TORONTO , Aug. 28, 2014 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the
Company") - (ANX.TO) is pleased to report its financial and operating
results for the fiscal year ended May 31, 2014. Net income for the
year was $4,292,356 or $0.02 per fully diluted share. The Company
generated earnings before interest, taxes, depreciation and
amortization ("EBITDA") of $7,663,494 for fiscal 2014 compared to
$7,171,717 in fiscal 2013. The Company sold 14,577 ounces of gold in
fiscal 2014 resulting in $20,175,326 in revenue at an average sales
price of $1,384 per ounce. Other revenues of $4,265,630 from its sold
Chilean iron ore properties were also recognized during the year. Cash
cost per ounce sold at the Pine Cove Project for fiscal 2014 was
$1,020 . As at May 31, 2014 , the Company had cash and cash equivalents
of $2,754,225 and net working capital of $5,066,477 .
President and CEO, Dustin Angelo , stated, "The Company had another
strong year financially in the face of a harsh winter season at the
Pine Cove Project. We generated $7.7 million in EBITDA on a
consolidated basis, a 7% increase year over year from fiscal 2013, and
$5.3 million in cash flow from operations including cash payments from
Chile . Consequently, our cash position was approximately $2.8 million
by year end fiscal 2014. Continued operational improvements at the Pine
Cove Project resulted in an average run rate record of 995 tonnes per
operating day for the fourth quarter and an annual record of nearly
305,000 dry tonnes processed through the mill. In the first quarter of
fiscal 2015, we are still experiencing strong throughput levels and
elevated recoveries in the area of about 85% or more as opposed to 83%.
Beyond the operations at the current Pine Cove pit, we plan to spend
approximately $1.8 million on exploration activities in fiscal 2015 and
are optimistic we will be able to discover more resources on our
property package. We are in a good financial position to invest in
exploration and we have multiple targets that can either extend the
life of the project or add higher grade feed at a potentially lower
incremental cost."
The Company's core gold mining business has maintained positive
operating cash flows and earnings three years in a row and management
has set challenging goals for fiscal 2015. The Company has budgeted to
produce and sell approximately 16,000 ounces of gold for the year and
generate approximately $2 million in net income using a gold price of
$1,400 per ounce. Cash cost per ounce sold is expected to be
approximately $1,000 per ounce and all-in sustaining cash cost ("AISC")
per ounce sold is budgeted to be approximately $1,375 per ounce. This
increase in AISC is attributable to increased capital expenditures and
exploration activities planned for fiscal 2015.
Highlights for the fiscal year ended May 31, 2014
BALANCE SHEET IMPROVEMENT:
-
As at May 31, 2014 , the Company had cash and cash equivalents of
$2,754,225 and net working capital of $5,066,477 .
OPERATING PERFORMANCE:
-
For the year ended May 31, 2014 , the Company sold 14,577 ounces of gold
and generated $20,175,326 in revenue at an average sales price of
$1,384 per ounce.
-
The mill processed 946 tonnes per operating day for the fiscal year
ended May 31, 2014 with the Company achieving an average run-rate
record of 995 tonnes per operating day for the fourth quarter.
-
The Pine Cove mill overall recovery for the fiscal year ended May 31,
2014 was 83% which has increased subsequently in the first quarter of
fiscal 2015 to approximately 85% due to mill improvements.
-
Cash cost per ounce sold at the Pine Cove Project for the year ended May
31, 2014 was $1,020 per ounce.
-
AISC cash cost per ounce sold, including corporate administration,
capital expenditures and exploration costs for the year ended May 31,
2014 was $1,312 per ounce.
-
Milestone payments, royalty revenue and sales price payments from
Chilean iron ore properties were $4,265,630 for the year ended May 31,
2014 . Included in the second quarter is the receipt of a US$1 million
commercial production milestone payment and the recognition of an
additional US$2 million payment due no later than May 20, 2015 . The
Company has also received $1,004,253 in royalty and sales price
payments, along with interest accretion and exchange gains during the
year.
-
At the Pine Cove Project, EBITDA (see Reconciliation of Non-GAAP
Financial Measures) for the year ended May 31, 2014 was $5,307,174 .
-
On a consolidated basis, EBITDA for the year ended May 31, 2014 was
$7,663,494 .
-
Net income for the year ended May 31, 2014 was $4,292,356 or $0.02 per
basic and fully diluted share.
-
Cash flow from operations for the year ended May 31, 2014 was
$5,315,742 . Excluding cash generated from Chile , cash flow from
operations was $3,301,331 .
-
Purchase of property, mill and equipment for the year ended May 31, 2014
was $1,452,627 . Key items included crusher upgrades of $214,000 , waste
dump development of $150,000 , in-pit construction of $173,000 , mining
software of $135,000 and mill laboratory additions of $54,000 .
-
Additions to production stripping assets for the year ended May 31, 2014
were $751,102 ; depreciation of production stripping assets for the year
ended May 31, 2014 was $368,214 .
-
In November 2013 , the Company completed two three-year option agreements
to acquire a 100%-undivided interest in the Deer Cove and Stog'er Tight
gold projects, which are adjacent to the Pine Cove Project and are key
components in its regional exploration program.
GROWTH INITIATIVES:
-
Approximately $901,000 was spent at the Pine Cove Project on exploration
for the year ended May 31, 2014 . The Company's exploration initiatives
for the year focused on a compilation of historic information on the
Deer Cove and Stog'er Tight properties in preparation for future
drilling activities, condemnation Diamond-drilling north of the Pine
Cove Mine, structural interpretations in and around the Pine Cove pit,
an airborne survey across the entire project and drilling the Romeo and
Juliet prospect.
Operations overview
During the year ended May 31, 2014 , the gold sales volume of 14,577
ounces represented a 2% decrease over the fiscal 2013. Average sales
price for the year was $1,384 per ounce versus $1,625 per ounce for
fiscal 2013, a 15% decrease. As a result of the lower sales volume and
a lower selling price, gross revenue for the year ended May 31, 2014 of
$20,175,326 was lower than the previous fiscal year by $3,998,113 or
17%.
The following table summarizes the key operating metrics for fiscal 2014
and 2013:
OPERATING STATISTICS:
|
May 31 2014
|
May 31
2013
|
Mill
|
|
|
Operating days
|
322
|
323
|
Availability
|
88%
|
87%
|
Dry tonnes processed
|
304,696
|
287,747
|
Tonnes per 24-hour period
|
946
|
890
|
Grade (grams per tonne)
|
1.83
|
1.99
|
Overall mill recovery
|
83%
|
83%
|
Gold sales volume (troy oz.)
|
14,577
|
14,879
|
Mine
|
|
|
Operating days
|
245
|
234
|
Ore production (tonnes)
|
296,235
|
309,059
|
Waste production (tonnes)
|
1,623,461
|
1,649,408
|
Total production (tonnes)
|
1,919,696
|
1,958,467
|
Waste: Ore ratio
|
5.5
|
5.3
|
MILLING OPERATIONS
The Pine Cove mill operated for 322 days during the year at 88%
availability. Operating performance in the year ended May 31, 2014 is
highlighted by increased mill availability of 88% (87% for the year
ended May 31, 2013 ) and increased throughput of 946 tonnes per
operating day (890 tonnes per day for the previous fiscal year), with
the Company achieving an average run-rate record of 995 tonnes per
operating day for the fourth quarter. Head grade was slightly lower at
1.83 g/t (1.99 g/t for the year ended May 31, 2013 ). The mill processed
304,696 dry tonnes of ore for the year ended May 31, 2014 (287,747
tonnes for the year ended May 31, 2013 ), an increase of 6%. The Pine
Cove mill overall recovery for the fiscal year ended May 31, 2014 was
consistent year over year at 83%. Mill recovery has increased
subsequently in the first quarter of fiscal 2015 to approximately 85%
due to mill improvements.
Operating performance in the third quarter of fiscal 2014 was hampered
by the extreme cold and excessive snowfall that began in late November
and lasted into early March. The operating difficulties were compounded
by the lack of adequate, consistent power supply, which caused the Pine
Cove team to conservatively run the ball mill at a lower throughput
rate for most of the third quarter to compensate for these external
issues. By the end of January, the Company had made adjustments to
overcome the power supply problems. Despite the interruption, the
Company processed 16,949 tonnes more during the year compared to fiscal
2013.
The following table summarizes the key mill operating statistics for the
fiscal year ended May 31, 2014 :
For the three months ended
|
August 31 2013
|
November 30 2013
|
February 28 2014
|
May 31 2014
|
Mill
|
|
|
|
|
Operating days
|
85
|
79
|
76
|
82
|
Availability
|
93%
|
87%
|
84%
|
89%
|
Dry tonnes processed
|
83,890
|
76,114
|
63,123
|
81,569
|
Tonnes per 24-hour period
|
987
|
956
|
834
|
995
|
Grade (grams per tonne)
|
1.92
|
1.80
|
1.79
|
1.80
|
Overall mill recovery
|
83%
|
83%
|
83%
|
82%
|
Gold sales volume (troy oz.)
|
4,096
|
3,852
|
2,832
|
3,797
|
In the first, second and fourth quarters of fiscal 2014, the Pine Cove
mill processed an average of 80,524 tonnes per quarter, whereas in the
third quarter, due to the aforementioned weather and power supply
issues, the mill only had throughput of approximately 63,000 tonnes. If
the tonnes processed in the third quarter were similar to the first,
second and fourth quarters, the Company estimates that it would have
processed approximately 17,400 additional tonnes resulting in increased
gold sales of approximately 1,000 ounces and $1.3 million in net
revenue.
MINING OPERATIONS
Mining activities operated for a total of 245 days during the year and
excavated a total of 1,919,696 tonnes of ore and waste. Ore production
totaled 296,235 tonnes, while waste was 1,623,461 tonnes for a strip
ratio of 5.5:1. The strip ratio during the year ranged from 4.0:1 to
6.7:1 due to mine sequencing. Because of the harsh winter conditions
and the mill slowdown, mine operations were curtailed during the third
quarter and into the beginning of the fourth quarter to an average of 4
days per week and with a reduced truck fleet to keep the mining rate
synchronized with mill requirements.
The following table summarizes by quarter the key mine operating
statistics for the fiscal year ended May 31, 2014 :
For the three months ended
|
August 31 2013
|
November 30 2013
|
February 28 2014
|
May 31 2014
|
Mine
|
|
|
|
|
Operating days
|
64
|
62
|
57
|
62
|
Ore production (tonnes)
|
74,189
|
84,533
|
78,043
|
59,470
|
Waste production (tonnes)
|
484,514
|
427,845
|
310,067
|
401,035
|
Total production (tonnes)
|
558,703
|
512,378
|
388,110
|
460,505
|
Waste: Ore ratio
|
6.5
|
5.1
|
4.0
|
6.7
|
EXPLORATION
The Company has developed a strategy to leverage the existing
infrastructure at Pine Cove. This involves the exploration and
development of its mineral and mining leases based on two general
mineralization styles within the property: Pine Cove like,
quartz-carbonate-pyrite hosted (2+ g/t) mineralization and higher-grade
(5+ g/t) quartz vein ± carbonate ± pyrite mineralization. The strategy
involves delineating more Pine Cove like ore through the expansion of
the current Pine Cove resource, delineation and expansion of the
Stog'er Tight deposit and the discovery of similar deposits, while also
delineating higher-grade deposits such as Deer Cove and Romeo and
Juliet and discovery of similar style deposits to incrementally
increase the feed grade for the mill.
Consistent with this strategy, in the year ended May 31, 2014 , Anaconda
made the following advances in exploration:
-
Completed an airbourne magnetic and EM survey;
-
Conducted a drill program on the Romeo and Juliet deposit;
-
Drilled at the down-dip extension of the Pine Cove deposit;
-
Acquired two historical resources in the Deer Cove and Stog'er Tight
projects while increasing its tenements from 4,785 to 5,925 hectares;
and
-
Started a drill program on the Deer Cove deposit.
Airbourne Magnetic and EM Survey
In June of fiscal 2014, the Company engaged Fugro Airborne Services to
perform a helicopter-borne Electromagnetic/Magnetic survey over
Anaconda's Pine Cove Project on the Baie Verte Peninsula , Newfoundland .
The survey covered approximately 700 line kilometers at a flight line
spacing of 75 meters. The purpose of the survey was to acquire a
geophysical dataset that can be used as part of the exploration program
to better interpret the general distribution and structure of the
geology underlying the Company's property. This data also helps
establish a geophysical fingerprint for the various deposits on the
property. These are used in conjunction with archived ground
geophysics, gold-in-soil geochemical data, and structural and
alteration mapping, to refine an exploration model for the discovery
and delineation of gold deposits.
Romeo and Juliet
The Romeo and Juliet prospect is a gold-bearing quartz vein system
located 1.5 kilometers northwest of the Pine Cove mine. The veins were
discovered in 1988 and were trenched and tested by 18 shallow
Diamond-drill holes. The veins contain very fine free gold, making
sampling a challenge ("nugget effect") as historic chip and channel
samples returned quite variable assay values including 1.15 g/t gold
over 6 m from the Romeo zone up to 23 g/t over 1 m from the Juliet
zone. In 1993, a 10-tonne "mini" bulk sample was collected from the
Juliet zone and 3,035 kilograms were processed returning a head grade
of 36.68 g/t gold (this data is historic in nature and has not been
verified by the Company). In August 2012 , 24 grab samples were
collected from the Juliet zone and assay results ranged from a low of
10 parts-per-billion gold up to 130.7 g/t gold. In the late fall of
2012 Anaconda extracted a 1,000-tonne bulk sample from the Juliet zone
and stockpiled the broken quartz vein material at the Pine Cove mine
where it was crushed. Five representative samples of crushed quartz,
averaging 12.6 kg, were processed at Accurassay Laboratories in Thunder
Bay by cyanide extraction (bottle roll testing). The weighted average
assay of the five samples is 5.71 g/t gold and is representative of the
gold grade within the near surface portion of the Juliet zone where the
bulk sample was extracted.
The Company completed 2,305 meters of drilling in 21 holes at Romeo and
Juliet during fiscal 2014. Holes RJ-13-19 to RJ-14-39 intersected a new
gold-bearing zone dubbed the Balcony zone, located between the Romeo
and Connecting zones. It appears to dip steeply to the north, trend
roughly east-west and is spatially associated with a northeast-trending
topographic linear. Mineralization has been traced for approximately
100 meters and is open to the east, west and down dip. Gold is
associated with pyritic altered mafic volcanic rocks, which is
different from the Romeo and Juliet massive quartz vein hosted-style of
gold mineralization.
In January 2014 , Anaconda completed 300 meters of Diamond-drilling in
two holes (RJ-14-38 and RJ-14-39) that targeted the possible
down-plunge and eastern extensions to the newly discovered Balcony zone
of the Romeo and Juliet prospect. The drilling was the final phase of a
drill program at Romeo and Juliet that was initiated during the summer
of 2013. Both holes successfully intersected the targets but did not
return economically significant gold grades.
Pine Cove
Historic drilling immediately north of the Pine Cove deposit since 2007
indicated potential for additional gold mineralization down-dip of the
Pine Cove deposit. In 2011 and 2013, drilling was completed north of
the mine. Drill hole PC-11-181 intersected 2.50 g/t gold over 40.8
meters and PC-12-189 intersected 32 meters grading 0.848 g/t. In fiscal
2013, the Company completed a twenty-hole, 3,296-meter program
exploring the area immediately west and down-dip of the Pine Cove
deposit. This program resulted in the discovery of a new zone of
mineralization immediately northwest of the ultimate pit design less
than 100 m from surface. These results indicate that the current Pine
Cove resource extends down-dip.
In the 2014 fiscal year, exploration on the Pine Cove project included
drilling two holes (PC-14-224 and PC-14-234) to test the down-dip
extension of the current resource and to follow up on significant
intercepts in the northwestern, hanging wall of the current Pine Cove
resource.
Hole PC-14-224 was collared 95 meters northwest of PC-11-181 and
intersected several intervals of Pine Cove style alteration and
mineralization. The best interval assayed 3.06 g/t gold over 5.54
meters (including 5.75 g/t gold over 1.97 meters) beginning at a
vertical depth of approximately 207 meters. This mineralization occurs
at the same vertical depth as that intersected in PC-11-181 (an angled
hole drilled to the south, away from PC-14-224); however, PC-14-224 cut
the mineralized zone almost 150 meters northwest of PC-11-181. These
results confirm that the down-dip mineralization observed in previous
drilling continues to the north at least to the zone intercepted by
hole PC-14-224.
Hole PC-14-234 was collared in an area midway between gold
mineralization intersected in both PC-11-181 and the historic hole,
PC-07-179. It was a vertical hole that intersected multiple zones of
quartz veining/brecciation, iron carbonate, sericite and disseminated
pyrite that are analogous to Pine Cove-style mineralization. Assay
results returned multiple zones of gold mineralization including 2.46
g/t gold over 8 m and 3.17 g/t gold over 8.5 m.
The fiscal 2014 exploration program indicated that the northern
extension of the Pine Cove resource and the mineralization at shallow
levels of the hanging wall of the Pine Cove resource are continuous
within the limits of the fiscal 2014 drilling.
Acquisition of Deer Cove and Stog'er Tight projects
Effective November 13, 2013 , the Company entered into two three-year
option agreements to acquire a 100%-undivided interest in the Deer Cove
and Stog'er Tight gold projects. The three mining licenses, totaling 48
claims (approximately 1,235 hectares), and the two mining leases
(approximately 47 hectares) are adjacent to Anaconda's property around
the Pine Cove mine.
The Deer Cove deposit was discovered by Noranda prospectors in 1986 and
it contains visible gold associated with brecciated quartz veining. The
mineralization is hosted by mafic volcanic rocks in thrust contact with
strongly deformed talc-carbonate altered schists of the Point Rousse
Complex. A Noranda/ Galveston Resources Ltd. joint venture (1987-1989)
carried out detailed exploration including Diamond drilling (119 holes
on the Deer Cove grid), construction of a 7.2 kilometer access road and
underground exploration via a 507-meter long adit. No significant
exploration work was subsequently undertaken and in 1998 the property
reverted to the Crown.
In 2000 and 2001, much of the Deer Cove area was staked by South Coast
Ventures Inc. All historic data was compiled and digitized and
additional drilling (14 holes) and sampling were completed. In 2010,
Tenacity Gold Mining Company Inc. contracted P&E Mining Consultants
Inc. ("P&E") to undertake a mining and economic analysis of the Deer
Cove project. P&E reported that the Deer Cove deposit, the portion
lying above 45 meters above sea level, contained an estimated resource
of 12,900 tonnes grading 10.45 g/t gold at a cutoff grade of 6.0 g/t
(this is a non-NI 43-101 compliant resource and has not been verified
by Anaconda). A combination open pit and underground mining method was
proposed and Tenacity entered into a toll-processing arrangement with
the Nugget Pond mill. Mining did not proceed and the property
transferred to 1512513 Alberta Ltd. ("Alberta").
The Stog'er Tight deposit was discovered in 1988 through an
International Impala/Noranda joint venture. Trenching and
Diamond-drilling followed extensive gold-in-soil geochemistry and
outlined three auriferous zones, referred to as the Stog'er Tight,
Gabbro West and Gabbro East zones. Noranda carried out more than 8,000
meters of Diamond drilling in 80 holes on the Stog'er Tight property
with much of the effort focused on Stog'er Tight. The deposit was
outlined over a 450-meter strike length with channel sample assays up
to 23 g/t gold over 7 meters and Diamond-drill assays averaging 5.5 g/t
gold over 4.5 meters. The Stog'er Tight deposit was estimated to
contain a probable geological reserve of 650,000 tonnes grading 6.7 g/t
gold (this is a historic non-NI 43-101 compliant estimate and Anaconda
has not verified the accuracy of the data).
Ming Minerals Incorporated purchased the property and, in 1996-1997,
carried out Diamond drilling and trenching. A revised resource
estimate calculated that the deposit contained a resource of 229,200
tonnes grading 6.1 g/t gold (this is a historic non-NI 43-101 compliant
estimate and Anaconda has not verified the accuracy of the data.). Ming
Minerals extracted a 30,735-tonne bulk sample from the Stog'er Tight
deposit, however, recoveries were less than anticipated and mining was
stopped.
In 2006, the mining lease was cancelled, the property reverted to the
Crown and a call for proposals to develop the property was issued with
South Coast Ventures Inc. being the successful applicant. Detailed
compilation and digitizing of all historic exploration data was
undertaken and additional Diamond drilling and sampling were completed.
In 2007, a toll processing arrangement was completed with the Nugget
Pond mill. In 2010, P&E reported that the Stog'er Tight deposit
contained an estimated mineral reserve of 65,200 tonnes grading 4.96
g/t gold, an indicated resource of 96,000 tonnes grading 7.04 g/t gold
and an inferred resource of 53,000 tonnes grading 5.75 g/t gold. (this
is a historic, non-NI 43-101 compliant estimate). Mining was initiated
but results were less than favourable and development ceased. The
property transferred to Alberta .
Drilling on the Deer Cove project
In the spring of 2014, Anaconda compiled and reviewed historical data
from the Deer Cove deposit based on historic assay results from 20
previously drilled holes by the previous property holders. Based on the
analysis of historical data, the Company developed a drill program in
the spring of 2014 and expects the drill program to be completed in
fiscal 2015. The program consists of approximately 2,000 meters of
Diamond-drilling to focus on both infill drilling and testing down-dip
extensions of mineralization.
The information in this MD&A has been reviewed and approved by Paul
McNeill , P. Geo., VP Exploration, a "Qualified Person" under National
Instrument 43-101.
Reconciliation of Non-GAAP Financial Measures
The Company has included certain non-GAAP financial measures in this
document. These measures are not defined under IFRS and should not be
considered in isolation. The Company believes that these measures,
together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying
performance of the Company. The inclusion of these measures is meant to
provide additional information and should not be used as a substitute
for performance measures prepared in accordance with IFRS. These
measures are not necessarily standard and therefore may not be
comparable to other issuers.
EBITDA is earnings before finance expense, foreign exchange loss (gain),
unrealized gain on forward sales contract derivative, share based
payments, income tax recovery and depreciation and depletion.
The following table provides a reconciliation of EBITDA for the years
ended May 31, 2014 and 2013:
For the year ended
|
|
May 31 2014
|
May 31
2013
|
|
|
$
|
$
|
Net income
|
|
4,292,356
|
7,621,920
|
|
|
|
|
Add back:
|
|
|
|
Finance expense
|
|
272,771
|
972,554
|
Foreign exchange loss (gain)
|
|
(2,599)
|
11,539
|
Unrealized gain on forward sales contract derivative
|
|
(39,185)
|
-
|
Share-based payments
|
|
200,583
|
146,149
|
Income tax recovery
|
|
(31,000)
|
(3,904,000)
|
Depletion and depreciation
|
|
2,970,568
|
2,323,555
|
EBITDA
|
|
7,663,494
|
7,171,717
|
Cash cost per ounce sold is cost of sales before depreciation divided by
gold ounces sold. All-in sustaining cash cost per ounce sold is cash
cost, corporate administration, purchase of property, mill and
equipment and purchase of exploration and evaluation assets divided by
gold ounces sold.
The following table provides a reconciliation of cash operating cost per
ounce sold and All-in cash cost per ounce sold for the years ended May
31, 2014 and 2013:
For the year ended
|
|
May 31 2014
|
May 31
2013
|
Cost of sales
|
|
17,838,720
|
17,005,945
|
Less: Depletion and depreciation
|
|
(2,970,568)
|
(2,323,555)
|
Cash operating cost
|
|
14,868,152
|
14,682,390
|
Corporate administration
|
|
1,909,310
|
2,319,332
|
Purchase of property, mill and equipment
|
|
1,452,627
|
1,665,632
|
Purchase of exploration and evaluation assets
|
|
900,686
|
1,023,074
|
All-in cash cost
|
|
19,130,775
|
19,690,428
|
|
|
|
|
Gold ounces sold
|
|
14,577
|
14,879
|
Cash operating cost per ounce sold
|
|
1,020
|
987
|
All-in cost per ounce sold
|
|
1,312
|
1,323
|
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.
SOURCE Anaconda Mining Inc.