Anaconda Mining Retires Provincial Government Loan; No Longer has Interest Bearing Debt
June 19 2013 - 7:00AM
Marketwired
Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is
pleased to announce that on June 13, 2013, the Company made its
final payment on a 5.5% interest bearing loan, originally advanced
in the amount of $500,000, from the Newfoundland and Labrador
Government's Department of Innovation Business and Rural
Development (formerly INTRD). The Company no longer has any
interest bearing debt on its balance sheet. There is just one
outstanding interest-free, federal government loan with
approximately $230,000 in principal payments remaining. The
maturity date of this loan is December 1, 2014.
President and CEO, Dustin Angelo, stated, "The partnership
between Anaconda and the Newfoundland and Labrador government has
been fruitful for both parties. We appreciate the government's
commitment to both Anaconda and other local mining projects. We
feel that our relationship with the government is a valued asset
and we look forward to working with various departments like
Innovation Business and Rural Development in the future as we
execute on our growth plans. The elimination of the interest
bearing debt frees up financial resources for other initiatives
such as our ongoing exploration and capital programs."
ABOUT ANACONDA
Headquartered in Toronto, Canada, Anaconda is a growth oriented,
gold mining and exploration company with a producing asset located
on the Baie Verte Peninsula in Newfoundland, Canada called the Pine
Cove mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information.
Such forward-looking information includes, among other things,
statements regarding targets, estimates and/or assumptions in
respect of future production, mine development costs, unit costs,
capital costs, timing of commencement of operations and future
economic, market and other conditions, and is based on current
expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not
limited to: the final approval of the private placement by the
Toronto Stock Exchange; the grade and recovery of ore which is
mined varying from estimates; capital and operating costs varying
significantly from estimates; inflation; changes in exchange rates;
fluctuations in commodity prices; delays in the development of the
any project caused by unavailability of equipment, labour or
supplies, climatic conditions or otherwise; termination or revision
of any debt financing; failure to raise additional funds required
to finance the completion of a project; and other factors.
Additionally, forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"plans," "may," "estimates," "expects," "indicates," "targeting,"
"potential" and similar expressions. These forward-looking
statements, including statements regarding Anaconda's beliefs in
the potential mineralization, are based on current expectations and
entail various risks and uncertainties. Forward-looking statements
are subject to significant risks and uncertainties and other
factors that could cause actual results to differ materially from
expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are
made as of the date hereof and we assume no responsibility to
update them or revise them to reflect new events or circumstances,
except as required by law.
Contacts: Anaconda Mining Inc. Dustin Angelo President and CEO
(647) 260-1248dangelo@anacondamining.com www.anacondamining.com
ProConsul Capital Ltd. Andreas Curkovic Investor Relations (416)
577-9927acurkovic@proconsulcapital.com
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