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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. 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.

Anaconda Mining Inc. Announces Sales and Operating Results for the Fourth Quarter and Full Year Ended May 31, 2014; Provides Sales Guidance for the Fiscal 2015

Anaconda Mining Inc. announced financial and operating results for the fourth quarter and full year ended May 31, 2014. During the fourth quarter its Pine Cove Mine sold 3,797 ounces of gold and generated $5,278,887 in revenue at an average sales price of $1,390 per ounce. Sales volume and Revenues were approximately 13% and 22% lower than the fourth quarter fiscal 2013 sales volume and revenue, respectively. For the quarter, the Pine Cove mill operated for 82 days at an availability rate of 89%. The mill processed 81,569 dry tones of ore at an average head grade of 1.80 grams per tone. Overall mill recovery was 82%, compared to 84% in the fourth quarter of 2013, primarily due to lower than expected leach-circuit recovery. For fiscal 2014, the company sold 14,577 ounces of gold and generated $20,175,326 in revenue at an average sale price of $1,384 per ounce. Compared to fiscal 2013, sales volume and revenue decreased by 2% and 17% respectively. Year-over-year revenue decreased due to a decline in average sales price from $1,625 per ounce in fiscal 2013 to $1,384 in fiscal 2014. For the year, the mill processed approximately 305,000 tones of ore, nearly 17,000 more tones than fiscal 2013. The company expects to exceed fiscal 2014 throughput and sales volume, and maintain approximately the same grade and recovery in fiscal 2015.


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