TORONTO, Dec. 14, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or "the Company") - (TSX:ANX) announces certain
financial and operating results from the three and six month period
ended November 30, 2015. The Company
sold a record 4,605 ounces of gold during the second quarter of
fiscal 2016 and generated $6,798,076
in revenue at an average sales price of $1,476 per ounce. Sales volume in the second
quarter of fiscal 2016 was 34% higher than the comparable period of
fiscal 2015 when the Company sold 3,431 ounces. During the six
months ended November 30, 2015, the
Company sold 8,561 ounces of gold (also a record for a six-month
period) and generated $12,583,877 in
revenue at an average sales price of $1,470 per ounce. Sales volume in the first half
of fiscal 2016 was 16% higher than the comparable period of fiscal
2015 when the Company sold 7,364 ounces.
The Company expects to file its full financial statements by
January 12, 2015. All financial
results are denominated in Canadian dollars unless otherwise
noted.
President and CEO, Dustin Angelo,
stated, "The second quarter of fiscal 2016 was another strong
operational quarter highlighted by a record gold sales volume of
over 4,600 ounces. The entire team, from top to bottom, continues
to demonstrate the ability to drive more productivity and
efficiency in the mill and the mine. Recently, we've gotten huge
gains from employing new technologies in the pit and automating
portions of the mill along with repairing the ball mill motor in
September. One of the most noteworthy achievements in the quarter
was increasing throughput to over 1,200 tonnes per operating day in
November. The performance of the mineral processing and mining
teams bodes well for generating significant cash flow for many
years to come as we demonstrate the longevity of the Point Rousse
Project through our positive exploration and development results,
starting with the Stog'er Tight deposit."
FY Q2 2015 Operations Overview:
The Pine Cove mill operated for 81 days during the second
quarter of fiscal 2016 at an availability rate of 88% (which
included an eight-day mill shutdown for scheduled annual
maintenance). For the quarter, the mill processed 95,629 dry tonnes
of ore at an average head grade of 1.66 grams per tonne. Overall
mill recovery was 87%, compared to 85% in the second quarter of
fiscal 2015. The mill's run rate for the quarter was 1,181 tonnes
per operating day versus 1,056 in the same period in the previous
fiscal year, a 12% increase.
During the second quarter of fiscal 2016, the mill had its
annual scheduled shutdown for an eight-day maintenance program.
During the shutdown, the primary ball mill was relined, repairs
were completed on the ball mill electric motor, new feed boxes were
put in and several components were installed for the mill
automation project. The repairs to the ball mill motor have enabled
it to start up with a higher ball charge, which has helped improve
throughput in November to a new monthly high of 1,212 tonnes per
operating day.
The mine operated for 64 days in the second quarter of
fiscal 2016 producing 105,947 tonnes of ore and 529,718 tonnes of
waste. Mining production increased 19% in the second quarter of
fiscal 2016 compared to the second quarter of fiscal 2015 to
accommodate the increased levels of throughput at the Pine Cove
mill.
The following table summarizes the key operating statistics for
the three and six months ended November 30,
2015 and November 30,
2014:
OPERATING
STATISTICS:
|
For the three
months ended
|
For the six months
ended
|
|
November 30,
2015
|
November 30,
2014
|
November 30,
2015
|
November 30,
2014
|
Mill
|
|
|
|
|
Operating
days
|
81
|
81
|
167
|
168
|
Availability
|
88%
|
88%
|
91%
|
92%
|
Dry tonnes
processed
|
95,629
|
85,515
|
192,161
|
169,297
|
Tonnes per 24-hour
period
|
1,181
|
1,056
|
1,151
|
1,008
|
Grade (grams per
tonne)
|
1.66
|
1.60
|
1.64
|
1.70
|
Overall mill
recovery
|
87%
|
85%
|
87%
|
85%
|
|
|
|
|
|
Gold sales volume
(troy oz.)
|
4,605
|
3,431
|
8,561
|
7,364
|
|
|
|
|
|
Mine
|
|
|
|
|
Operating
days
|
64
|
63
|
142
|
127
|
Ore production
(tonnes)
|
105,947
|
77,489
|
210,225
|
166,728
|
Waste production
(tonnes)
|
529,718
|
457,387
|
1,172,546
|
949,427
|
Total production
(tonnes)
|
635,665
|
534,876
|
1,382,771
|
1,116,155
|
Waste: Ore
ratio
|
5.0
|
5.9
|
5.6
|
5.7
|
|
|
|
|
|
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.