Jaguar Mining names David Petroff as new CEO

Jaguar Mining picks David Petroff as new president and CEO; previous CEO left in December

Associated Press

NEW YORK (AP) -- Gold producer Jaguar Mining Inc. on Monday named David Petroff named president and CEO and appointed him to the company's board of directors.

The Brazilian company said Petroff has worked in the mining industry for 30 years, and touted his success in turning companies around. He was President and CEO of Breakwater Resources from November 2009 until August 2011, when Breakwater was acquired by Nyrtasr Canada.

The company's previous CEO, Daniel Titcomb, was ousted on Dec. 6. John Andrews has been Jaguar's interim CEO since then.

Last month, Jaguar reported a loss of $16.4 million, or 19 cents per share, for the quarter ended June 30, reversing a year-ago profit. Revenue fell 23 percent to $46.5 million. Excluding a non-cash gain, the loss was 22 cents per share.

The declines reflected a 28 percent drop in the amount of gold the company sold during the quarter, offset in part by a 7 percent rise in the average price per ounce, and an impairment of one of its three mines.

Jaguar Mining shares gained 16 cents, or 14 percent, to $1.30 in heavy afternoon trading.

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