Jaguar Mining Reports Q4 and FY 2009 Earnings
FY 2009 Adjusted Net Income of $0.37/share and Adjusted Operating Cash Flow of $41.1 Million
JAG - TSX/NYSE
CONCORD, NH, March 22 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE) reports its financial and operational results for the period ended December 31, 2009. All figures are in U.S. dollars unless otherwise indicated.
FY 2009 Highlights
- Net loss of $8.0 million or ($0.10) per basic share and fully diluted
share for the year ended December 31, 2009 compared to a net loss of
$4.3 million or ($0.07) per basic and fully diluted share for the
same period in 2008. Adjusted net income for FY 2009, excluding
special non-operating and non-recurring charges totaled $28.0 million
or $0.37 per share (See Non-GAAP Performance Measures).
- FY 2009 gold sales rose to 143,698 ounces at an average price of $979
per ounce yielding revenue of $140.7 million compared to gold sales
of 108,944 ounces at an average price of $860 per ounce and revenue
of $93.7 million for the same period in 2008.
- FY 2009 gold production totaled 155,102 ounces of gold at an average
cash operating cost of $468 per ounce compared to 115,348 ounces at
an average cash operating cost of $429 per ounce during FY 2008 (see
Non-GAAP Performance Measures).
- Gross profit for FY 2009 increased to $42.6 million from $27.4
million in FY 2008.
- Cash provided by operating activities during FY 2009 totaled $32.5
million compared to ($1.4) million during FY 2008. Adjusted cash flow
from operating activities for FY 2009 totaled $41.1 million,
excluding special non-operating and certain non-recurring cash
charges that do not reflect on-going costs in Jaguar's operations or
administrative costs.
- Invested $85.5 million in growth projects during FY 2009, down
slightly from the $89.3 million invested in FY 2008.
- Exceeded underground development targets and achieved 14.9 km for FY
2009 and since the inception of the Company to over 45 km.
- On-schedule and on-budget for the construction of the Caeté plant and
mines, the Company's third major project. The Company expects to
commission during Q2 2010.
Q4 2009 Highlights
- A Q4 2009 net loss of $29.4 million or ($0.36) per basic and fully
diluted share compared to a net loss of $3.4 million or ($0.05) per
basic and fully diluted share in Q4 2008. The Company recognized
special and non-recurring charges of $30.5 million in Q4 2009,
including: (a) $16.9 million for charges related to the repurchase or
redemption of all Cdn.$86.25 million of the Company's then
outstanding 10.5% secured notes that were issued pursuant to an
indenture in March 2007, which notes were repurchased or redeemed
early in November 2009; (b) $3.5 million to write-down the asset
value of the Sabara operation, a non-core facility which has remained
idle since August 2009; (c) $0.8 million of charges related to
strategic asset reviews during the year, which management believed
did not merit further analysis or an investment; (d) stock
compensation expense of $7.0 million, the largest portion of which
was related to the strengthening of the Company's stock value as well
as charges associated with changes imposed by Jaguar's Board related
to vesting schedules for previous awards; (e) additional depletion
related to unconverted resources of $1.0 million and (f) other
charges of $1.3 million (See Non-GAAP Performance Measures).
Excluding these special and non-recurring charges, Jaguar posted an
adjusted Q4 2009 net income of $1.1 million or $0.01 per share.
- Q4 2009 gold sales rose to 35,944 ounces at an average price of
$1,099 per ounce yielding revenue of $39.5 million compared to Q4
2008 gold sales of 35,138 ounces at an average price of $793 per
ounce and revenue of $27.9 million. This represents a 42% increase in
gold sales revenue.
- Q4 2009 gold production totaled 39,891 ounces at an average cash
operating cost of $539 per ounce compared to 37,916 ounces at an
average cash operating cost of $396 per ounce during the same period
last year, a production increase of 5% (see Non-GAAP Performance
Measures).
- Q4 2009 gross profit increased to $10.4 million from $7.1 million in
Q4 2008, a gross profit increase of 46%.
- Q4 2009 cash generated by operating activities totaled $1.2 million
compared to ($5.5) million in Q4 2008. Excluding the cash portion of
the special non-operating and non-recurring charges noted above,
which totaled approximately $8.3 million, adjusted operating cash
flow totaled $9.5 million in Q4 2009.
- Jaguar invested $32.6 million in growth projects in Q4 2009, up 134%
from the $13.9 million invested in Q4 2008.
- In early-Q4 2009, the Company completed the construction of the Phase
I expansion at Turmalina to boost annual gold production capacity at
Turmalina from 80,000 ounces per year to 100,000 ounces per year and
the mill operated at design levels during the quarter.
- Repurchased all outstanding Cdn.$86.25 million principal amount of
the Company's 10.5% Secured Notes due March 23, 2012.
- Jaguar acquired Mineração Chega Tudo Ltda. ("MCT") from Companhia
Nacional de Mineração ("CNM"), an indirect, wholly-owned subsidiary
of Kinross Gold Corporation ("Kinross") in Q4 2009 for $42.5 million,
which includes $3.5 million adjustment to reflect the fair value for
accounting purposes on the closing date. Jaguar issued 3,377,354
common shares to satisfy the purchase price of $39 million. MCT holds
the minerals licenses for the Gurupi Project, which the Company is
moving forward to develop.
Subsequent to the closing of the MCT transaction, the Company filed a technical resource statement on SEDAR compliant with National Instrument ("NI") 43-101 for the Gurupi Project, which contains measured and indicated resources of approximately 2.52 million ounces of gold and additional inferred resources of 0.62 million ounces.
A feasibility study for the Gurupi Project was initiated by the Company prior to the closing with Kinross and is scheduled to be completed in early-April 2010.
- As of December 31, 2009 the Company held cash, cash equivalents and
short-term investments of approximately $121.3 million.
Commenting on the 2009 accomplishments, Daniel R. Titcomb, Jaguar's President and CEO stated, "As we began 2009, given the state of credit, financial and commodity markets, we made some tough decisions. We had placed our Caeté Project on-hold, slashed operating and exploration budgets and trimmed staff to preserve capital. Fortunately, capital markets improved and we were able to raise the funds to re-take the Caeté Project at a critical time and place Jaguar's production plans back on-track. As the year progressed, our operations continued to perform well and a buoyant gold market allowed us to streamline our capital structure with the elimination of the 10.5% secured notes through funds raised in a convertible offering. The elimination of those secured notes allowed us to regain valuable collateral which we intend to put to work to further grow our asset base."
Mr. Titcomb added, "During the fourth quarter, our production assets performed as expected, even though sequencing at the mines changed temporarily. The result was lower grade ore was used to feed the mill. Within the next 30 to 45 days, we expect to commission our third major operation at Caeté. Completion of this new project achieves an important step in our plan to reach the mid-tier status within the next 18 months."
Summary of Key Operating Results
The following is a summary of key operating results.
Three Months Ended Year Ended
December 31 December 31
---------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------
(unaudited)
($ in 000s, except
per share amounts)
Gold sales $ 39,497 $ 27,874 $ 140,734 $ 93,657
Ounces sold 35,944 35,138 143,698 108,944
Average sales price
$/ounce 1,099 793 979 860
Gross profit 10,363 7,103 42,583 27,354
Net loss (29,381) (3,443) (7,992) (4,256)
Basic loss per share (0.36) (0.05) (0.10) (0.07)
Diluted loss per share (0.36) (0.05) (0.10) (0.07)
Weighted avg. No.
of shares outstanding
- basic 80,738,919 63,982,281 76,410,916 62,908,676
Weighted avg. No.
of shares outstanding
- diluted 80,738,919 63,982,281 76,410,916 62,908,676
Additional details are available in the Company's filings on SEDAR and EDGAR, including Management's Discussion and Analysis of Financial Condition and Results of Operations and Interim Consolidated Financial Statements for the period ended December 31, 2009.
Non-GAAP Performance Measures
The Company has included the non-GAAP performance measures discussed below in this press release. These non-GAAP performance measures do not have any standardized meaning prescribed by Canadian GAAP ("GAAP") and, therefore, may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, these non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company's performance. Accordingly, these Non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
The Company has included cash operating cost per tonne processed, cash operating cost per ounce processed and cash operating margin per ounce because it believes these figures are a useful indicator of a mine's performance as they provide: (i) a measure of the mine's cash margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the mine matures; and, (iii) an internal benchmark of performance to allow for comparison against other mines. Additionally, the Company has provided Adjusted Net Income and Adjusted Cash Flow information which reflect the elimination of special non-operating and certain non-recurring charges that do not reflect on-going costs in Jaguar's operations or administrative costs. The definitions for these performance measures and reconciliation of the non-GAAP measures to reported GAAP measures are set out in the following tables.
Adjusted Net Income
($000s)
---------------------------
Three Months Year
Ended Ended
December December
31, 2009 31, 2009
---------------------------
Net (loss) as reported $ (29,381) $ (7,992)
Adjustments:
Note payable redemption 16,902 16,902
Stock based compensation(1) 6,981 11,080
Write-down of Sabara operation 3,522 3,522
Strategic asset review 838 838
Additional depletion related to unconverted
resources 963 1,858
Other 1,293 1,763
Adjusted net income $ 1,118 $ 27,971
(1) Stock based compensation excludes $57 and $164 from options for the
three months and year ended.
Adjusted Cash provided by operating activities
($000s)
---------------------------
Three Months Year
Ended Ended
December December
31, 2009 31, 2009
---------------------------
Cash provided by operating activities as
reported $ 1,189 $ 31,923
Adjustments:
Note payable redemption 4,082 4,082
Stock based compensation 3,283 3,283
Additional depletion related to unconverted
resources 963 1,858
Adjusted cash provided by operating activities $ 9,517 $ 41,146
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Cash Operating Margin per oz of gold Three Months Year
Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Average sales price per oz of gold $ 1,099 $ 979
less
Cost per oz of gold produced 539 468
equals
Cash operating margin per oz of gold $ 560 $ 511
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Summary of Cash Operating Cost per Three Months Year
tonne processed Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs per statement of
operations(1) $19,306,000 $70,117,000
Change in inventory(2) 2,548,000 2,396,000
Operational cost of gold produced(3) 21,854,000 72,513,000
divided by
Tonnes processed 357,000 1,403,000
equals
Cost per tonne processed $ 61.20 $ 51.70
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Turmalina Cash Operating Cost per Three Months Year
tonne processed Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs $ 9,291,000 $33,029,000
Change in inventory(2) 1,970,000 2,016,000
Operational cost of gold produced(3) 11,261,000 35,045,000
divided by
Tonnes processed 179,000 588,000
equals
Cost per tonne processed $ 63.00 $ 59.60
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Paciência Cash Operating Cost per Three Months Year
tonne processed Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs $10,015,000 $33,667,000
Change in inventory(2) 578,000 (612,000)
Operational cost of gold produced(3) 10,593,000 33,055,000
divided by
Tonnes processed 178,000 646,000
equals
Cost per tonne processed $ 59.30 $ 51.20
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Sabara Cash Operating Cost per Three Months Year
tonne processed Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production cost $ - $ 3,421,000
Change in inventory(2) - 992,000
Operational cost of gold produced(3) - 4,413,000
divided by
Tonnes processed - 169,000
equals
Cost per tonne processed $ - $ 26.10
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Summary of Cash Operating Cost per oz of Three Months Year
gold produced Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs per statement of
operations(1) $19,306,000 $70,117,000
Change in inventory(2) 2,195,000 2,471,000
Operational cost of gold produced(3) 21,501,000 72,588,000
divided by
Gold produced (oz) 39,890 155,102
equals
Cost per oz of gold produced $ 539 $ 468
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Turmalina Plant Cash Operating Cost per Three Months Year
oz produced Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs $ 9,291,000 $33,029,000
Change in inventory(2) 1,798,000 1,767,000
Operational cost of gold produced(3) 11,089,000 34,796,000
divided by
Gold produced (oz) 21,184 82,070
equals
Cost per oz of gold produced $ 523 $ 424
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Paciência Plant Cash Operating Cost per Three Months Year
oz produced Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs $10,015,000 $33,667,000
Change in inventory(2) 397,000 (200,000)
Operational cost of gold produced(3) 10,412,000 33,467,000
divided by
Gold produced (oz) 18,707 66,671
equals
Cost per oz of gold produced $ 556 $ 502
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Sabara Cash Operating Cost per Three Months Year
oz produced Ended Ended
December December
31, 2009 31, 2009
-------------------------------------------------------------------------
Production costs $ - $ 3,421,000
Change in inventory(2) - 904,000
Operational cost of gold produced(3) - 4,325,000
divided by
Gold produced (oz) - 6,360
equals
Cost per oz of gold produced $ - $ 680
(1) Production costs do not include cost of goods sold adjustment of
approximately $1.5 million for the three months ended December 31,
2009 and $4.2 million for the twelve months ended December 31, 2009.
(2) Under the Company's revenue recognition policy, revenue is recognized
when legal title passes. Since total cash operating costs are
calculated on a production basis, this change reflects the portion of
gold production for which revenue has not been recognized in the
period.
(3) The basis for calculating cost per ounce produced includes the change
to gold in process inventory, whereas the cost per tonne processed
does not.
The following tables are included in Jaguar's audited financial statements
as filed on SEDAR and EDGAR. Readers should refer to those filings for the
associated footnotes which are an integral part of the tables.
JAGUAR MINING INC.
Consolidated Balance Sheet
(Expressed in thousands of U.S. dollars)
-------------------------------------------------------------------------
December 31, December 31,
2009 2008
-------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 121,256 $ 20,560
Inventory 36,986 19,946
Prepaid expenses and sundry assets 19,050 5,351
Unrealized foreign exchange gains 1,280 -
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178,572 45,857
Prepaid expenses and sundry assets 35,837 26,164
Net smelter royalty 1,006 1,006
Restricted cash 108 3,106
Property, plant and equipment 205,329 148,422
Mineral exploration projects 129,743 79,279
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$ 550,595 $ 303,834
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 22,892 $ 13,416
Notes payable 5,366 4,319
Income taxes payable 15,641 8,626
Asset retirement obligations 510 1,337
Unrealized foreign exchange losses - 2,421
-------------------------------------------------------------------------
44,409 30,119
Deferred compensation liability 8,616 434
Notes payable 126,784 69,729
Future income taxes 11,821 -
Asset retirement obligations 12,331 6,828
Other liabilities 738 -
-------------------------------------------------------------------------
Total liabilities 204,699 107,110
Shareholders' equity
Common shares 365,667 245,067
Stock options 14,762 19,059
Contributed surplus 42,028 1,167
Deficit (76,561) (68,569)
-------------------------------------------------------------------------
345,896 196,724
Commitments
-------------------------------------------------------------------------
$ 550,595 $ 303,834
-------------------------------------------------------------------------
-------------------------------------------------------------------------
JAGUAR MINING INC.
Consolidated Statements of Operations and Comprehensive Loss
(Expressed in thousands of U.S. dollars, except per share amounts)
-------------------------------------------------------------------------
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2009 2008 2007
-------------------------------------------------------------------------
Gold sales $ 140,734 $ 93,657 $ 47,834
Production costs (74,287) (53,610) (28,313)
Stock-based compensation (600) (24) -
Depletion and amortization (23,264) (12,669) (5,232)
-------------------------------------------------------------------------
Gross profit 42,583 27,354 14,289
-------------------------------------------------------------------------
Operating expenses:
Exploration 3,079 3,536 2,365
Stock-based compensation 10,644 1,238 10,750
Administration 16,411 12,571 9,617
Management fees 1,604 854 747
Amortization 452 264 -
Accretion expense 786 490 138
Other 2,440 379 2,782
-------------------------------------------------------------------------
Total operating expenses 35,416 19,332 26,399
-------------------------------------------------------------------------
Income (loss) before the following 7,167 8,022 (12,110)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Loss on forward derivatives - 318 9,908
Loss (gain) on forward foreign
exchange derivatives (2,642) 2,623 (3,690)
Foreign exchange gain (17,307) (2,477) (2,280)
Amortization of deferred financing
expense - - -
Interest expense 28,847 11,584 11,170
Interest income (4,203) (3,850) (4,601)
Gain on disposition of property (2,043) (452) (381)
Write down on Sabara property 3,522 - -
Other non-operating expenses 145 - 230
-------------------------------------------------------------------------
Total other expenses 6,319 7,746 10,356
Income (loss) before income taxes 848 276 (22,466)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Income taxes
Current income taxes 4,979 6,172 3,519
Future income taxes (recovered) 3,861 (1,640) 1,675
-------------------------------------------------------------------------
Total income taxes 8,840 4,532 5,194
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net loss and comprehensive loss for
the year (7,992) (4,256) (27,660)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic and diluted net loss
per share $ (0.10) $ (0.07) $ (0.52)
Weighted average number of common
shares outstanding (Note16) 76,410,916 62,908,676 53,613,175
JAGUAR MINING INC.
Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
-------------------------------------------------------------------------
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2009 2008 2007
-------------------------------------------------------------------------
Cash provided by (used in):
Operating activities:
Net loss and comprehensive loss
for the year $ (7,992) $ (4,256) $ (27,660)
Items not involving cash:
Unrealized foreign exchange
(gain) loss (3,227) (3,471) 7,907
Stock-based compensation 7,962 1,262 10,750
Non-cash interest expense 15,320 1,982 2,953
Accretion expense 786 490 138
Future income taxes (recovered) 3,861 (1,640) 1,675
Depletion and amortization 23,716 12,933 5,232
Write down on Sabara property 3,522 - -
Amortization of net smelter
royalty - 219 310
Unrealized loss on forward sales
derivatives - - 4,284
Unrealized loss (gain) on foreign
exchange contracts (3,701) 4,102 (972)
Gain on disposition of property - - (381)
Reclamation expenditure (328) - (157)
Change in non-cash operating working
capital
Accounts receivable - - 1,742
Inventory (11,106) (4,361) (2,624)
Prepaid expenses and sundry
assets (13,612) (14,200) (11,659)
Accounts payable and accrued
liabilities 9,707 423 6,991
Current taxes payable 7,015 5,107 2,928
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31,923 (1,410) 1,457
Financing activities:
Issuance of common shares, special
warrants and warrants, net 114,294 105,803 30,138
Shares purchased for cancellation - (6,381) (2,089)
Settlement of forward derivatives - (14,500) -
Decrease (increase) in restricted
cash 2,998 (4) 2,925
Repayment of debt (84,614) (18,654) (6,086)
Increase in debt 118,204 3,848 64,604
Other long term liabilities 738 - -
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151,620 70,112 89,492
Investing activities
Mineral exploration projects (25,200) (37,087) (27,233)
Purchase of property, plant and
equipment (60,300) (52,210) (35,859)
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(85,500) (89,297) (63,092)
Effect of foreign exchange on
non-U.S. dollar denominated
cash and cash equivalents 2,653 (4,556) 3,095
Increase (decrease) in cash and cash
equivalents 100,696 (25,151) 30,952
Cash and cash equivalents, beginning
of year 20,560 45,711 14,759
-------------------------------------------------------------------------
Cash and cash equivalents, end
of year $ 121,256 $ 20,560 $ 45,711
-------------------------------------------------------------------------
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Outlook
The Company's production and cash operating costs for the year ended
December 31, 2009 and 2010 estimates are as follows:
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Actual Actual Estimated Estimated
-------------------------------------------------------------------------
2009 FY 2010
Cash Cash
2009 Operating FY 2010 Operating
Production Costs Production Costs
Operation (oz) ($/oz) (oz) ($/oz)
-------------------------------------------------------------------------
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Turmalina 82,070 $424 95,000 - 101,000 $480 - 490
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Paciência 66,671 $502 75,000 - 81,000 $495 - 510
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Caeté - - 30,000 - 35,000 $500 - 510
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Total 148,742 $459 200,000 - 217,000 $489 - 500
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Sabara 6,360 $680 -
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Total 155,102 $468 200,000 - 217,000
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Notes
-----
1. Estimated 2010 cash operating costs based on R$1.75 per $1.00.
2. The 2009 exchange rate was R$2.04 per $1.00.
3. Sabara is a non-core/idle facility.
Conference Call Details
The Company will hold a conference call tomorrow, March 23 at 10:00 a.m. EDT, to discuss the results.
From North America: 800-218-5691
International: 213-416-2192
Replay:
From North America: 800-675-9924
International: 213-416-2185
Replay ID: 32310
Webcast: www.jaguarmining.com
A presentation will be available prior to the call on the Company's homepage at www.jaguarmining.com.
About Jaguar Mining
Jaguar is one of the fastest growing gold producers in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais and has plans to develop the Gurupi Project in northern Brazil in the state of Maranhão. Jaguar is actively exploring and developing additional mineral resources at its approximate 575,000-acre land base in Brazil. The Company has no gold hedges in place thereby providing the leverage to gold prices directly to its investors. Additional information is available on the Company's website at www.jaguarmining.com.
Forward Looking Statements
This press release contains forward-looking statements, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, concerning the Company's objectives, such as estimated 2010 gold production and cash operating costs, steadily gain of the Company's financial performance, including operating cash flow and earnings, commissioning of the Caeté Project in Q2 2010 and completion of the Gurupi Project feasibility study in early-April 2010. These forward-looking statements can be identified by the use of the words "intends", "plans", "expects", "expected" and "will". Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, or performance to be materially different from any future results or performance expressed or implied by the forward-looking statements.
These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating gold prices and monetary exchange rates, the possibility of project cost delays and overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to production rates, timing of production and the cash and total costs of production, changes in applicable laws including laws related to mining development, environmental protection, and the protection of the health and safety of mine workers, the availability of labor and equipment, the possibility of labor strikes and work stoppages and changes in general economic conditions. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
These forward-looking statements represent our views as of the date of discussion. The Company anticipates that subsequent events and developments may cause the Company's views to change. The Company does not undertake to update any forward-looking statements, either written or oral, that may be made from time to time by or on behalf of the Company subsequent to the date of this discussion except as required by law. For a discussion of important factors affecting the Company, including fluctuations in the price of gold and exchange rates, uncertainty in the calculation of mineral resources, competition, uncertainty concerning geological conditions and governmental regulations and assumptions underlying the Company's forward-looking statements, see the "CAUTIONARY NOTE" regarding forward-looking statements and "RISK FACTORS" in the Company's Annual Information Form for the year ended December 31, 2009 filed on System for Electronic Document Analysis and Retrieval and available at http://www.sedar.com and the Company's Annual Report on Form 40-F for the year ended December 31, 2009 filed with the United States Securities and Exchange Commission and available at www.sec.gov.
%CIK: 0001333849
For further information: Investors and analysts: Bob Zwerneman, Vice President Corporate Development and Director of Investor Relations, (603) 224-4800, [email protected]; Media inquiries: Valéria Rezende DioDato, Director of Communication, (603) 224-4800, [email protected]
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