at full capacity the Cascaronal Mine is expected to contribute 25,000 tons per month of production to Jaguar Mining.
Dale Williams, President and CEO of Jaguar Mining, commented: "Commencing production at a new mine is a milestone for any company to achieve. Our mining team has worked diligently to achieve this goal under very difficult financial conditions. We thank our strategic partners who patiently worked with us to make this a reality."