TORONTO, Aug. 27, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or "the Company") – (TSX: ANX) is pleased to report its
financial and operating results for the fiscal year ended
May 31, 2015. The Company sold
15,821 ounces of gold in fiscal 2015 resulting in $22,234,071 in revenue at an average sales price
of $1,405 per ounce. Cash cost per
ounce sold at the Point Rousse Project for fiscal 2015 was
$1,100. The Company generated
positive earnings before interest, taxes, depreciation and
amortization and other expenses ("EBITDA") for the year ended
May 31, 2015 of $2,794,648, excluding the impact of Chilean
assets and other revenue. EBITDA for the Point Rousse Project was
$4,826,913. Because of a non-cash
write down of Chilean assets of $2,260,158 and high depreciation and amortization
of $4,288,132, the Company generated
a net loss for the year ended May 31,
2015 of $2,774,766 or
$0.02 per fully-diluted share. As at
May 31, 2015, the Company had cash
and cash equivalents of $1,435,160
and net working capital of $1,902,429.
President and CEO, Dustin Angelo,
stated, "Operationally, the Point Rousse Project had a tremendous
fiscal 2015. We set records in nearly every major operating metric
in the mill and the mine, topped off by selling nearly 16,000
ounces, approximately 1,000 ounces more than our previous high.
Continuous improvement initiatives led to increased mill
availability, greater recovery and more ore tonnes mined and
processed than ever before. The Point Rousse Project continues to
demonstrate the ability to generate cash with $4.8 million in EBITDA in fiscal 2015. We have
several productivity and efficiency programs in process that we
expect to translate into even better financial performance going
forward. In addition, we are optimistic that we can extend the life
of the project beyond the Pine Cove pit. We can then leverage our
high-performing mill and generate substantial cash flow for several
years to come."
The Company's core gold mining business has maintained positive
operating cash flows and earnings for four years in a row. The
Company has budgeted to produce and sell over 16,000 ounces of gold
in fiscal 2016 and generate nearly $23
million of revenue using a gold price of $1,400 per ounce. Due to an expected higher strip
ratio and slightly lower grade, Anaconda is projecting to generate
lower EBITDA at the Point Rousse Project ($2.5 million) compared to fiscal 2015. The
Company is currently modifying its mining plan, implementing
automation in the mill and working on productivity and efficiency
programs across the operation. These initiatives, along with a
currently-higher gold price compared to budget, are expected to
maximize cash generation and improve operating margins.
Highlights for the fiscal year ended May 31, 2015
OPERATING PERFORMANCE:
- As at May 31, 2015, the Company
had cash and cash equivalents of $1,435,160 and net working capital of
$1,902,429.
- The Company sold 15,821 ounces of gold and generated
$22,234,071 in revenue at an average
sales price of $1,405 per ounce.
- The mill processed 1,021 tonnes of ore per operating day.
- The overall recovery in the mill was 84%.
- Mill availability was 92%.
- Cash flow from operations was $2,861,432.
- Cash cost per ounce sold at the Point Rousse Project was
$1,100 per ounce.
- All-in sustaining cash cost per ounce sold ("AISC") (see
Reconciliation of Non-GAAP Financial Measures), including corporate
administration, capital expenditures and exploration costs, was
$1,449 per ounce.
- At the Point Rousse Project, EBITDA was $4,826,913.
- EBITDA for the year ended May 31,
2015 was $2,794,648, excluding
the impact of Chilean assets and other revenue.
- The write down of Chilean assets was $2,260,158.
- Adjusted net loss was $403,303,
which excluded the write down of the Chilean assets.
- Purchase of property, mill and equipment was $1,745,818. Key items included tailing expansion
costs of $897,000; waste dump and pit
development of $164,000; mill
automation and upgrades of $160,000;
a compressor of $107,000; crusher and
power upgrades of 79,000; men's dry upgrades of $59,000; a forklift of $45,000 and survey equipment of $38,000.
- Production stripping assets included additions of $586,725 and depreciation of $153,421.
GROWTH INITIATIVES:
- Approximately $1,745,000 was
spent at the Point Rousse Project on exploration. The Company's
exploration initiatives included:
- Diamond drill programs at the Deer Cove, Stog'er Tight and Pine
Cove deposits.
- Trenching at multiple locations within the Point Rousse Project
resulting in the discovery of the Argyle zone.
- Mapping and soil sampling along the Goldenville trend resulting
in the identification of new drill targets.
Operations overview
During the year ended May 31,
2015, the gold sales volume of 15,821 ounces represented a
9% increase over fiscal 2014, largely due to increased mill
availability, throughput and recovery. Mill availability increased
from 88% to 92%, an additional 14 operating days during fiscal
2015. Ore tonnes processed increased from 304,696 ore tonnes to
343,178, a 13% increase compared to fiscal 2014. Recovery also
increased from 83% to 84% year over year. Average sales price for
the year ended May 31, 2015 was
$1,405 per ounce compared to
$1,384 per ounce in fiscal 2014. As a
result of the higher sales volume, gross revenue for the year ended
May 31, 2015 of $22,234,071 was higher than fiscal 2014 by
$2,058,745 or 10%.
The following table summarizes the key operating metrics for the
years ended May 31, 2015 and
2014:
OPERATING
STATISTICS:
|
For the year
ended
|
May
31
2015
|
May 31
2014
|
Mill
|
|
|
Operating
days
|
336
|
322
|
Availability
|
92%
|
88%
|
Dry tonnes
processed
|
343,178
|
304,696
|
Tonnes per 24-hour
period
|
1,021
|
946
|
Grade (grams per
tonne)
|
1.72
|
1.83
|
Overall mill
recovery
|
84%
|
83%
|
Gold sales volume
(troy oz.)
|
15,821
|
14,577
|
Mine
|
|
|
Operating
days
|
250
|
245
|
Ore production
(tonnes)
|
321,532
|
296,235
|
Waste production
(tonnes)
|
1,762,312
|
1,623,461
|
Total production
(tonnes)
|
2,083,844
|
1,919,696
|
Waste: Ore
ratio
|
5.5
|
5.5
|
MILLING OPERATIONS
The mill operated for 336 days
during fiscal 2015 and processed 343,178 dry tonnes of ore
resulting in an average run rate of 1,021 tonnes per operating day.
Tonnes processed in fiscal 2015 was a 13% increase from fiscal
2014. Mill availability was 92%, 4% higher than fiscal 2014.
Recovery also increased from 83% in fiscal 2014 to 84% in fiscal
2015.
During fiscal 2015, many initiatives were completed which
contributed to increased availability and throughput. In the second
quarter of fiscal 2015, a preventative mill maintenance program was
started, which included a liner and lifter change and repairs to
the thickener tank, cyclone feed pump and flotation air compressor.
On the crushing plant, the crusher enclosure was completed to
mitigate previous winter weather effects and conveyor belts were
vulcanized. These changes resulted in processing run rates above
1,000 tonnes per day which were consistently maintained through the
remainder of fiscal 2015. In the third quarter, the Company
improved its approach to crushing ore, introduced new reagents to
control dust, prevent freezing and managed well the overall impact
of winter weather at the crusher and on stockpiles. In the fourth
quarter, further efficiencies were gained with the installation of
a new cyclone feed pump motor which removed a previous bottleneck
from the circuit and extensive work was carried out to optimize the
circulating load in the grinding circuit. In fiscal 2016, the focus
on mill operations will be increasing recovery and improving
operating consistency through a mill automation project.
The following table summarizes the key mill operating statistics
by quarter for the fiscal year ended May 31,
2015:
For the three
months ended
|
August
31
2014
|
November
30
2014
|
February
28
2015
|
May
31
2015
|
Mill
|
|
|
|
|
Operating
days
|
87
|
81
|
83
|
85
|
Availability
|
95%
|
88%
|
92%
|
92%
|
Dry tonnes
processed
|
83,782
|
85,515
|
87,386
|
86,495
|
Tonnes per 24-hour
period
|
963
|
1,056
|
1,053
|
1,018
|
Grade (grams per
tonne)
|
1.80
|
1.60
|
1.84
|
1.65
|
Overall mill
recovery
|
84%
|
85%
|
83%
|
86%
|
Gold sales volume
(troy oz.)
|
3,933
|
3,431
|
4,508
|
3,949
|
MINING OPERATIONS
The mine operated for 250 days in
fiscal 2015 and produced 321,532 tonnes of ore and 1,762,312 tonnes
of waste. The mining group completed several initiatives including
expanding the tailings storage facility and improving mining
methods. Ore solids and the block model were updated for the Pine
Cove deposit and pit mapping tools were used to provide more
accurate mine planning and ore identification. Blast movement
monitoring technology and a GPS system installed on the excavator
have maximized grade and reduced dilution from 20% to less than
10%. In fiscal 2016, mining operations will focus on continuing to
open up Phase III in the Pine Cove pit to gain access to new areas
of ore and will focus on constructing the North Pit Dump to reduce
truck haul distance.
The following table summarizes by quarter the key mine operating
statistics for the fiscal year ended May 31,
2015:
For the three
months ended
|
August
31
2014
|
November
30
2014
|
February
28
2015
|
May
31
2015
|
Mine
|
|
|
|
|
Operating
days
|
64
|
63
|
59
|
64
|
Ore production
(tonnes)
|
89,239
|
77,489
|
81,459
|
73,345
|
Waste production
(tonnes)
|
492,040
|
457,387
|
370,209
|
442,676
|
Total production
(tonnes)
|
581,279
|
534,876
|
451,668
|
516,021
|
Waste: Ore
ratio
|
5.5
|
5.9
|
4.5
|
6.0
|
EXPLORATION
The Company is pursuing a strategy to
leverage the existing infrastructure at the Point Rousse Project by
exploring and developing its mineral licenses and mining leases in
search of two general mineralization styles: Pine Cove-like,
quartz-carbonate-pyrite hosted (2+ g/t) mineralization (baseload
production sources) and higher grade (5+ g/t) quartz vein ±
carbonate ± pyrite mineralization. The Company is working on
expanding the current Pine Cove pit resource and bringing the
Stog'er Tight deposit into production to extend the life of the
Point Rousse Project beyond its current three plus years. Anaconda
is also exploring and delineating potentially higher-grade deposits
such as Romeo & Juliet to blend with relatively lower grade
Pine Cove and Stog'er Tight ore. With the high grade "layer" and a
marginal increase to throughput, the Company expects to increase
annual production to approximately 30,000 ounces. The Company
envisions creating an operating complex on the Ming's Bight
Peninsula with multiple pits and trucking the ore back to the Pine
Cove mill.
Consistent with this strategy, in the year ended May 31, 2015, the Company has made the following
advances in exploration:
- Diamond drill programs at the Deer Cove, Stog'er Tight and Pine
Cove deposits to outline and upgrade resources.
- Trenching at multiple locations within the Point Rousse
Project, resulting in the discovery of the Argyle zone.
- Mapping and soil sampling along the Goldenville trend resulted
in the identification of new drill targets.
During the course of Anaconda's exploration and development
efforts, three primary gold trends have been identified within the
Point Rousse Project area, with a cumulative prospective strike
length of approximately 20 kilometres. The Company's recent
exploration work, combined with historical results, has brought
more clarity, understanding and confidence to the Company's
geological interpretations and models. The Company believes it has
the potential to discover and develop multiple deposits on the
Ming's Bight Peninsula. As a result, Anaconda believes that the
Point Rousse Project area could double production and continue for
10 years or more. Exploration and development efforts during the
past nine months have focused entirely on implementing this
strategy by focusing on extending the baseload production centered
on Pine Cove and Stog'er Tight, as well as evaluating a potential
high-grade gold source at Romeo & Juliet and advancing grass
roots projects at Goldenville and Argyle.
Below is a brief overview of the gold trends on the Ming's Bight
Peninsula and Anaconda's exploration efforts within them with
specific reference to the Pine Cove and Stog'er Tight deposits.
The Scrape Trend
The Scrape Trend consists of a belt
of highly prospective rocks approximately 7 kilometres long and
approximately 1 to 2 kilometres wide. It begins southwest of the
Pine Cove mine site and continues eastward to the community of
Ming's Bight. The Scrape Trend includes the Pine Cove, Stog'er
Tight and Romeo & Juliet deposits, the Anaroc and Animal Pond
prospects and a new discovery referred to as the Argyle zone.
These gold occurrences align with a fault delineated by a
topographic lineament coincident with an airbourne EM conductor.
The Scrape Trend hosts both baseload and high-grade styles of
mineralization.
The Pine Cove Deposit
The purpose of the drill
programs at Pine Cove was to ultimately achieve the following three
goals; to increase total resources/reserves, which will extend the
Pine Cove mine life, to reduce the stripping ratio by outlining
near surface mineral resources/reserves, and to reduce the haul
distance of waste-rock material by placing a waste storage facility
near the northern margin of the pit design. The drill program
identified shallow mineralization within the Pine Cove Pond and
Northwestern Extension areas and continuity of the main deposit
down dip, immediately adjacent to current mineral reserves. Further
north, around the proposed waste rock storage area, two holes
intersected several broad zones of low-grade mineralization at
depths in excess of 200 metres. Recently, geological mapping and
five diamond drill holes confirmed the presence and geometry of
mineralization within the Northwestern Extension zone and brought
clarity and understanding of the geological setting and
prospectivity of the geological structures hosting the Northwestern
Extension. The drill results also sterilized the area beneath the
new North Pit Waste Dump to allow a reduction in haul distance for
waste rock. The results of mapping and drilling will be
further used to modify the current resource model and a new
estimate will be calculated with the aim of bringing more resources
into the mine plan.
The Stog'er Tight Deposit
Development work at the
Stog'er Tight deposit included drilling, stripping of the reclaimed
historical mining surface and geological mapping. The goals of the
drill program were; to intersect shallow mineralization, to
intersect down-dip mineralization in areas where gold is
anticipated, but not previously intersected, and to verify
historical drilling programs by twinning existing drill holes in
anticipation of publishing an NI 43-101 compliant resource. The
results from the drill program were positive (see press release
dated December 16, 2014) and will be
used to assess the current resource and ultimately the feasibility
of advancing the Stog'er Tight deposit to production.
Stripping of the historical mining surface exposed the deposit at
surface and allowed detailed mapping and investigation of
geological controls on mineralization. This surface was then
channel sampled, with results published on July 29, 2015.
The Argyle Zone
With the goal of discovering another
source of baseload production along the Scrape Trend, Anaconda
conducted a trenching program in the fall of 2014 to follow up on
anomalous gold-in-soil values, which resulted in the discovery of
the Argyle zone. The new discovery is located approximately 5
kilometres from the Pine Cove mill and consists of two areas of
mineralization located approximately 200 metres apart (see press
release dated January 8, 2015). The
Argyle zone is a significant discovery because it extends the
length of the Scrape Trend and demonstrates that new discoveries
can be made near the Pine Cove mill using the Company's geological
understanding and exploration model. The Company plans to conduct
geophysical and geological mapping to test the surface extent of
the Argyle zone prior to drilling.
The Goldenville Trend
The Goldenville Trend is an
8-kilometre long trend of highly prospective rocks centered on an
iron stone unit referred to as the Goldenville Horizon. The Company
believes the trend to be highly prospective because the trend is
thought to contain ironstone hosted gold deposits. This is a
well-established geological model and the region is known to host
these deposits. The Goldenville Trend has numerous gold prospects
including four small, historical, hand-dug shafts, which were
developed to mine visible gold. Anaconda is exploring the
Goldenville Trend for high-grade deposits on the order of
approximately 250,000 ounces of gold at 5 g/t or more (based on
similar deposits and historical production within the region). If
the Company is successful, it will have a longstanding high-grade
feed source for the Pine Cove mill to layer on top of the baseload
production from other sources like Pine Cove or Stog'er Tight.
In the past six months, Anaconda has conducted geological
mapping, prospecting and soil sampling along the eastern portion of
the Goldenville Trend, specifically concentrating on the historical
workings. Geological mapping identified several veins adjacent to
the Goldenville horizon that should intersect the horizon at depth.
The intersection of quartz-carbonate veins and the ironstone is a
key target for mineralization within ironstone hosted gold
deposits. To better delineate potential deposits exposed at
surface, the Company conducted a detailed soil sampling program and
identified several zones with anomalous gold-in-soil values, which
are coincident with quartz veins. These samples have recently been
analysed, with final results indicating several key targets for
follow up work, including trenching and potentially drilling.
The Deer Cove Trend
The Deer Cove Trend is located in
the northern part of the Ming's Bight Peninsula and consists of a
belt of prospective rocks approximately 3.5 kilometres in strike
length. It is associated with the Deer Cove thrust fault and
includes the Deer Cove deposit as well as various other showings
and prospects.
Historical drill results suggested that the Deer Cove deposit
could be a source of high-grade feed for the Pine Cove mill. In the
summer of 2014, Anaconda carried out a drill program on the Deer
Cove deposit to better outline the distribution of high-grade gold
within the vein and to test the vein down-dip. The program
consisted of 2,090 metres of diamond drilling in 20 holes (see
press release dated February 27,
2015). The results indicate that the deposit does continue at
depth but that the high-grade portion of the deposit was not
present to the depths tested.
Completed and anticipated fiscal 2016 exploration
work
In June of fiscal 2016, the Company conducted stripping
at the Stog'er Tight deposit to expose its surface expression and
outline the past pit configuration, channel sampled the deposit and
is planning a bulk sample. Anaconda will continue to pursue its
strategy of leveraging the existing infrastructure at the Point
Rousse Project by exploring and developing its mineral licenses and
mining leases in search of the two general mineralization styles.
The Company is attempting to demonstrate a minimum of 10 years of
baseload production as well as develop a high-grade deposit to
layer with the baseload. Work in fiscal 2016 will thus focus on
three key deposits: Pine Cove, Stog'er Tight and Romeo &
Juliet. The goal at the Pine Cove deposit is to outline at least
three more years of production by focusing on the Northwest
Extension and Pine Cove Pond areas. The goal at the Stog'er Tight
deposit is to outline and begin development of at least five years
of production, focusing initially on the extension of known
mineralization as well as testing the strike and dip extents of
other mineralized zones such as the Gabbro zone. The goal at Romeo
& Juliet is to demonstrate the presence of five years of
high-grade ore.
The above technical information was confirmed and/or reviewed by
Paul McNeill, P. Geo., VP
Exploration, qualified person under NI 43-101.
Reconciliation of Non-GAAP Financial Measures
The
Company has included certain non-GAAP financial measures in this
document. These measures are not defined under IFRS and should not
be considered in isolation. The Company believes that these
measures, together with measures determined in accordance with
IFRS, provide investors with an improved ability to evaluate the
underlying performance of the Company. The inclusion of these
measures is meant to provide additional information and should not
be used as a substitute for performance measures prepared in
accordance with IFRS. These measures are not necessarily standard
and therefore may not be comparable to other issuers.
Adjusted net earnings measures the performance of the Company,
excluding certain impacts which the Company believes are not
reflective of the Company's underlying performance for the
reporting period, such as the impact of foreign exchange gains and
losses, impairment charges, and non-hedge derivative gains and
losses. Although some of the items are recurring, the Company
believes that they are not reflective of the underlying operating
performance of its current business and are not necessarily
indicative of future operating results.
The following table provides a reconciliation of adjusted net
earnings for the years ended May 31,
2015 and 2014:
|
|
For the year
ended
|
|
May
31
|
May
31
|
|
2015
|
2014
|
|
$
|
$
|
Net income
(loss)
|
(2,774,766)
|
4,292,356
|
|
|
|
Adjusting
items:
|
|
|
|
Foreign exchange loss
(gain)
|
(11,927)
|
(2,599)
|
|
Unrealized loss
(gain) on forward sales contract derivative
|
65,800
|
(39,185)
|
|
Write down of Chilean
assets
|
2,260,158
|
-
|
|
Reclamation
expense
|
57,432
|
54,916
|
Total
adjustments
|
2,371,463
|
13,132
|
Adjusted net
earnings (loss)
|
(403,303)
|
4,305,488
|
Cash cost per ounce sold is cost of sales before depreciation
divided by gold ounces sold. All-in sustaining cash cost per ounce
sold is cash cost, corporate administration, purchase of property,
mill and equipment and purchase of exploration and evaluation
assets divided by gold ounces sold.
The following table provides a reconciliation of cash cost per
ounce sold and all-in sustaining cash cost per ounce sold for the
years ended May 31, 2015 and
2014:
|
|
For the year
ended
|
|
May
31
|
May
31
|
|
2015
|
2014
|
Cost of
sales
|
21,695,290
|
17,838,720
|
Less: Depletion and
depreciation
|
(4,288,132)
|
(2,970,568)
|
Cash operating
cost
|
17,407,158
|
14,868,152
|
Corporate
administration
|
2,032,265
|
1,909,310
|
Purchase of property,
mill and equipment
|
1,745,818
|
1,452,627
|
Purchase of
exploration and evaluation assets
|
1,745,058
|
900,686
|
All-in cash
cost
|
22,930,299
|
19,130,775
|
|
|
|
Gold ounces
sold
|
15,821
|
14,577
|
Cash cost per
ounce sold
|
1,100
|
1,020
|
All-in sustaining
cash cost per ounce sold
|
1,449
|
1,312
|
EBITDA is earnings before finance expense, foreign exchange loss
(gain), unrealized gain on forward sales contract derivative, share
based payments, income tax recovery and depreciation and
depletion.
Point Rousse Project EBITDA is EBITDA before corporate
administration, other revenues and expenses and write down of
Chilean assets.
The following table provides a reconciliation of EBITDA for the
years ended May 31, 2015 and
2014:
Reconciliation of
Non-GAAP Financial Measures
|
|
|
|
|
For the year
ended
|
|
May
31
|
May
31
|
|
2015
|
2014
|
|
$
|
$
|
Net income
(loss)
|
(2,774,766)
|
4,292,356
|
|
|
|
Add back:
|
|
|
Finance
expense
|
433
|
272,771
|
Foreign exchange loss
(gain)
|
(11,927)
|
(2,599)
|
Unrealized loss
(gain) on forward sales contract derivative
|
65,800
|
(39,185)
|
Share-based
payments
|
136,921
|
200,583
|
Income tax expense
(recovery)
|
(929,865)
|
(31,000)
|
Depletion and
depreciation
|
4,288,132
|
2,970,568
|
EBITDA
|
774,728
|
7,663,494
|
Corporate
administration
|
2,032,265
|
1,909,310
|
Other revenues and
expenses
|
(240,238)
|
(4,265,630)
|
Write down of Chilean
assets
|
2,260,158
|
-
|
Point Rousse
Project EBITDA
|
4,826,913
|
5,307,174
|
ABOUT ANACONDA
Headquartered in Toronto,
Canada, Anaconda is a growth oriented, gold mining and
exploration company with a producing project, called the Point
Rousse Project, and approximately 6,346 hectares of exploration
property on the Ming's Bight Peninsula located in the Baie Verte
Mining District in Newfoundland,
Canada. Since 2012, Anaconda has increased its property
control by almost ten-fold. It is currently exploring three
primary, prospective gold trends, which have approximately 20
kilometres of cumulative strike length and include four deposits
and numerous prospects and showings, all within 8 kilometres of the
Pine Cove mill. The Company's plan is to discover and develop more
resources within the project area and double annual production from
its current rate of approximately 15,000 ounces to 30,000
ounces.
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.
SOURCE Anaconda Mining Inc.