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Canada : Anaconda Mining Produces 10,002 Ounces of Gold and Generates $15.4m in Gold Sales for the Seven Month Period Ended December 31, 2017.

Anaconda Mining Inc., is pleased to announce production results and certain financial information for the four month and seven month periods ended December 31, 2017. The Company recently announced a change to its fiscal year end to December 31, from its previous fiscal year end of May 31. Consequently, the Company will report audited financial results for the seven month transitional fiscal year from June 1, 2017 to December 31, 2017 (the Transition Year).

All dollar amounts are in Canadian Dollars. The Company expects to file its full audited financial statements and management discussion and analysis for the Transition Year by March 1, 2018.

Highlights for the seven month Transition Year Ended December 31, 2017

Anaconda produced 10,002 ounces of gold and sold 9,509 ounces during the Transition Year ended December 31, 2017, on track to exceed original guidance of 15,500 ounces for the twelve month period ending May 31, 2018, or pro-rated guidance of 9,042 ounces for the seven month period;

The Company generated $15.4 million in revenue at an average sale price of $1,615 per ounce, and earned a further $0.8 million from the sale of waste rock as aggregate from its Point Rousse Project;

The Pine Cove Mill achieved throughput of 275,640 tonnes during the seven months ended December 31, 2017, reflecting a throughput rate of 1,316 tonnes per day, an 8% improvement over the previous fiscal year;

Anaconda mined 382,111 tonnes of ore during the Transition Year at a strip ratio of 1.8 waste tonnes to ore tonnes, a 65% reduction from the previous fiscal year strip ratio of 5.1;

Anaconda has extended mining in the Pine Cove Pit into early 2018, and has commenced planning for the transition to the Stoger Tight deposit;

Anaconda strengthened its Point Rousse infrastructure with the government approval to convert the Pine Cove Pit into a tailings facility with a 15-year storage capacity based on existing throughput rates;

The Company announced a Mineral Resource for the Argyle Deposit, located 4.5 kilometres from the Pine Cove Mill, comprising 543,000 tonnes of Indicated Resources at 2.19 g/t (38,300 ounces) and 517,000 tonnes of Inferred Resources at 1.8 g/t (30,300 ounces);

With the completion of a $3 million non-brokered private placement in October 2017, the Company is undertaking extension and infill drill programs at the Goldboro Project and the Point Rousse Project.

President and CEO, Dustin Angelo, stated, The Point Rousse Project achieved strong performance across all metrics for the Transition Year, and with gold production of 10,002 ounces, the Company was well on track to exceed its guidance of 15,500 ounces for the fiscal year that was to end May 31, 2018. Looking ahead to 2018, Point Rousse will be transitioning to the higher grade Stoger Tight deposit by the end of Q2 2018, and the Company is guiding to 18,000 ounces of gold production. Anaconda will also be putting into service its in-pit tailings facility, and progressing with the permitting process for the recently announced Argyle deposit, located only 4.5 kilometres from the Pine Cove Mill.

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Publication:Mena Report
Date:Jan 16, 2018
Words:543
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