Anaconda Gold Extends Mineralization At Pine Cove Project.TORONTO -- Results Expected To Increase Resources And Improve Project Economics Anaconda Anaconda, city, United States Anaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. Gold Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ANX ANX Annex ANX Adventrx Pharmaceuticals (San Diego, CA) ANX Automotive Network Exchange (AIAG) ANX Advanced Network Exchange ANX Ascending Node Crossing (satellites) ) is pleased to announce that drilling on the Pine Cove gold project, located near Baie Verte Baie Verte may refer to:
The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Highlights from the new drilling include 14 m grading 3.33 grams gold per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. in hole PC-05-173 and 8 m grading 9.47 grams gold per tonne in PC-05-172. Anaconda Gold and project partner New Island Resources (TSXV-NIS) made a production decision earlier this year following the completion of a positive feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. . (See Anaconda Press Release January 21, 2005). Anaconda completed 14 drill holes in and around the Pine Cove deposit which were designed to convert some inferred resources into probable reserves and to test areas of mineralization which remained open. Hole PC-05-172, which intersected 8 m grading 9.47 grams gold per tonne, was successful in extending a high grading The term high grading has uses in forestry, mining, and fishing relating to selectively harvesting goods. Also known as “cutting the best and leaving the rest” Mining lense in the Lightning zone 40 m down dip. Another intersection in the same hole, 6 m grading 1.32 grams gold per tonne, extended another lense by 25 m down dip and 25 along strike. Hole PC-05-173 was also successful in extending another lense 15 m along strike and 10 m down dip. Full results from the Pine Cove drilling are listed below.
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Hole Section From To Inter- Au Comments
(m) (m) section Grade
(m) (g/t)
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PC-05-165 675 56.9 59.3 2.4 7.68 On edge of
north pit
wall.
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includes 56.9 57.6 0.70 19.94
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75.65 76.55 1.90 11.30
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PC-05-166 750 79.8 87.5 7.70 3.64 Infill hole
to convert
inferred
resources
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122.0 126.0 4.0 4.39
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142.0 148.0 6.0 2.39
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156.0 176.0 20.0 4.16
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PC-05-167 775 109.0 131.0 22.0 1.9 Infill hole
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PC-05-168 675 99.0 104.0 5 2.24 25m step
out north
of pc-05
-165
Drilled
plannedpit
wall.
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PC-05-172 700 14.0 22.0 6.0 1.32 Extends
lense 25m
downdip
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55.0 58.0 8.0 9.47 Extends
lense 40m
downdip
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PC-05-173 687 41.0 55.0 14.0 3.33 Extends
lense 15m
along
strike and
10m
downdip.
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Results from the remaining eight holes are pending receipt of assays.
Two other holes, PC-05-165 and PC-05-168 both intersected gold
mineralization at the limits of the open pit and beyond it thereby
extending mineralization north of the pit.
Pine Cove hosts the following undiluted resources, which were
prepared in accordance with NI 43-101.
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INDICATED INFERRED
CUT-OFF --------------------------- --------------------------
Au g/t TONNES Au g/t Au oz TONNES Au g/t Au oz
-------------------------------------- --------------------------
0.80 2,216,000 2.94 09,500 837,000 2.20 59,200
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The feasibility study and mine plan are based on the following
diluted mineable open pit reserves.
DILUTED
-------
Au Price CUT-OFF PROBABLE INFERRED
Au ------------------------------------------
$US/oz (g/t) TONNES Au (g/t) TONNES (g/t)
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$400 0.95 1,874,117 2.88 392,751 2.49
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DILUTED
-------
Au Price PIT TONNAGE WASTE TOTAL W/O
------------------
$US/oz TONNES Au (g/t) TONNES TONNES RATIO
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$400 2,266,868 2.81 11,315,643 13,582,511 5.0
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Both the resource and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. mineable reserve estimates, were prepared by Eugene Puritch, P. Eng P. ENG Professional Engineer P. ENG process engineer ., a Qualified Person as defined by NI 43-101. and were calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with NI 43-101 standards. Once all the drill results are received, Anaconda plans The Anaconda Plan was proposed in 1861 by Union General Winfield Scott to win the American Civil War with minimal loss of life, enveloping the Confederacy by blockade at sea and control of the Mississippi River. to complete an updated diluted mineable reserve estimate later this month and an updated economic model. "We are very pleased with these results from Pine Cove, which are expected to improve overall gold reserves and project economics," Nick Tintor, President of Anaconda Gold said. "Pine Cove, which will be Anaconda's first mine, will differentiate Anaconda from its junior peer group by providing us with a sound financial base from which to grow over the ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. years through acquisitions and exploration," John Cook, Chairman added. Anaconda has earned a 30% interest in the 2,816-hectare project from New Island Resources by making a production decision. Anaconda also has the right to earn an additional 30% interest by arranging project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. and bringing the property to commercial production. The terms of the underlying agreement also provide Anaconda with 100% of all project cash flow until capital payback Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. is achieved, recovery of certain sunk costs Sunk costs Costs that have been incurred and cannot be reversed. and project management fees for acting as project operator. Pending completion of project financing, production at Pine Cove is planned before year-end. John Cook, P. Eng., a Qualified Person as defined by NI 43-101, has reviewed the results of this press release. In other news, Philip Walford, Anaconda's Vice President - Exploration has accepted the position of President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. at another company. Mr. Walford will continue to act as Anaconda's Vice President - Exploration on a consulting basis. Anaconda Gold is a Canadian exploration and development company with exploration and development stage projects in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , Ontario, Newfoundland and Nevada. The statements made in this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Anaconda Gold Corporation (TSX VENTURE:ANX) |
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