Anaconda generates $3.3 million in net income for 2012
30 Agosto 2012 - 6:00AM
PR Newswire (Canada)
TORONTO, Aug. 30, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or
the "Company") - is pleased to report its results for the year
ended May 31, 2012. The Company generated net income for the year
ended May 31, 2012 of $3,298,062 (or $0.02 per fully diluted share)
versus a loss of $9,393,911 (or $0.08 per fully diluted share).
Anaconda's performance was buoyed by record sales volume at the
Pine Cove project. During the year, the Company sold 11,977 ounces
of gold, generated $19,905,756 in revenue and $6,627,600 in
earnings before interest, taxes, depreciation, amortization and
non-cash share-based compensation ("EBITDA"). The average gold
sales price was $1,662 per ounce. With the proceeds from the sale
of its Chilean iron ore assets on December 7, 2011 and operating
cash flow, the Company paid off the Series III debentures totaling
approximately $711,000 (including accrued interest), paid down the
Thorsen loan, Series I and Series II debentures (the "Loans") by
$3.3 million and reduced aged payables significantly. Anaconda also
made another payment on the outstanding Loans at the end of August
2012 of $600,000. The Company plans to repay all of the outstanding
Loans before maturity in September 2013. Anaconda President and
CEO, Dustin Angelo, stated, "The Pine Cove project has developed
into a very strong operating gold mine as demonstrated by the year
end results. The Pine Cove team continues to optimize the
operation, which has generated the necessary cash flow to enable
the Company to make progress on various initiatives like
de-levering the balance sheet, exploration, property expansion and
further operational improvements." All amounts are in Canadian
dollars unless stated otherwise. The financial results and
Management's Discussion and Analysis of these results may be found
on Anaconda's website (www.anacondamining.com and on its SEDAR
profile www.sedar.com). Highlights for the year ended May 31, 2012:
CHILE: -- On December 7, 2011, Anaconda's wholly owned subsidiary,
Inversiones La Veta SpA ("La Veta"), sold its shares representing a
50% ownership stake in Minera Hierro San Gabriel S.A. ("MHSG") and
a 20% ownership stake in Inversiones Hierro Antofagasta S.A.
("IHA") to Hierro Tal Tal S.A. ("Tal Tal"), a private Chilean
company, for up to US$11 million in cash payments, a gross sales
royalty and a 1.25% carried interest in Compania Portuaria Tal Tal
S.A. ("CPTT"). La Veta received US$2 million at closing and
received another US$2 million on May 29, 2012. The remaining
payments are contingent upon Tal Tal meeting certain production and
sales milestones. BALANCE SHEET IMPROVEMENT: -- As at May 31, 2012,
the Company had cash and cash equivalents of $678,672 and a working
capital deficit of $348,171 compared to cash and cash equivalents
of $290,882 and a working capital deficit of $5,329,850 as at May
31, 2011. -- In December 2011, the Company repaid the full
principal amount plus accrued interest of approximately $711,000 to
the holders of the Series III Debentures. -- During the fourth
quarter the Company repaid approximately $3.3 million in principal
on the Loans. -- Total liabilities were reduced during the year
from $15.8 million to $7.5 million. -- On August 28, 2012, the
Company made further principal payments against the Loans of
$600,000. OPERATING PERFORMANCE: -- For the year ended May 31,
2012, the Company sold 11,977 ounces of gold (5,345 in 2011) and
generated $19,905,756 ($7,325,083 in 2011) in gold sales at an
average sales price of $1,662 per ounce. -- Earnings before
interest, taxes, depreciation, amortization, and non-cash stock
based compensation for the year ended May 31, 2012 was $6,627,600.
-- Net income for the year ended May 31, 2012 was $3,298,062 or
$0.02 per share. -- Purchase of property, mill and equipment for
the year ended May 31, 2012 was $1,465,865. ABOUT ANACONDA
Headquartered in Toronto, Canada, Anaconda is a growth oriented,
gold mining and exploration company with a producing operation
located on the Baie Verte Peninsula in Newfoundland, Canada called
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 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. Anaconda Mining Inc. CONTACT: Anaconda
Mining Inc. Dustin AngeloPresident and CEO (647) 260-1248Email:
dangelo@anacondamining.com Company website: www.anacondamining.com
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