TORONTO, Aug. 29, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX: ANX) is pleased to announce that it made another principal payment against the outstanding Convertible Loan, Series I Debentures and Series II Debentures (collectively, the "Loans"). The principal payments totaled $600,000 and were divided pro rata across the Loans. Since March 28, 2012, the Company has made approximately $3,900,000 in principal payments against the Loans and reduced the outstanding balance from $6,900,000 to $2,999,280.
President and CEO, Dustin Angelo, stated, "Pine Cove is off to a good start in fiscal 2013. The Company had budgeted to make the $600,000 payment from cash flow generated at the mine by the end of the first quarter and we have met that goal. We continue to be on course to pay off the remaining balance of these loans before the maturity date in September 2013."
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.
Company website: www.anacondamining.com
SOURCE: Anaconda Mining Inc.
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