Jaguar Mining has closed the acquisition of the Pitangui Project and the remaining stake in the Acurui Project in Brazil from Iamgold subsidiary AGEM.

The deal, which was announced last month, involved the issuance of 6,331,713 Jaguar Mining common shares to AGEM. The shares have an aggregate value of $9m (C$12.04m).

Located 110km north-west of Belo Horizonte in Minas Gerais, the Pitangui Project comprises mineral exploration licences.

It also includes licence applications covering the Archean-aged Pitangui greenstone belt, located near the Jaguar Mining Iron Quadrangle area, which comprises “world-class multimillion-ounce gold deposits”, including Cuiabá, Morro Velho and São Bento.

The Acurui Project comprises exploration tenements near Jaguar’s Paciência plant in the Iron Quadrangle.

Furthermore, Jaguar will grant a net smelter returns royalty to AGEM on the projects.

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Jaguar president and CEO Vern Baker said: “The transaction increases our resource base and furthers our corporate strategy to leverage our extensive existing infrastructure to drive production growth through increased plant throughput.

“Going forward, our plan is to focus on permitting the Pitangui Project and move it into development as quickly as possible. The Acurui Project complements our Paciencia property and will be considered a part of the exploration and development package we have available to restart production at Paciencia in the future.”

Jaguar earlier said that the Pitangui mineral property adds approximately 9,000 kilo-hectares of prospective mining and exploration tenements to its Iron Quadrangle portfolio.

The Iron Quadrangle is claimed to hold world-class multi-million-ounce gold deposits such as Morro Velho, Cuiabá and São Bento.

Jaguar holds more than 50,000ha, representing the third-largest gold land position in Iron Quadrangle.