Anaconda's Pine Cove mine sells 4,217 ounces of gold and generates nearly $6.9M in revenue in Q1 2013

TORONTO, Sept. 6, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX: ANX) is pleased to announce certain financial and operating results from the fiscal 2013 first quarter ended August 31, 2012.  The Company sold 4,217 ounces of gold and generated $6,860,300 in revenue at an average sales price of $1,627 per ounce. The first quarter fiscal 2013 sales volume and revenue were approximately 48% and 52% greater than the same period in the previous fiscal year.

President and CEO, Dustin Angelo, stated, "The Company has gotten off to a great start in fiscal 2013. Despite a scheduled maintenance period during the latter half of August, Pine Cove had another record quarter for sales volume, surpassing the previous quarter ending in May by 540 ounces. After one quarter, the Company is on track to meet its sales volume budget of nearly 16,000 ounces for fiscal 2013."

FY Q1 2013 Mill Operations Overview:

The Pine Cove mill operated for 74 days during the period. Mill availability was 96% for the first two months of the quarter. In August, the mill was down for scheduled maintenance during a period that coincided with Newfoundland Hydro's planned, area wide power outages. Pine Cove's maintenance included relining the ball mill and repairing the thickener as well as some other miscellaneous, unscheduled items. The Company does not have any more scheduled maintenance periods for the remainder of the fiscal year.

The mill processed 62,865 dry tonnes of ore (856 tonnes per operating day) at an average head grade of 1.85 grams per tonne, slightly lower than the 1.90 grams per tonne that is projected for the fiscal year. Overall mill recovery averaged 84% for the quarter, which was 1% greater than budget.

The following table summarizes the key operating statistics by month for the first quarter ended August 31, 2012.

  Jun '12 July '12 Aug '12 Total/Avg
OPERATING STATISTICS:        
Calendar days 30 31 31 92
Operating days 29 30 15 74
Availability 96% 96% 48% 80%
Dry tonnes processed 25,117 25,034 12,714 62,865
Tonnes per 24-hour day 874 846 847 856
Grade (grams per tonne) 1.58 2.10 1.86 1.85
Overall mill recovery 84% 85% 84% 84%
         
Gold sales volume (troy oz.) 1,703 1,088 1,426 4,217

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.

For further information:

Anaconda Mining Inc. 
Dustin Angelo
President and CEO 
(647) 260-1248  
Email: dangelo@anacondamining.com 

ProConsul Capital Ltd.
Andreas Curkovic
Investor Relations 
(416) 577-9927
Email:acurkovic@proconsulcapital.com 

Company website: www.anacondamining.com


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