Anaconda Mining Releases Q2 Production Results

By Nicole Rashotte

Anaconda Mining Inc. (TSX:ANX) announced production results and certain financial information from the three and six months ended June 30, 2018.

Highlights are as follows:

Q2 2018 Highlights

  • Anaconda sold 4,330 ounces of gold in Q2 2018, generating metal revenue of US$7.4 million at an average realized gold price of US$1,695 per ounce. As at June 30, 2018, the company also had over 750 ounces in gold doré and bullion inventory, which was subsequently sold in July 2018.
  • The company also generated US$100,000 in revenue from the sale of waste rock for road construction purposes.
  • Anaconda produced 4,632 ounces of gold during Q2 2018, a 4.4 percent increase over the three months ended May 31, 2017, and 8,925 ounces in the first half of 2018, an 8.7 percent increase over the comparative period.
  • The Pine Cove Mill processed a quarterly record 121,299 tonnes during Q2 2018, a 12.4 percent increase over the comparative three-month period ended May 31, 2017, at a throughput rate of 1,350 tonnes per day (“tpd”).
  • Mill feed during the quarter was comprised of 113,857 tonnes of ore stockpiled from the Pine Cove Pit, supplemented by 7,442 tonnes of ore mined from Stog’er Tight.
  • Development of the Stog’er Tight West Pit was completed in Q2 2018, with the removal of 133,576 tonnes of waste in April and the commencement of commercial production on May 1, 2018; ore produced from Stog’er Tight during the second quarter was 32,833 tonnes.
  • The company submitted an environmental application for the Argyle project during Q2 2018, and is preparing the development plan for submission to the applicable regulatory authorities to be able to start development in mid-2019.
  • Anaconda successfully completed a non-brokered private placement for US$4.5 million, which will enable continued drilling at the Goldboro Gold project, the Argyle deposit, and other prospective targets at the company’s Point Rousse project.

Dustin Angelo, president and CEO, commented:

Anaconda Mining continues to achieve consistent and profitable mining results from its Point Rousse project, producing 4,632 ounces of gold in the second quarter of 2018. We are on track to meet 2018 production guidance of 18,000 ounces, as we transition to commercial production at the Stog’er Tight mine. With the proceeds from our recent private placement, drilling will begin later this summer at Point Rousse and we expect to demonstrate the ability to add more mineral resources beyond Pine Cove, Stog’er Tight, and Argyle. We continue to execute on our business plan by leveraging our operating infrastructure, growing our mineral resource base around the Pine Cove Mill, and consolidating gold properties on the Baie Verte Peninsula. As such, we believe we can create significant value for all stakeholders, including shareholders of Maritime Resources Corp., with the acquisition of the Hammerdown project.

Click here to read the full Anaconda Mining Inc. (TSX: ANX) press release.

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