ANX Anaconda Mining Inc

Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to
announce certain financial and operating results for the fiscal 2014 second
quarter ended November 30, 2013 ("Q2"). The Company sold 3,852 ounces of gold
and generated $5,299,446 in revenue at Pine Cove at an average sales price of
$1,376 per ounce. The Q2 sales volume was 21% greater than Q2 of fiscal 2013;
while the Q2 revenue was 2% less than Q2 of fiscal 2013 due to a lower gold
price. For the first six months of fiscal 2014, the Company sold 7,948 ounces of
gold and generated $11,031,229 in revenue at Pine Cove at an average sales price
of $1,388 per ounce. Compared to the first six months of fiscal 2013, sales
volume increased 7% while revenue at Pine Cove decreased by 10%, again because
of a lower sales price. The Company expects to file its full financial
statements on or before January 14, 2014.


During the second quarter, Anaconda received approximately US$1,125,000 in cash
related to milestone and royalty payments from the sale of the Company's Chilean
iron ore assets. Together with the revenue generated at Pine Cove, the Company
grossed approximately $6.4M in cash receipts for Q2. Anaconda expects to receive
future quarterly royalty payments of between US$125,000 and US$250,000. The
Company is also scheduled to receive US$2million by May 2015. Lastly, Anaconda
can earn additional lump sum payments based on the price at which the iron ore
is sold for certain volumes of production.


President and CEO, Dustin Angelo, stated, "The Company continues to progress in
fiscal 2014 and build upon the success that was achieved during last year when
Anaconda had its best financial and operational results despite extremely
challenging conditions. Thanks to more consistent, higher mill throughput, we
realized greater three and six month sales volume in fiscal 2014 compared to the
same period last year. We've also been successful in our short term hedging
strategy which has yielded a higher weighted average sales price versus the
Canadian spot price during the fiscal year. In addition, we are beginning to
receive meaningful and consistent cash from Chile. Just as importantly, we
dramatically increased the growth potential of Anaconda by entering into option
agreements for Deer Cove and Stog'er Tight, two highly prospective, advanced
gold projects on the Ming's Bight Peninsula. With a positive cash flowing mine
and 6,000 hectares of contiguous exploration property, the Company has all of
the elements to continue increasing production and profits."


FY Q2 2014 Operations Overview:

During Q2, the Pine Cove mill operated for approximately 80 days at an
availability rate of 87%. The mill processed 76,114 dry tonnes of ore (956
tonnes per operating day) at an average head grade of 1.80 grams per tonne.
During the month of November, the Baie Verte Peninsula experienced a winter
storm which caused power outages at the mine site. As a result of the weather
and subsequent difficulty in restarting the ball mill, the Pine Cove mill was
down for a total of six (6) days during the month. Despite the interruption, the
Company processed almost exactly the same amount of tonnes in Q2 as it did in
the similar period in fiscal 2013 because of an 8% year-over-year increase in
tonnes per operating day. Overall mill recovery averaged 83%, as expected.


During Q2, the mine experienced dewatering issues caused by power outages. The
combination of power outages and unusually high precipitation (wind, snow, and
rain) delayed access to the newly developed bench at the 5006 level where higher
grade ore mining is scheduled. Mining activities were therefore redirected to
upper benches to allow dewatering of the lower yet potentially higher grade
areas of the mine. All activities have returned to normal after the first week
of December. 


The following table summarizes the key operating statistics for the three and
six months ended November 30, 2013 and November 30, 2012: 




----------------------------------------------------------------------------
                                                         6 Months  6 Months 
                                    Q2 Ended  Q2 Ended      Ended     Ended 
                                    11/30/13  11/30/12   11/30/13  11/30/12 
----------------------------------------------------------------------------
OPERATING STATISTICS:                                                       
----------------------------------------------------------------------------
Operating days                            79        86        164       160 
----------------------------------------------------------------------------
Availability                              87%       94%        90%       88%
----------------------------------------------------------------------------
Dry tonnes processed                  76,114    76,292    160,004   139,157 
----------------------------------------------------------------------------
Tonnes per operating day                 956       887        976       870 
----------------------------------------------------------------------------
Grade (grams per tonne)                 1.80      1.76       1.86      1.80 
----------------------------------------------------------------------------
Overall mill recovery                     83%       83%        83%       84%
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Gold sales volume (troy oz.)           3,852     3,194      7,948     7,411 
----------------------------------------------------------------------------



NOTE: Operating statistics exclude changes in in-circuit inventory. 

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Anaconda Mining Inc.
Dustin Angelo
President and CEO
(647) 260-1248
dangelo@anacondamining.com
www.anacondamining.com


ProConsul Capital Ltd.
Andreas Curkovic
Investor Relations
(416) 577-9927
acurkovic@proconsulcapital.com

Anaconda Mining (TSX:ANX)
Historical Stock Chart
From Jun 2024 to Jul 2024

Anaconda Mining (TSX:ANX)
Historical Stock Chart
From Jul 2023 to Jul 2024