TORONTO, May 19 /CNW/ - Anaconda Mining Inc. ("Anaconda") - (TSX: ANX)
is pleased to announce that, on May 4, 2011, it shipped a record amount
of gold, 344.2 troy ounces, in a single pour at its Pine Cove gold mine
("Pine Cove"). The production was during an approximately 7-day period
from April 25th through May 1st. In addition, overall recovery rates at
the Pine Cove mill continue to improve. In the press release dated May
2, 2011, Anaconda reported that overall recovery had reached the low to
mid 70% range. During the period from May 1st through May 15th, overall
mill recovery was approximately 80%.
President and CEO, Dustin Angelo, stated, "Following up the record
shipments in April with our largest single gold pour in the first week
of May demonstrates the continued progress at Pine Cove. Ore throughput
capacity has been very consistent at 950 to 1,000 tonnes per day for
several weeks and now the overall mill recovery rate is reaching
anticipated levels. At this rate, we expect May's shipments to exceed
Headquartered in Toronto, Canada, Anaconda is a mining and exploration
company focused on operating the Pine Cove gold mine located on the
Baie Verte Peninsula in Newfoundland, Canada and advancing the
exploration and development of its iron ore portfolio in Chile with its
joint venture partner, Inversiones SBX Limitada.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information. Such
forward-looking information includes, among other things, statements
regarding the proposed amendment to the expiry date of warrants,
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 approval of the amendment to the
expiry date of warrants 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:
Company website: www.anacondamining.com