TORONTO, Sept. 18, 2019 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased
to announce it has engaged Atlantic Towing Limited, a member of the
J.D. Irving Group of Companies, to ship the remaining approximately
6,100 tonnes of the 10,000-tonne underground bulk sample (the "Bulk
Sample") at its Goldboro Gold Project in Nova Scotia ("Goldboro"). The Company is
shipping the bulk sample material to the Company's Point Rousse
Complex in Newfoundland, to be
processed at the Pine Cove Mill. The barge vessel is expected to
arrive in Goldboro later this week
and the Company expects the remaining bulk sample tonnes to be
unloaded at Point Rousse before the end of September.
The Company is preparing the Pine Cove Mill to process the
approximately 9,000 tonnes of the bulk sample which is unaffected
by the Claim and the related warrant (See below). The Company has
installed a Falcon gravity concentrator, which has been
commissioned by the supplier, as the metallurgical test program
completed in support of the feasibility study has indicated that a
significant portion of the gold in the sample can be recovered
through a gravity circuit (see Press Release dated July 9, 2019).
Anaconda expects the sample to be fully processed in October,
with results to follow soon after. The Bulk Sample will support the
ongoing Feasibility Study for Goldboro, which is expected to be published
prior to the end of 2019. The Company will also be releasing an
update to the Goldboro Mineral Resource in the fourth quarter of
2019.
Claim Summary
Anaconda had previously engaged NIL Group Limited ("NIL") to
ship the Bulk Sample. As reported on July
23, 2019, NIL has filed a Statement of Claim (the "Claim"),
alleging that the Company is responsible for certain additional
costs in relation to the shipment. As a result, NIL has issued and
served a warrant with respect to the approximately 1,000 tonnes
which were yet to be discharged from the barge at the time of
filing of the Claim (the estimated quantum of tonnes under warrant
have since been updated based on a recent stockpile survey). Prior
to the filing of the Claim, the Company had unloaded approximately
2,900 tonnes from the barge at its wholly-owned port facilities at
Point Rousse and conveyed those tonnes to the ROM pad near the Pine
Cove Mill.
The Company continues to consider the Claim to be without merit
and on August 16, 2019, the Company
filed its Statement of Defense and Counterclaim against NIL, Newman
Investments Limited, a related company to NIL, as well as NIL's
principals, alleging, among other things, contractual breach,
negligent and/or fraudulent misrepresentation, and fraudulent
deceit. Statements of Defense to the Company's counterclaim have
not yet been filed.
Qualified Person
This news release has been reviewed and approved by Gordana
Slepcev, P. Geo., Chief Operating Officer with Anaconda Mining
Inc., a "Qualified Person", under National Instrument 43-101
Standard for Disclosure for Mineral Projects.
ABOUT ANACONDA
Anaconda is a TSX and OTCQX-listed gold mining, development, and
exploration company, focused in Atlantic
Canada. The company operates mining and milling operations
in the prolific Baie Verte Mining District of Newfoundland which includes the
fully-permitted Pine Cove Mill, tailings facility and deep-water
port, as well as ~11,000 hectares of highly prospective mineral
lands including those adjacent to the past producing, high-grade
Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also
developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the
subject of an on-going feasibility study.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is based on
a number of assumptions and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Anaconda to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the
exploration, development and mining such as economic factors as
they effect exploration, future commodity prices, changes in
foreign exchange and interest rates, actual results of current
production, development and exploration activities, government
regulation, political or economic developments, environmental
risks, permitting timelines, capital expenditures, operating or
technical difficulties in connection with development activities,
employee relations, the speculative nature of gold exploration and
development, including the risks of diminishing quantities of
grades of resources, contests over title to properties, and changes
in project parameters as plans continue to be refined as well as
those risk factors discussed in Anaconda's annual information form
for the year ended December 31, 2018,
available on www.sedar.com. Although Anaconda has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Anaconda does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
