Jaguar Mining says 'interest parties' doing due diligence on possible merger

CONCORD, N.H. - An unspecified number of "interested parties" are doing due diligence on a possible takeover or merger transaction with Jaguar Mining Inc. (TSX:JAG), but the company says there is no assurance it will result in a change of control.

A special committee of the New Hampshire-based company's board initiated a strategic review last November.

The company, which has gold operations in Brazil, has said it wants to evaluate possible merger or takeover proposals as to whether they might be more desirable than the continued operation of the company on a stand-alone basis.

At the direction of the special committee, JP Morgan Securities LLC has held discussions with interested parties.

"As a result of such discussions, several parties have been identified and have executed confidentiality agreements," the company said in a release Wednesday.

"These parties have access to due diligence materials and are continuing to conduct their evaluations of the company."

Meanwhile, the company announced the appointment of Rogerio Fernandes to succeed Luccio Cardoso as chief operating officer following Cardoso's planned retirement at the end of January.

It also announced that Adriano Luiz do Nascimento, vice-president of exploration and engineering, retired as planned, effective Dec. 31.

Jaguar describes itself as one of the fastest growing gold producers in Brazil with operations in a prolific greenstone belt in the Minas Gerais state. It is also engaged in developing the Gurupi project in Maranhao state.

On the Toronto Stock Exchange, Jaguar stock closed up 29 cents, or 4.37 per cent, at $6.93 Wednesday.