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anaconda mining inc (ANX) Details

Anaconda Mining Inc. operates as a gold exploration and mining company in Canada. It holds a 100% interest in the Pine Cove gold mine, which consists of 2 contiguous mining leases covering 659.7 hectares; and various exploration projects located on the Baie Verte Peninsula in north-central Newfoundland. The company is headquartered in Toronto, Canada.

62 Employees
Last Reported Date: 08/28/14

anaconda mining inc (ANX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$246.9K
Chief Financial Officer and Secretary
Total Annual Compensation: C$168.5K
Compensation as of Fiscal Year 2013.

anaconda mining inc (ANX) Key Developments

Anaconda Mining Inc. Initiates Drill Program on the Stog'er Tight Project

Anaconda Mining Inc. announced the initiation of drilling on its Stog'er Tight gold project, located approximately three kilometers east of the Pine Cove mill along the Pine Cove mine road. The 2014 Stog'er Tight program consists of 2,000 meters of diamond drilling designed to infill portions of the deposit and expand the deposit size. In addition, the company will build on the historic data and better understand the geological setting and distribution of gold within the deposit. The company's short term goal is to outline a deposit that has at least a five-year mine life at the current Pine Cove mill throughput rate of approximately 1,000 tonnes per day. If Stog'er Tight has a five-year mine life, then the company would nearly double the life of the Pine Cove Project to almost 10 years. Drilling will be supplemented by detailed geochemical analysis and structural mapping of the deposit to determine geological controls on mineralization and to develop grade-control techniques for use in mining. The company expects to do more drilling beyond this initial 2,000 meters along with other analytical and scoping related work to develop the ultimate pit and mine plan.

Anaconda Mining Inc. Reports Consolidated Earnings and Production Results for the Year Ended May 31, 2014; Provides Earnings and Production Guidance for the Full Year 2015

Anaconda Mining Inc. reported consolidated earnings and production results for the year ended May 31, 2014. For the year, the company's net income was $4,292,356 or $0.02 per fully diluted share. The company generated earnings before interest, taxes, depreciation and amortization of $7,663,494 for fiscal 2014 compared to $7,171,717 in fiscal 2013. Cash flow from operations for the year ended May 31, 2014 was $5,315,742. Excluding cash generated from Chile, cash flow from operations was $3,301,331. Purchase of property, mill and equipment for the year ended May 31, 2014 was $1,452,627. The mill processed 946 tonnes per operating day for the fiscal year ended May 31, 2014 with the Company achieving an average run-rate record of 995 tonnes per operating day for the fourth quarter. Total production was 1,919,696 tonnes against 1,958,467 tonnes a year ago. For the full year 2015, the company expects to produce and sell approximately 16,000 ounces of gold for the year and generate approximately $2 million in net income using a gold price of $1,400 per ounce. Cash cost per ounce sold is expected to be approximately $1,000 per ounce and all-in sustaining cash cost per ounce sold is budgeted to be approximately $1,375 per ounce. This increase in AISC is attributable to increased capital expenditures and exploration activities planned for fiscal 2015.

Anaconda Mining Inc. Announces Down-Dip Drilling At Pine Cove Mine

Anaconda Mining Inc. reported additional diamond-drilling results from the down-dip area, Pine Cove mine, Baie Verte Peninsula, Newfoundland. Prior to the commencement of drilling at the Deer Cove Project, Anaconda drilled a single, strategically placed hole on the northern edge of the Pine Cove mine's ultimate pit limit. Hole PC-14-234 returned multiple zones of gold mineralization including 2.46 grams per tonne ("g/t") gold over 8.5 meters ("m") and 3.17 g/t gold over 8.5 m. The following assay results highlight the key zones of mineralization that were intersected in hole PC-14-234. 1.54 g/t Au over 6.0 m beginning at a depth of 117.5 m; 1.70 g/t Au over 15.5 m beginning at a depth of 173.5 m; -- 2.46 g/t Au over 8.5 m beginning at a depth of 180.5 m; and 3.17 g/t Au over 8.5 m beginning at a depth of 212.0 m. Historic drilling in the down-dip area, principally around hole PC-07-179, had indicated that Pine Cove mineralization continued to the north of the mine. Anaconda has been testing the area immediately north of its Pine Cove mine since completing diamond-drill hole PC-11-181 in June 2011, which intersected 2.50 g/t Au over 40.8 m. The Company has since drilled nine holes including PC-14-234. This 300 m, vertical hole targeted an area midway between gold mineralization intersected in both PC-11-181 and the historic hole, PC-07-179. Hole PC-14-234 intersected multiple zones of quartz veining/brecciation, iron carbonate, sericite and disseminated pyrite that are analogous to Pine Cove-style mineralization. Anaconda's drilling has intersected multiple zones of mineralization in the down-dip area. The mineralization appears to flatten northwards and it has been traced approximately 160 m north of the ultimate open pit boundary, to a vertical depth greater than 200 m. It remains open to the north. The mineralization appears to occur within a gently north-plunging synformal fold with the thickest mineralization, as intersected by PC-11-181 and PC-14-234, occupying the core. Additional drilling is warranted to further define the limits of this mineralization and to test potential continuity between zones.


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