Jaguar Mining Inc. signed a US$7.9 million short-term bridge facility with Auramet International LLC, the proceeds of which it plans to use to fund underground development activities at its Turmalina gold mine in Brazil as well as for working capital and general corporate purposes.

The loan will have a 120-day term that expires July 15, a 14% coupon rate and is secured by all shares of Jaguar's Mineracao Serras Do Oeste Eireli unit.

Jaguar said March 15 that it continues to explore longer-term funding options, which may include the issuance of debt and various forms of equity securities, joint venture or other deals with third parties, or the sale of certain assets.