Welcome!

News Feed Item

Anaconda's Pine Cove Mine Sells Over 2,800 Ounces of Gold; Generates Nearly $4M in Revenue in Q3 FY2014

TORONTO, ONTARIO -- (Marketwired) -- 03/20/14 -- Anaconda Mining Inc. ("Anaconda" or the "Company") - (TSX: ANX) announces certain financial and operating results from the fiscal 2014 third quarter ended February 28, 2014 (the "Quarter"). The Company sold 2,832 ounces of gold and generated $3,865,210 in revenue at an average sales price of $1,365 per ounce. During the previous years' third quarter ended February 28, 2013, the Company sold 3,101 ounces of gold and generated $5,137,269 in revenue at an average sales price of $1,656 per ounce. The Quarter's sales volume and revenue were approximately 9% and 25% lower, respectively, than in the similar period in fiscal 2013. Volume was down because of an unusually harsh winter in Newfoundland, as well as power supply issues which affected crusher and ball mill performance. Revenue was lower because of the decreased volume and the nearly $300 unfavorable difference in average gold price. Despite a challenging Quarter, the Company has sold 10,780 ounces through the first nine months of fiscal 2014, which is nearly 300 ounces more than the same period in fiscal 2013. In addition to the revenue generated at Pine Cove, Anaconda received US$355,831 in royalty income from the Chile transaction during the Quarter. The Company expects to file its full financial statements by April 15, 2014.

President and CEO, Dustin Angelo, stated, "Pine Cove's operating performance in the third quarter was hampered by the extreme cold and excessive snowfall that began in late November and lasted into early March. The operating difficulties were compounded by the lack of adequate, consistent power supply, which caused the Pine Cove team to conservatively run the ball mill at a lower throughput rate for most of the Quarter to compensate for these external issues. By the end of January, the Company had made adjustments to overcome the power supply problems and, by mid March, with the softening of the weather, it was beginning to ramp up gold production to normal levels."

FY Q3 2014 Mill Operations Overview:

The Pine Cove mill operated for 76 days during the Quarter at an availability rate of 84%. The mill processed 63,123 dry tonnes of ore (834 tonnes per operating day) at an average head grade of 1.79 grams per tonne. Overall mill recovery averaged 83%.

On November 20, 2013, the Pine Cove site and other utility customers on the Baie Verte Peninsula experienced a power outage that lasted approximately 40 hours. Subsequent to power restoration, the Company's ball mill continued to trip out on overload protection. A detailed investigation concluded there was no internal damage but that the issues likely related to a reduced electricity supply from the power provider which also included province wide rotating outages that occurred later in the Quarter. The need for rolling outages was attributed to extreme cold temperatures and generating capacity issues with the provider. The Company continued to operate at a reduced mill capacity until the starting issues could be rectified.

The Company, along with its local and international engineering consultants, optimized the ball mill electrical circuit to compensate for the energy reduction, thereby enabling the plant to resume full production on January 28, 2014.

In addition to issues associated with starting the ball mill, winter weather has proven to be harsh, even for Newfoundland standards. The weather routinely alternated between periods of extreme cold and extreme snowfall. These conditions affected the crushing plant and caused ore to freeze in feed chutes, requiring more down time for maintenance and cleanup. Weather-related down time would have been far worse if not for configuration changes and improvements made to the crushing plant over the last year. More improvements are being considered to prepare for next winter.

The following table summarizes the key historical mill operating statistics by quarter for fiscal 2014 as well as a year-over-year comparison between the first nine months of fiscal 2014 and fiscal 2013.


----------------------------------------------------------------------------
                                                       9 Months    9 Months
                             Q1        Q2        Q3       Ended       Ended
                         FY '14    FY '14    FY '14  2014/02/28  2013/02/28
----------------------------------------------------------------------------
OPERATING STATISTICS
----------------------------------------------------------------------------
Calendar days                92        91        90         273         273
----------------------------------------------------------------------------
Operating days               85        80        76         240         237
----------------------------------------------------------------------------
Availability                 93%       87%       84%         88%         86%
----------------------------------------------------------------------------
Dry tonnes processed     83,890    76,114    63,123     223,127     202,979
----------------------------------------------------------------------------
Tonnes per 24-hour day      987       957       834         926         858
----------------------------------------------------------------------------
Grade (grams per
 tonne)                    1.91      1.80      1.79        1.83        1.93
----------------------------------------------------------------------------
Overall mill recovery        83%       83%       83%         83%         83%
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Gold sales volume
 (troy oz.)               4,096     3,852     2,832      10,780      10,512
----------------------------------------------------------------------------

NOTE: Operating statistics exclude changes in in-circuit inventory.

ABOUT ANACONDA

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 Cove mine.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.