TORONTO, Jan. 5, 2017 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") - (TSX:ANX) is pleased to provide an update on the Aggregates Venture at the Point Rousse Project's Port Rousse Port Facility ("Port Rousse") recently announced on October 27, 2016. As previously disclosed, the Company is working with Shore Line Aggregates, a subsidiary of its contract miner, Guy J. Bailey Ltd., and Phoenix Bulk Carriers (BVI) Ltd. to supply 3.5 million tonnes of construction aggregate, using Anaconda's waste rock from its gold mining operation, to a construction project on the eastern seaboard of the United States. On December 22, 2016, the Canadian Environmental Assessment Agency issued its environmental assessment determination regarding the Port Rousse Port Facility Project (the "Port Rousse Project") deciding no further environmental assessment is required. As such, all necessary permits to construct facilities and operate the Aggregates Venture at Port Rousse have been received.
To date, the Aggregates Venture has shipped approximately 1,000,000 tonnes of aggregate. The Baie Verte Harbour is one of the deepest harbours in Atlantic Canada which makes it suitable for the type of ships required to move such a large quantity of material. Ships on this route measure 199 metres and can carry 60,000 tonnes of aggregate per trip.
"With water export access at Port Rousse, our waste rock is now a competitive product in the seaborne aggregates market, resulting in an additional revenue stream for Anaconda while also reducing mining costs. The aggregate that will be shipped under this project would otherwise require approximately 100,000 tri-axle tractor trailer loads if transported over land. The marine shipping option makes this a safe, green, and competitive means to move vast amounts of product. The companies involved continue to explore other market opportunities. The establishment of Port Rousse also opens up new economic diversification opportunities for Anaconda and the Baie Verte region. Water access now positions Anaconda to explore other export and import ventures, including potentially importing gold ore for processing at the Pine Cove Mill."
~ Dustin Angelo, President & CEO, Anaconda Mining
"We take pride in innovation at Anaconda. We took an obstacle and turned it into an opportunity both for Anaconda and the broader community. Over 70 new direct jobs have been created, with 60 people hired by Shore Line for on-shore operations and an additional 12 employed by Sealand Shipping Services Ltd. as tug operators, harbour pilots, and hand-lining services. Over half of these people are under 35 years of age."
~ Allan Cramm, VP & General Manager, Anaconda Mining
"You can feel the renewed energy that this project has created in the Baie Verte Region. Businesses throughout the region are feeling the benefits as direct vendors as well as in spin off industries."
~ Clar Brown, Mayor, Town of Baie Verte
"After conducting ship-loading activities for many vessels over Q-4 of 2016, Phoenix is substantially impressed with the operational efficiencies and high caliber of professionalism at Port Rousse. All vessels are loaded 24/7/365 at an average rate of at least 20,000 metric tonnes per day. We could not ask for better partners in the Baie Verte community who, we are confident, will continue to support our mutual success!"
~ Peter Koken, Phoenix Bulk Carriers
ABOUT ANACONDA MINING
Anaconda Mining is a growth-oriented, gold mining and exploration company with a producing project called the Point Rousse Project and three exploration/development projects called the Viking and Great Northern Projects and the Tilt Cove Property in Newfoundland.
The Point Rousse Project is approximately 6,300 hectares of property on the Ming's Bight Peninsula located in the Baie Verte Mining District in Newfoundland, Canada. Since 2012, Anaconda has increased its property control by ten-fold on the peninsula and gold production to nearly 16,000 ounces per year. In an effort to expand production, it is currently exploring three primary, prospective gold trends, which have approximately 20 km of cumulative strike length and include five deposits and numerous prospects and showings, all within 8 km of the Pine Cove Mill. A second project called the Tilt Cove Property, consisting of 350 hectares, is located approximately 60 kilometres by road from the Pine Cove Mill but is also within the Baie Verte Mining District and underlain by similar geology to the Point Rousse Project.
Anaconda also controls the Viking and Great Northern Projects, which have approximately 6,225 and 6,375 hectares of property, respectively, in White Bay, Newfoundland, approximately 100 kilometres by water (180 kilometres via road) from the Pine Cove Mill. The Viking Project contains the Thor Deposit and other gold prospects and showings and the Great Northern Project includes numerous prospects and showings within a similar geological setting as the Viking Project. The Company's plan is to discover and develop more resources within these project areas and substantially increase annual production at the Pine Cove Mill from its current rate of nearly 16,000 ounces.
As the only pure play gold producer in Atlantic Canada, Anaconda Mining is turning the rock we live on into a growing and profitable resource. With a young and motivated workforce, innovative technology and the support of local suppliers, Anaconda is investing in the people of Newfoundland & Labrador and giving back to the communities in which we operate – building a better future for all our stakeholders, from the ground up.
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 protected], www.AnacondaMining.com; High Stakes Strategy & Communications, Lynn Hammond, Executive Consultant, (709) 330-1260, [email protected]