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Anaconda's Pine Cove mine has record fiscal Q4 2012: 3,677
ounces of gold sold and over $6.0M in revenue
TORONTO, June 13, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or
"the Company") - (TSX: ANX) is pleased to announce certain
financial and operating results from the fiscal fourth quarter and
full year ended May 31, 2012. During the fourth quarter, the
Company sold 3,677 ounces of gold and generated $6,035,734 in
revenue at an average sales price of $1,642 per ounce. The fourth
quarter sales volume and revenue were approximately 12% and 9%
greater than the third quarter sales volume and revenue,
respectively. For fiscal 2012, the Company sold 11,978 ounces of
gold and generated $19,905,756 in revenue at an average sales price
of $1,662 per ounce. Compared to fiscal 2011, sales volume and
revenue increased 124% and 172%, respectively.
President and CEO, Dustin Angelo, stated, "Fiscal 2012 ended very
well with another record quarter for gold sales volume and revenue.
It's a testament to the Pine Cove team and its ability to
continuously improve the operation. For the second half of the
fiscal year, we sold just under 7,000 ounces, which would be
approximately 14,000 ounces on an annual run rate basis. Heading
into fiscal 2013, the operational pieces are in place to further
optimize output. Consequently, we expect to produce and sell
approximately 15,000 to 16,000 ounces in fiscal 2013."
FY Q4 2012 Mill Operations Overview:
Overall mill recovery averaged 85% for the fourth quarter, the
highest recovery rate since operations restarted after the
completion of the upgrade of the mill in the summer of 2010. The
most significant contributor to the improved overall recovery has
been in the leach and filtration circuits. Both have improved by 5%
compared to a year ago. Current grind of P80 of 30 microns has
improved leach recovery from 91% to 96%. The addition of copper
sulphate along with the new drum filters has resulted in a much
improved filtration recovery, currently at 97%.
The Pine Cove mill operated for approximately 82 days during the
fourth quarter and processed 78,335 dry tonnes of ore (955 tonnes
per operating day), approximately 6,000 more tonnes than the third
quarter. Mill availability averaged 90% for the quarter, but was
only 75% in March due to inclement weather and crusher maintenance.
The downtime and slightly lower grade (discussed below) were the
primary contributors to falling short of reaching 4,000 ounces for
Per the Company's block model, the grade for the fourth quarter was
targeted to be 1.83 grams per tonne ("g/t"). However, actual
average head grade was 1.75 g/t which reflects the complex ore
geometry experienced in the pit. The Company has augmented its
mining procedures to minimize dilution and maximize the potential
to achieve expected grade. It is also evaluating additional
techniques to provide better ore definition control.
The following table summarizes the key operating statistics by
quarter for the fiscal year ended May 31, 2012.
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Total/Avg
Availability 92% 72% 87% 90% 85%
Dry tonnes processed 79,935 55,369 72,500 78,335 286,139
Tonnes per 24-hour day 963 837 912 955 925
Grade (grams per tonne) 1.51 2.04 2.01 1.75 1.81
Overall mill recovery 76% 78% 81% 85% 80%
Gold sales volume (troy oz.) 2,858 2,166 3,277 3,677 11,978
Headquartered in Toronto, Canada, Anaconda is a growth oriented,
gold mining and exploration company with a producing asset located
on the Baie Verte Peninsula in Newfoundland, Canada called the Pine
FORWARD LOOKING STATEMENTS
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.
Anaconda Mining Inc.
President and CEO
ProConsul Capital Ltd.
Company website: www.anacondamining.com