TORONTO , Sept. 18, 2014 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the
Company") - (ANX.TO) announces certain financial and operating results
from the fiscal first quarter ended August 31, 2014 . During the first
quarter of fiscal 2015, the Company sold 3,933 ounces of gold and
generated $5,511,612 in revenue at an average sales price of $1,401 per
ounce. The first quarter of fiscal 2015 sales volume and revenue were
both approximately 4% lower than the first quarter of fiscal 2014 when
the Company sold 4,096 ounces at an average gold sales price of $1,399
per ounce and generated $5,731,783 in revenue. The Company expects to
file its full financial statements by October 10, 2014 .
President and CEO, Dustin Angelo , stated, "Year after year, we have been
able to consistently sell approximately 4,000 ounces in the first
quarter. The Company would have been able to exceed sales volume of
4,000 ounces in the first quarter of this fiscal year if it not for
some mechanical problems incurred in August related to our crusher.
Management continues to work on process improvements at the mill to
mitigate downtime risks and prepare for the upcoming winter weather.
We've seen signs of those improvements this quarter where we achieved
95% availability, 84% recovery and throughput of 963 tonnes per
operating day, all on the high end of our operating metrics."
FY Q1 2015 Operations Overview:
The Pine Cove mill operated for 87 days during the first quarter of
fiscal 2015 at an availability rate of 95% versus 93% in the same
period in the previous fiscal year. For the quarter, the mill processed
83,782 dry tonnes of ore at an average head grade of 1.80 grams per
tonne. Overall mill recovery was 84%, compared to 83% in Q1 of fiscal
2014, primarily due to operational changes leading to higher
leach-circuit recovery. The mill's run rate for the quarter was 963
tonnes per operating day.
The mine operated for 64 days in the first quarter of fiscal 2015
producing 89,239 tonnes of ore and 492,040 tonnes of waste. Mining
production increased in the first quarter of fiscal 2015 to provide
waste material for the construction of the tailings dam expansion
project, which remains on schedule for completion before the end of the
calendar year. Blasting design and procedures have been standardized
for fiscal 2015 to preserve pit-wall integrity and achieve required
wall angles. New excavating procedures were also implemented for grade
control to reduce dilution and improve recovery, which have proven
effective.
The following table summarizes the key operating statistics for the
first quarters ended August 31, 2014 and 2013:
OPERATING STATISTICS:
|
August 31 2014
|
August 31
2013
|
Mill
|
|
|
Operating days
|
87
|
85
|
Availability
|
95%
|
93%
|
Dry tonnes processed
|
83,782
|
83,890
|
Tonnes per 24-hour period
|
963
|
987
|
Grade (grams per tonne)
|
1.8
|
1.92
|
Overall mill recovery
|
84%
|
83%
|
Gold sales volume (troy oz.)
|
3,933
|
4,096
|
Mine
|
|
|
Operating days
|
64
|
64
|
Ore production (tonnes)
|
89,239
|
74,189
|
Waste production (tonnes)
|
492,040
|
484,514
|
Total production (tonnes)
|
581,279
|
558,703
|
Waste : Ore ratio
|
5.5 : 1
|
6.5 : 1
|
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 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.