TORONTO, Sept. 17, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or "the Company") - (TSX:ANX) announces certain
financial and operating results from the fiscal first quarter ended
August 31, 2015. During the first
quarter of fiscal 2016, the Company sold 3,956 ounces of gold and
generated $5,785,801 in revenue at an
average sales price of $1,462 per
ounce. The first quarter of fiscal 2016 sales revenue was
approximately 5% higher than the first quarter of fiscal 2015 when
the Company sold 3,933 ounces at an average gold sales price of
$1,401 per ounce and generated
$5,511,612 in revenue. The Company
expects to file its full financial statements by October 15, 2015. All financial results are
denominated in Canadian dollars unless otherwise noted.
President and CEO, Dustin Angelo,
stated, "The Pine Cove mill is the backbone of the Point Rousse
Project and its operational performance continues to improve.
During the first quarter of fiscal 2016, we set new records for
throughput per operating day, total throughput and overall mill
recovery. For the last few years, we have been able to consistently
exceed any expected operational limits. We are in the middle of
mill automation and maintenance programs, which will only improve
consistency and mill performance. As we execute on our long term
plan to extend the life of the project and blend in higher grade
feed from other sources on our property package, the gold
production potential is substantial, particularly as throughput and
recovery are optimized even more. "
FY Q1 2015 Operations Overview:
The Pine Cove mill operated for 86 days during the first quarter
of fiscal 2016 at an availability rate of 94%. For the quarter, the
mill processed 96,532 dry tonnes of ore at an average head grade of
1.62 grams per tonne. Overall mill recovery was 87%, compared to
84% in Q1 of fiscal 2015. The mill's run rate for the quarter was
1,122 tonnes per operating day versus 963 in the same period in the
previous fiscal year, a 17% increase.
The mine operated for 78 days in the first quarter of fiscal
2016 producing 104,278 tonnes of ore and 642,828 tonnes of waste.
Mining production increased 29% in the first quarter of fiscal 2016
compared to the first quarter of fiscal 2015 to accommodate the
increased levels of throughput at the Pine Cove mill and a higher
planned strip ratio.
The following table summarizes the key operating statistics for
the first fiscal quarters ended August 31,
2015 and 2014:
OPERATING
STATISTICS:
|
August 31,
2015
|
August 31,
2014
|
|
|
|
Mill
|
|
|
Operating
days
|
86
|
87
|
Availability
|
94%
|
95%
|
Dry tonnes
processed
|
96,532
|
83,782
|
Tonnes per 24-hour
period
|
1,122
|
963
|
Grade (grams per
tonne)
|
1.62
|
1.80
|
Overall mill
recovery
|
87%
|
84%
|
|
|
|
Gold sales volume
(troy oz.)
|
3,956
|
3,933
|
|
|
|
Mine
|
|
|
Operating
days
|
78
|
64
|
Ore production
(tonnes)
|
104,278
|
89,239
|
Waste production
(tonnes)
|
642,828
|
492,040
|
Total production
(tonnes)
|
747,106
|
581,279
|
Waste: Ore
ratio
|
6.2
|
5.5
|
|
|
|
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 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 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.