TORONTO , Sept. 17, 2015 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the Company") - (ANX.TO) announces certain financial and operating results from the fiscal first quarter ended August 31, 2015 . During the first quarter of fiscal 2016, the Company sold 3,956 ounces of gold and generated $5,785,801 in revenue at an average sales price of $1,462 per ounce. The first quarter of fiscal 2016 sales revenue was approximately 5% higher than the first quarter of fiscal 2015 when the Company sold 3,933 ounces at an average gold sales price of $1,401 per ounce and generated $5,511,612 in revenue. The Company expects to file its full financial statements by October 15, 2015 . All financial results are denominated in Canadian dollars unless otherwise noted.

President and CEO, Dustin Angelo , stated, "The Pine Cove mill is the backbone of the Point Rousse Project and its operational performance continues to improve. During the first quarter of fiscal 2016, we set new records for throughput per operating day, total throughput and overall mill recovery. For the last few years, we have been able to consistently exceed any expected operational limits. We are in the middle of mill automation and maintenance programs, which will only improve consistency and mill performance. As we execute on our long term plan to extend the life of the project and blend in higher grade feed from other sources on our property package, the gold production potential is substantial, particularly as throughput and recovery are optimized even more. "

FY Q1 2015 Operations Overview:

The Pine Cove mill operated for 86 days during the first quarter of fiscal 2016 at an availability rate of 94%. For the quarter, the mill processed 96,532 dry tonnes of ore at an average head grade of 1.62 grams per tonne. Overall mill recovery was 87%, compared to 84% in Q1 of fiscal 2015. The mill's run rate for the quarter was 1,122 tonnes per operating day versus 963 in the same period in the previous fiscal year, a 17% increase.

The mine operated for 78 days in the first quarter of fiscal 2016 producing 104,278 tonnes of ore and 642,828 tonnes of waste. Mining production increased 29% in the first quarter of fiscal 2016 compared to the first quarter of fiscal 2015 to accommodate the increased levels of throughput at the Pine Cove mill and a higher planned strip ratio.

The following table summarizes the key operating statistics for the first fiscal quarters ended August 31, 2015 and 2014: 

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.