TORONTO, Dec. 23, 2014 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce the initiation of a new drilling program at the Pine Cove deposit, which consists of approximately 2,000 metres of diamond drilling in 10 holes. The 2014/2015 program has two primary goals. The first goal is to increase near surface mineral resources at the Pine Cove mine proximal to the current ultimate pit design. The focus will be on the Western Extension area discovered in 2013 (See press release dated February 28, 2013 on SEDAR) and the Pine Cove Pond area on the southern side of the pit (where mining initiated in 2007), which hosts known mineralization not included in the initial mineral reserves. Secondly, the Company is looking to identify the limits of the northern, down dip, extension of the deposit. In the down dip area, Anaconda would like to determine if there is the potential for future expansion of the mine and if the surface ground immediately north of the Pine Cove pit can be utilized as waste rock storage, providing a shorter haul and lower mining costs than the present waste rock storage location (see Exhibit A for a map of the proposed drilling area).
President and CEO, Dustin Angelo, states, "Based on our analysis, we are optimistic that there are additional resources that can be incorporated into the Pine Cove pit design that will extend the life of mine and reduce the average stripping ratio for the remainder of the open pit life. The results of this program will enable us to maximize the economic potential of the Pine Cove resource as well as determine if there is an opportunity for future mine development."
The results of the Pine Cove drilling program are anticipated by the end of February. Subsequently, Anaconda plans to calculate new mineral reserve and resource estimates for the Pine Cove deposit.
This news release has been reviewed and considered accurate by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.
Headquartered in Toronto, Canada, Anaconda is a growth oriented, gold mining and exploration company with a producing mine and approximately 6,000 hectares of exploration property on the Ming's Bight Peninsula located in the Baie Verte Mining District in Newfoundland, Canada called the Pine Cove Project.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding growth and is based on current expectations and assumptions of management that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to: current and future market trends and growth opportunities and whether the Company will be able to capitalize upon them. 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 are based on current expectations and 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 the Company assumes no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.
Image with caption: "Exhibit A: 3D View of Ultimate Pit Design. A 3d view of the ultimate Pine Cove pit viewed from approximately 45 degrees above the horizon towards the Northwest, showing the location of current drill collars targeting mineralization at depth and the location of the proposed north waste dump proximal to the pit. Mineralized zones are shown as green. Previous diamond drill hole traces are shown as black lines with circles illustrating collar locations. A transparency is applied to the surrounding topography to glimpse the ore below the topographic surface, outside of the current pit design. (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141223_C4491_PHOTO_EN_9814.jpg
SOURCE: Anaconda Mining Inc.
For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, Email: [email protected]; ProConsul Capital Ltd., Andreas Curkovic, Investor Relations, (416) 577-9927, Email: [email protected]; Company website: www.anacondamining.com