Anaconda Mining Inc.

Published : June 18th, 2015

Anaconda Mining sets annual production records and sells nearly 16,000 ounces of gold in fiscal 2015

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Keywords :   Canada | Climatic | Debt | Gold | Growth | Inflation | Market | Recovery |

Anaconda Mining sets annual production records and sells nearly 16,000 ounces of gold in fiscal 2015

TORONTO , June 18, 2015 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the Company") - (ANX.TO) announces certain financial and operating results from the fiscal fourth quarter for the three months ended May 31, 2015 and from the full year ended May 31, 2015 . During the fourth quarter, the Company sold 3,949 ounces of gold and generated $5,657,527 in revenue at an average sales price of $1,433 per ounce. Sales volume and revenue for fourth quarter fiscal 2015 were approximately 4% and 7% higher than the fourth quarter fiscal 2014 sales volume and revenue, respectively. For fiscal 2015, the Company sold 15,821 ounces of gold and generated $22,234,072 in revenue at an average sale price of $1,405 per ounce. Compared to fiscal 2014, sales volume and revenue increased by 9% and 10% respectively. Year-over-year revenue increased due to a rise in average sales price from $1,384 per ounce in fiscal 2014 to $1,405 in fiscal 2015 and because the sales volume achieved in fiscal 2015 was over 1,200 ounces higher than the sales volume achieved in fiscal 2014. For fiscal 2015, the mill processed over 343,000 tonnes of ore, 38,000 more tonnes than fiscal 2014. Year-over-year, mill availability and overall recovery increased to 92% and 84%, respectively; up from 88% and 83%, respectively.  The Company expects to file its full financial statements by August 28, 2015 .

President and CEO, Dustin Angelo , stated, "Operationally, fiscal 2015 was a record year for many metrics – sales volume, recovery, availability, tonnes processed, tonnes per operating day and, waste and ore production. The Point Rousse Project really hit its stride in the second half of the fiscal year where our continuous improvement efforts resulted in 8,457 ounces sold, nearly 1,100 more than the first half of the fiscal year. These achievements were set during the end of a very harsh winter and despite a major flood in the pit which slowed mining activities during the fourth quarter. Our operating team remains focused on achieving higher daily throughput and recovery and believes it can exceed current performance in fiscal 2016."

FY Q4 2015 Mill Operations Overview:

The Pine Cove mill operated for 85 days during the fourth quarter fiscal 2015 at an availability rate of 92%. For the quarter, the mill processed 86,495 dry tonnes of ore at an average feed grade of 1.65 grams per tonne. Overall mill recovery was 86%, compared to 82% in fourth quarter fiscal 2014, primarily due to continued close monitoring of the optimal grind size in the leach and flotation circuits. Mill availability benefited in the fourth quarter from continued preventative maintenance activities while throughput benefited from the installation of a new cyclone feed pump motor which removed a previous bottleneck from the circuit. There was also extensive work done to optimize the recirculating load in the grinding circuit.

The mill's run rate for the fourth quarter fiscal 2015 was 1,018 tonnes per operating day and continues to exceed the Company's new standard of 1,000 tonnes per operating day. Building on this improvement, the Company has begun a project in the mill to automate various controls and procedures which are expected to further increase productivity and reduce operating costs. The project is scheduled to be completed in the third quarter fiscal 2016.

FY Q4 2015 Mining Operations Overview:

The mine operated for 64 days in the fourth quarter fiscal 2015 and produced 73,345 tonnes of ore and 442,676 tonnes of waste. Waste production increased in the fourth quarter as the operations focused on preparing the Phase III pit area. Phase III is the next phase of development for the open-pit operation and work focused on mucking till and overburden, as well as developing wide, easy-to-access benches for use in fiscal 2016. Preparation work in Phase III resulted in a higher strip-ratio for the quarter which was offset by low hauling costs due to operations being in close proximity to the waste dump. For fiscal 2016, the mining operation will continue production in the Phase III pit area.

The following table summarizes the key operating statistics by quarter for the fiscal year ended May 31, 2015 :

OPERATING STATISTICS:

 Q1 '15

 Q2 '15

 Q3 '15

 Q4 '15

 Total/Avg.







Mill






Operating days

87

81

83

85

336

Availability

95%

88%

92%

92%

92%

Dry tonnes processed

83,782

85,515

87,386

86,495

343,178

Tonnes per 24-hour period

963

1,056

1,053

1,018

1,021

Grade (grams per tonne)

1.80

1.60

1.84

1.65

1.72

Overall mill recovery

84%

85%

83%

86%

84%







Gold sales volume (troy oz.)

3,933

3,431

4,508

3,949

15,821







Mine






Operating days

64

63

59

64

250

Ore production (tonnes)

89,239

77,489

81,459

73,345

321,532

Waste production (tonnes)

492,040

457,387

370,209

442,676

1,762,312

Total production (tonnes)

581,279

534,876

451,668

516,021

2,083,844

Waste: Ore ratio

5.5

5.9

4.5

6.0

5.5







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 6,000 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 nine-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 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.

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Anaconda Mining Inc.

EXPLORATION STAGE
CODE : ANX.TO
ISIN : CA03240P1080
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Anaconda Min. is a gold development stage company based in Canada.

Anaconda Min. holds various exploration projects in Canada and in Chile.

Its main exploration properties are BORTHWICK LAKE, LINGMAN LAKE and DAMOTI in Canada and SAN GABRIEL FE and HORSE MOUNTAIN - ANACONDA GOLD in Chile.

Anaconda Min. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 123.5 millions as of today (US$ 98.7 millions, € 86.5 millions).

Its stock quote reached its highest recent level on February 09, 2012 at CA$ 2.01, and its lowest recent point on December 24, 2015 at CA$ 0.04.

Anaconda Min. has 209 330 000 shares outstanding.

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Financings of Anaconda Mining Inc.
6/3/2013Makes $1,754,580 Final Payment on Convertible Loan and Deben...
5/6/2013Announces Warrant Exercise
8/15/2011announces extension of Series III Debentures and propose...
4/11/2011ANNOUNCES EXTENSION OF COMMON SHARE PURCHASE WARRANTS
Nominations of Anaconda Mining Inc.
7/7/2015Kevin Bullock Joins Board of Directors of Anaconda Mining
11/20/2014Announces Election of Directors
10/10/2013Tim Casgrain Joins Board of Directors of Anaconda Mining
Project news of Anaconda Mining Inc.
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12/17/2015Anaconda Mining reports 17.76 g/t gold over 11 metres and 4....
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12/23/2014Anaconda Mining commences new drilling program on the Pine C...
12/16/2014Anaconda Mining reports 10.52 g/t gold over 3.5 metres, 8.13...
11/6/2014Anaconda Mining reports 18.60 g/t gold over 3.5 meters and 4...
6/11/2014Anaconda Mining initiates 2,000-meter diamond drilling progr...
5/19/2011REPORTS RECORD GOLD PRODUCTION AT PINE COVE: 344.2 TROY ...
Corporate news of Anaconda Mining Inc.
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10/19/2015Anaconda frees up nearly $800,000 in restricted cash
10/15/2015Anaconda Mining sells 3,956 ounces and generates $1.5M of EB...
9/17/2015Anaconda's Point Rousse Project Sells Nearly 4,000 Ounces of...
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8/13/2015Anaconda Intersects More Near-Surface Mineralization at Nort...
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7/29/2015Plantro Venture Group Ltd. intends to make an offer for Anac...
7/29/2015Reports 12.83 g/t Gold Over 4.38 Metres and 8.55 g/t Gold Ov...
7/29/2015Anaconda Mining Reports 12.83 g/t Gold Over 4.38 Metres and ...
6/18/2015Anaconda Mining sets annual production records and sells nea...
4/9/2015sells 4,508 ounces and generates $1.9M of Point Rousse Proje...
4/9/2015Anaconda Mining sells 4,508 ounces and generates $1.9M of Po...
3/19/2015Point Rousse Project has record sales volume of over 4,500 o...
3/19/2015Anaconda's Point Rousse Project has record sales volume of o...
2/27/2015Anaconda Provides a Strategic and Exploration Update on the ...
2/26/2015maximizing Pine Cove deposit potential through recent drilli...
1/9/2015Anaconda Mining Sells 3,431 Ounces and Generates Over $600,0...
1/8/2015Anaconda makes new gold discovery near the Pine Cove mill
12/23/2014commences new drilling program on the Pine Cove deposit
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12/15/2014Anaconda's Pine Cove Mine Sells Over 3,400 Ounces of Gold; G...
12/3/2014makes final payment on Atlantic Canada opportunities agency ...
12/3/2014Anaconda Mining makes final payment on Atlantic Canada oppor...
11/20/2014Anaconda Mining Announces Election of Directors
11/6/2014reports 18.60 g/t gold over 3.5 meters and 4.94 g/t gold ove...
10/9/2014Anaconda Mining Sells Nearly 4,000 Ounces and Generates Over...
9/18/2014Anaconda's Pine Cove Mine sells over 3,900 ounces of gold; g...
9/15/2014initiates drill program on the Stog'er Tight project
9/15/2014Anaconda Mining initiates drill program on the Stog'er Tight...
8/28/2014Anaconda Mining posts $4.3 million, or $0.02 per share, in n...
6/18/2014Anaconda Mining Intersects Multiple Zones Grading up to 3.17...
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6/16/2014Mast Therapeutics Initiates Sub-Study Within Phase 3 EPIC Tr...
6/11/2014initiates 2,000-meter diamond drilling program at its Deer C...
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10/18/2013Announces Date of Annual Meeting
9/16/2013Intersects New Gold Zone at Romeo and Juliet Prospect; Assay...
9/10/2013Receives First Commercial Production Payment of US$1 Million...
8/26/2013to Receive First Commercial Production Payment of US $1 Mill...
7/8/2013Initiates 2,000-Meter Diamond-Drill Program at Pine Cove's R...
6/18/2013Begins Regional Airborne Geophysical Survey of Its Pine Cove...
6/13/2013Pine Cove Mine has Record FY Q4 '13 Sales Volume of Nearly 4...
4/12/2013Generates $856,762, or $0.005 Per Share, in Net Income for F...
4/4/2013Reports Successful Romeo and Juliet Bulk Sample Assay Result...
3/25/2013Intersects 20 Metres of 2.15 g/t Gold in New Western Extensi...
3/19/2013Pine Cove Mine Sells Approximately 3,100 Ounces of Gold in F...
1/14/2013Initiates Diamond Drilling to Test Potential Down-Dip Extens...
1/14/2013Initiates Diamond Drilling to Test Potential Down-Dip Extens...
12/11/2012Options Strategic Property Near Its Pine Cove Mine; Identifi...
10/12/2012generates $1.5 Million in Net Income for FY Q1 2013
10/6/2011Pine Cove Gold Mine Generates Over $1.5 Million in EBITDA Du...
9/14/2011Pine Cove gold mine posts another record quarter; mill recov...
8/25/2011Pine Cove gold mine generates over $500,000 in EBITDA in Jun...
6/27/2011PINE COVE GOLD MINE GENERATES OVER $900,000 IN EBITDA IN APR...
5/2/2011IMPROVES PINE COVE MILL PERFORMANCE; SHIPS RECORD AMOUNT OF ...
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