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
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.