Anaconda Mining makes $600,000 principal payment on outstanding debt
29 Agosto 2012 - 6:00AM
PR Newswire (Canada)
TORONTO, Aug. 29, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or
"the Company") - is pleased to announce that it made another
principal payment against the outstanding Convertible Loan, Series
I Debentures and Series II Debentures (collectively, the "Loans").
The principal payments totaled $600,000 and were divided pro rata
across the Loans. Since March 28, 2012, the Company has made
approximately $3,900,000 in principal payments against the Loans
and reduced the outstanding balance from $6,900,000 to $2,999,280.
President and CEO, Dustin Angelo, stated, "Pine Cove is off to a
good start in fiscal 2013. The Company had budgeted to make the
$600,000 payment from cash flow generated at the mine by the end of
the first quarter and we have met that goal. We continue to be on
course to pay off the remaining balance of these loans before the
maturity date in September 2013." 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. Company website:
www.anacondamining.com Anaconda Mining Inc. CONTACT: Anaconda
Mining Inc. Dustin AngeloPresident and CEO (647) 260-1248 Email:
dangelo@anacondamining.com ProConsul Capital Ltd.Andreas
CurkovicInvestor Relations (416)
577-9927Email:acurkovic@proconsulcapital.com
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