https://www.anacondamining.com/anx/tilt_cove_project/3308 ___________________________________________________________________________ Oct 12, 2021 https://www.accesswire.com/667660/A...erground-Targets-at-the-Goldboro-Gold-Project is pleased to announce results from an infill diamond drilling program (the "Infill Drill Program") completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project"). The Infill Drill Program was designed to upgrade inferred mineral resources in an area of potential future underground development between the two open pits contemplated in the recently announced Preliminary Economic Analysis ("PEA"), comprising 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308). The Infill Drill Program will also contribute to the optimization of open pit designs as part of the Feasibility Study anticipated in Q4 2021, part of Phase I of the long-term mine development plan which will focus exclusively on surface mining. Assay results have been received for 10 drill holes to date (Exhibit A), with assays for the remaining drill holes to be presented in an upcoming news release as results are received. Selected composited highlights (core length) from the Infill Drill Program include: 7.88 grams per tonne ("g/t") gold over 7.9 metres (364.3 to 372.2 metres), including 21.38 g/t gold over 1.5 metres and 17.32 g/t gold over 1.5 metres in diamond drill hole BR-21-291; 6.19 g/t gold over 2.6 metres (94.6 to 97.2 metres), including 24.80 g/t gold over 0.6 metres in diamond drill hole BR-21-299; 3.67 g/t gold over 4.2 metres and 14.10 g/t gold over 0.5 metres within a broader zone consisting of 1.91 g/t gold over 12.6 metres (279.4 to 292.0 metres), in diamond drill hole BR-21-295; 6.75 g/t gold over 2.7 metres and 19.90 g/t gold over 0.5 metres within a broader zone consisting of 2.59 g/t gold over 8.0 metres (279.8 to 287.8 metres), in diamond drill hole BR-21-296; and 33.00 g/t gold over 0.5 metres within a broader zone consisting of 2.54 g/t gold over 8.2 metres (120.5 to 128.7 metres), in diamond drill hole BR-21-299. see the full article here(please and thank you) _____________________________________________________________________ Sep 29, 2021 https://www.accesswire.com/666029/A...ility-Study-Work-at-the-Goldboro-Gold-Project Anaconda is pleased to announce results from diamond drilling conducted as part of geotechnical studies and water well installations at is pleased to announce results from diamond drilling conducted as part of geotechnical studies and water well installations at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project"). Despite their primary purpose, several of these holes encountered mineralization within the open pits contemplated in the recently announced Preliminary Economic Analysis ("PEA") and therefore will enable the optimization of pit designs as part of the Feasibility Study. The drill programs included 3,445.5 metres of diamond drilling in eighteen (18) holes (BR-21-257 to 269 and BR-21-285 to 289) for exploration and geotechnical purposes to support detailed pit design and 1,308.2 metres of diamond drilling in ten (10) holes (BR-21-270 to 277 and -279 to 280) for water well installations near the potential open pits and within planned infrastructure to obtain relevant environmental data to support ongoing environmental assessment work ( Exhibit A ). Selected composited highlights (core length) from the development drilling include: 2.21 grams per tonne ("g/t") gold over 11.0 metres (196.5 to 207.5 metres) in diamond drill hole BR-21-259; 1.61 g/t gold over 14.7 metres (64.9 to 79.6 metres) including 5.49 g/t gold over 1.5 metres in diamond drill hole BR-21-285; 1.71 g/t gold over 9.5 metres (91.2 to 100.7 metres) including 9.78 g/t gold over 1.0 metre in diamond drill hole BR-21-285; 16.09 g/t gold over 1.5 metres (87.3 to 88.8 metres) in diamond drill hole BR-21-271; 1.33 g/t gold over 4.5 metres (144.5 to 149.0 metres) in diamond drill hole BR-21-259; and 1.20 g/t gold over 5.0 metres (156.0 to 161.0 metres) in diamond drill hole BR-21-259. ______________________________________________________________________________ Aug 5, 2021 Pre-tax Net Present Value 5% of $805M with a pre-tax IRR of 29.0% After-tax Net Present Value 5% of $547M with an after-tax IRR of 24.4% https://www.accesswire.com/658505/A...echnical-Report-for-the-Goldboro-Gold-Project TORONTO, ON / ACCESSWIRE / August 5, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the filing of a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101" Highlights of the Goldboro Gold Project PEA ⦁ After-tax Net Present Value at a 5% discount rate ("NPV 5%") of $547 million and an after-tax Internal Rate of Return ("IRR") of 24.4%, with an after-tax payback of 3.2 years based on a gold price of $2,000 per ounce (US$1,550 at an exchange rate of 1.29 C$:US$); ⦁ Pre-tax NPV 5% of $805 million and a pre-tax IRR of 29.0%, with a pre-tax payback period of 2.9 years; ⦁ Total gold recovered of over 1,950,000 ounces over a 17.6-year life of mine, based on 15.0 Mt at 2.09 grams per tonne ("g/t") gold from surface mining, 6.0 Mt at 4.89 g/t gold from underground mining, and 3.2 Mt at 0.63 g/t gold from a low-grade stockpile; ⦁ Goldboro could generate an estimated $3.9 billion of gross revenue, approximately $ 1.6 billion in undiscounted pre-tax net cash flow, and over $481 million in federal and provincial tax payments; ⦁ Initial capital cost ("Capex") of $286 million resulting in an after-tax NPV 5% to Capex ratio of 1.9; ⦁ Average gold production of over 89,500 ounces per year over the first 7 years of production from surface mining, increasing to average annual production of over 120,000 ounces in years 8 through 18; ⦁ Life-of-Mine Operating Cash Costs1 of $862 (US$668) per ounce sold and All-In Sustaining Costs1 ("AISC") of $1,031 (US$799) per ounce sold; ⦁ Mill capacity of 4,000 tonnes per day ("tpd") based on combined gravity and leaching circuit, demonstrating an average gold recovery of 96.4%; and ⦁ At a gold price of $2,200 (US$1,705), Goldboro could generate cumulative after-tax net cash flows of approximately $1.4 billion, an after-tax NPV 5% of over $700 million and an after-tax IRR of 29.2%. ________________________________________________________________________________ Jun 23, 2021 https://www.accesswire.com/652780/A...omic-Assessment-for-the-Goldboro-Gold-Project Pre-tax Net Present Value 5% of $805M with a pre-tax IRR of 29.0% Figures 1 and 2 illustrate the PEA Open Pit design. Pre-tax Net Present Value 5% of $805M with a pre-tax IRR of 29.0% After-tax Net Present Value 5% of $547M with an after-tax IRR of 24.4% Highlights of the Goldboro Gold Project PEA After-tax Net Present Value at a 5% discount rate ("NPV 5%") of $547 million and an after-tax Internal Rate of Return ("IRR") of 24.4%, with an after-tax payback of 3.2 years based on a gold price of $2,000 per ounce (US$1,550 at an exchange rate of 1.29 C$:US$); Pre-tax NPV 5% of $805 million and a pre-tax IRR of 29.0%, with a pre-tax payback period of 2.9 years; ⦁ Total gold recovered of over 1,950,000 ounces over a 17.6-year life of mine, based on 15.0 Mt at 2.09 grams per tonne ("g/t") gold from surface mining, 6.0 Mt at 4.89 g/t gold from underground mining, and 3.2 Mt at 0.63 g/t gold from a low-grade stockpile; ⦁ Goldboro could generate an estimated $3.9 billion of gross revenue, approximately $ 1.6 billion in undiscounted pre-tax net cash flow, and over $481 million in federal and provincial tax payments; ⦁ Initial capital cost ("Capex") of $286 million resulting in an after-tax NPV 5% to Capex ratio of 1.9; ⦁ Average gold production of over 89,500 ounces per year over the first 7 years of production from surface mining, increasing to average annual production of over 120,000 ounces in years 8 through 18; ⦁ Life-of-Mine Operating Cash Costs of $862 (US$668) per ounce sold and All-In Sustaining Costs ("AISC") of $1,031 (US$799) per ounce sold; ⦁ Mill capacity of 4,000 tonnes per day ("tpd") based on combined gravity and leaching circuit, demonstrating an average gold recovery of 96.4%; and ⦁ At a gold price of $2,200 (US$1,705), Goldboro could generate cumulative after-tax net cash flows of approximately $1.4 billion, an after-tax NPV 5% of over $700 million and an after-tax IRR of 29.2%. The Goldboro pit was designed with the following preliminary assumptions: 9 geotechnical sectors with bench face angles ranging from 70o - 85o, inter-ramp angles ranging from 49o - 59o, and overall slope angles ranging from 43o - 53o; Operational bench height of 5 m, final bench height of 15 m; Berm width of 7.5 m; and Ramp width of 21 m, including 3x truck width (5.5 m) for running surface for double lane traffic, and allowance for safety berm and drainage ditch. Each pit is currently planned to be developed with two phases each. The East Pit would be completed in Year 8 of production and the West Pit is completed in Year 11 of production (Figures 1 and 2). Figure 1: Goldboro Open Pit, Plan View Figure 2: Goldboro Open Pit, Long Section View (looking North-Northeast) Figure 3: Goldboro Underground, Long Section View (looking South) Figure 4: General Site Plan ___________________________________________________________________________ https://www.accesswire.com/650998/A...r-115-Metres-From-Infill-Drilling-at-Goldboro Jun 9, 2021 TORONTO, ON / ACCESSWIRE / June 9, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company")Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the results of a diamond drill program ("Infill Drill Program") conducted at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia, as well as the results of a drill program completed at the nearby Lower Seal Harbour Property in the winter of 2021. The Goldboro Infill Drill Program was initiated following the significantly expanded Mineral Resource Estimate ("Mineral Resource") announced on February 22, 2021, consisting of 32 holes and 3,321.5 metres (BR-21-225 to -256). The aim of the program was the conversion of Inferred Resources within the western constrained open pit outlined in the updated Mineral Resource (Exhibit A). Selected composited highlights (core length) from the Infill Drill Program include: ⦁ 9.47 grams per tonne ("g/t") gold over 10.0 metres (59.0 to 69.0 metres) including 6.66 g/t gold over 1.5 metres, 124.50 g/t gold over 0.5 metres and including 24.0 g/t gold over 0.5 metres in hole BR-21-252; ⦁ 2.76 g/t gold over 11.5 metres (48.5 to 60.0 metres) including 10.50 g/t gold over 0.5 metres in hole BR-21-246; ⦁ 5.21 g/t gold over 5.5 metres (47.5 to 53.0 metres) including 43.80 g/t gold over 0.5 metres in hole BR-21-239; ⦁ 2.49 g/t gold over 7.0 metres (97.0 to 104.0 metres) including 21.40 g/t gold over 0.5 metres in hole BR-21-254; ⦁ 2.06 g/t gold over 8.0 metres (26.0 to 34.0 metres) including 8.57 g/t gold over 1.0 metre in hole BR-21-245; and ⦁ 1.12 g/t gold over 7.0 metres (20.0 to 27.0 metres) including 3.49 g/t gold over 1.0 metre in hole BR-21-233. ⦁ __________________________________________________________________________ https://www.accesswire.com/650194/A...ophysical-Survey-at-the-Goldboro-Gold-Project Jun 3, 2021 Anaconda Mining Commences 20,000 metre Drill Program and Geophysical Survey at the Goldboro Gold Project TORONTO, ON / ACCESSWIRE / June 3, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce it has commenced a 20,000 metre diamond drill program (the "Drill Program") at its wholly-owned Goldboro Gold Project at its wholly-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia, Canada. The Drill Program, which is in addition to the 3,500-metre drill program announced in March 2021, will be primarily focused on infill drilling designed to convert priority Inferred Mineral Resources within and adjacent to the constrained open pits, into Indicated Mineral Resources to support the ongoing Feasibility Study. The constrained open pits were designed using only Measured and Indicated Resources (Exhibit A), which, in the process, captured a portion of Inferred Resources within the open pits. Additionally, there are under-drilled areas adjacent to the constraining open pits that, if converted to Indicated Mineral Resources, could further increase the open-pit mineral resource. The Company will also conduct a 50-line kilometer Induced Polarization ("IP") geophysical survey over the area west of the Goldboro Deposit for approximately one kilometre up to the past producing Dolliver Mountain gold mine (Exhibit B). There is significant opportunity to further expand the mineral resource and the IP geophysical survey will assist in identifying such continuation to the west as well as any potential parallel zones north and south of the currently known extents of the deposit. Highlights of the Goldboro Mineral Resource include: ⦁ Overall, 1,946,100 ounces of gold (16,036,000 million tonnes at an average grade of 3.78 grams per tonne ("g/t") within the combined open pit and underground, Measured and Indicated Mineral Resource categories; ⦁ Overall, 798,100 ounces of gold (5,306,000 tonnes at 4.68 g/t gold) within the combined open pit and underground, Inferred Mineral Resource category; ⦁ 1,089,900 ounces of gold (11,880,000 tonnes at 2.86 g/t gold) within two constrained open pits within the Measured and Indicated Mineral Resource categories (Exhibit A); and ⦁ 89,000 ounces of gold (1,580,000 tonnes at 1.75 g/t gold) in two constrained open pits within the Inferred Mineral Resource category. __________________________________________________________________________________ Mar 30, 2021 https://www.accesswire.com/638064/Anaconda-Mining-Files-Updated-Technical-Report-for-the-Goldboro-Gold-Project Anaconda Mining Files Updated Technical Report for the Goldboro Gold Project Measured and Indicated Mineral Resources of 1,946,100 ounces of gold, a 179% increase Measured and Indicated Mineral Resources of 1,946,100 ounces of gold, a 179% increase Inferred Mineral Resources of 798,100 ounces of gold, a 16% increase TORONTO, ON / ACCESSWIRE / March 30, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) is pleased to announce the filing of a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") reporting on the updated and significantly expanded Mineral Resource Estimate ("Mineral Resource") for its 100%-owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro", or the "Project"). The technical report, entitled "NI 43-101 Technical Report and Mineral Resource Estimate, Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", follows the previous announcement on February 22, 2021, and demonstrates the potential to meaningfully expand the scale of the Project, especially the surface mining potential from open pits. The Company is also pleased to announce that it has filed its updated Annual Information Form for the year ended December 31, 2020, dated as of March 30, 2021, which is available under the Company's SEDAR profile at www.sedar.com. Highlights of the Goldboro Gold Project Updated Mineral Resource ⦁ 1,089,800 ounces of gold (11,880,000 tonnes at 2.86 grams per tonne ("g/t") gold) within two constrained open pits within the Measured and Indicated Mineral Resource categories, representing an increase in ounces of 1,361%; ⦁ Overall, 1,946,100 ounces of gold (16,036,000 tonnes at an average grade of 3.78 g/t gold) within the Measured and Indicated Mineral Resource categories, representing a 179% increase in combined open pit and underground ounces; ⦁ 798,100 ounces of gold (5,306,000 tonnes at 4.68 g/t gold) within the Inferred Mineral Resource category; a 16% increase in combined open pit and underground; ⦁ Feasibility level metallurgical studies demonstrate an excellent average recovery of 96% for the open pit constrained Mineral Resource (see press release dated February 9, 2021); ⦁ Continued growth potential as the open pit shells only used Measured and Indicated Resources to create the open pit physical limits, strong opportunity exists for further conversion of Inferred Resources. ________________________________________________________________________________ Mar 3, 2021 https://www.accesswire.com/633108/A...ource-Update-Targeting-Growth-in-MI-Resources Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated a new 3,500 metre diamond drill program ("Drill Program") at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia. The Drill Program follows the significantly expanded Mineral Resource Estimate ("Mineral Resource") announced on February 22, 2021, with the aim of converting high priority Inferred Resources that reside within one of the constrained open pits outlined in the updated Mineral Resource (Exhibit A and B). Highlights of the Goldboro Mineral Resource include: ⦁ Overall, 1,946,100 ounces of gold (16,036,000 million tonnes at an average grade of 3.78 grams per tonne ("g/t") within the combined open pit and underground, Measured and Indicated Mineral Resource categories; ⦁ Overall, 798,100 ounces of gold (5,306,000 tonnes at 4.68 g/t gold) within the combined open pit and underground, Inferred Mineral Resource category; ⦁ 1,089,900 ounces of gold (11,880,000 tonnes at 2.86 g/t gold) within two constrained open pits within the Measured and Indicated Mineral Resource categories (Exhibits A and B); and ⦁ 89,000 ounces of gold (1,580,000 tonnes at 1.75 g/t gold) in two constrained open pits within the Inferred Mineral Resource category. Exhibit A. The location of the Goldboro Gold Project showing the Goldboro deposit and open pits that constrain the open pit portion of the Mineral Resource. Exhibit B. A map and two cross sections showing the Mineral Resource as resource categories within and outside of the constrained open pits. The western cross section illustrates an example of the high priority Inferred Resources that will be drilled during the Drill Program with the aim of upgrading to Measured and Indicated Resources. _________________________________________________________________________________ https://www.accesswire.com/633108/A...ource-Update-Targeting-Growth-in-MI-Resources TORONTO, ON / ACCESSWIRE / March 3, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated a new 3,500 metre diamond drill program ("Drill Program") at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia. The Drill Program follows the significantly expanded Mineral Resource Estimate ("Mineral Resource") announced on February 22, 2021, with the aim of converting high priority Inferred Resources that reside within one of the constrained open pits outlined in the updated Mineral Resource (Exhibit A and B). Measured and Indicated Mineral Resources of 1,946,100 ounces of gold, a 179% increase Inferred Mineral Resources of 798,100 ounces of gold, a 16% increase _______________________________Highlights of the Goldboro Mineral Resource include: ⦁ Overall, 1,946,100 ounces of gold (16,036,000 million tonnes at an average grade of 3.78 grams per tonne ("g/t") within the combined open pit and underground, Measured and Indicated Mineral Resource categories; ⦁ Overall, 798,100 ounces of gold (5,306,000 tonnes at 4.68 g/t gold) within the combined open pit and underground, Inferred Mineral Resource category; ⦁ 1,089,900 ounces of gold (11,880,000 tonnes at 2.86 g/t gold) within two constrained open pits within the Measured and Indicated Mineral Resource categories (Exhibits A and B); and ⦁ 89,000 ounces of gold (1,580,000 tonnes at 1.75 g/t gold) in two constrained open pits within the Inferred Mineral Resource category._________________________________________________ https://www.accesswire.com/631149/A...ineral-Resources-at-the-Goldboro-Gold-Project TORONTO, ON / ACCESSWIRE / February 22, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce an updated and significantly expanded Mineral Resource Estimate ("Mineral Resource") prepared in accordance with National Instrument 43-101 ("NI 43-101") for its 100% owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro", or the "Project") (Exhibit A). With an effective date of February 7, 2021, this updated Mineral Resource demonstrates the potential to meaningfully expand the scale of the Project, especially the surface mining potential from open pits (Exhibits A - E). The Mineral Resource will form the basis of the mine plan to be outlined in a Feasibility Study anticipated to be announced in Q4 2021. Highlights of the Goldboro Gold Project Updated Mineral Resource 1,089,800 ounces of gold (11,880,000 tonnes at 2.86 grams per tonne ("g/t") gold) within two constrained open pits within the Measured and Indicated Mineral Resource categories, representing an increase in ounces of 1,361%; Overall, 1,946,100 ounces of gold (16,036,000 tonnes at an average grade of 3.78 g/t gold) within the Measured and Indicated Mineral Resource categories, representing a 179% increase in combined open pit and underground ounces; 798,100 ounces of gold (5,306,000 tonnes at 4.68 g/t gold) within the Inferred Mineral Resource category; a 16% increase in combined open pit and underground; Feasibility level metallurgical studies demonstrate an excellent average recovery of 96% for the open pit constrained Mineral Resource (see press release dated February 9, 2021). Continued growth potential as the open pit shells only used Measured and Indicated Resources to create the open pit physical limits, strong opportunity exists for further conversion of Inferred Resources. Measured and Indicated Mineral Resources of 1,946,100 ounces of gold, a 179% increase Inferred Mineral Resources of 798,100 ounces of gold, a 16% increase Exhibit A The location of the Goldboro Gold Project showing the Goldboro deposit and open pits that constrain the open pit portion of the Mineral Resource. Exhibit B. A map and two cross sections showing the Mineral Resource within and outside the constraining open pits. Exhibit C. A map and long section through the Goldboro Deposit showing gold distribution and the location of the constrained open pits. Exhibit D. A map and two cross sections showing the Mineral Resource as resource categories within and outside of the constrained open pits. Exhibit E. An oblique view of the Goldboro Deposit looking down the plunge of the anticlinal structure as outlined by the Mineral Resource in relation to the constrained open pits. Viewed above the horizon and looking towards East-Southeast. ____________________________________________________________________ https://www.accesswire.com/628556/A...oject-Demonstrating-Excellent-Gold-Recoveries TORONTO, ON / ACCESSWIRE / February 9, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the results from the recently completed metallurgical testing program ("Met Program") for its 100% owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro" or the "Project"). The latest Met Program was initiated based on recent drill results which have demonstrated the presence of significant near-surface gold mineralization, located adjacent to modelled high-grade zones. This lower grade background material, which exists across the deposit and had not been previously subject to metallurgical testing, could conceptually be mined with surface mining methods, along with the high-grade zones of mineralization previously subject to metallurgical testing. In total, the metallurgical program tested distinct grade bins ranging from 0.16 grams per tonne gold ("g/t gold") to 4.46 g/t gold, with an average head grade of 1.04 g/t gold. The metallurgical testing demonstrated excellent recoveries within composites representative of potential mill feed for the Project with a range of recoveries between 89% to 98%, complementing the feasibility-level metallurgical testing announced on July 9, 2019, which demonstrated a range of recoveries from 87% to 99% on higher grade areas of the deposit (head grades ranged between 0.90 g/t gold and 23.0 g/t gold). Table 1. Results of the Met Program showing average grade, leach characteristics, gravity recovery, leach recovery and overall recovery of composites. . The results from this program (Exhibit A), combined with previous results announced in July 2019 (Exhibit A), demonstrate the exceptional linear recovery curves to be used for the upcoming Mineral Resource Estimate and ongoing Feasibility Study planned for Q4, 2021 ___________________________________________ https://www.accesswire.com/624808/A...ver-90-Metres-and-137-gt-Gold-Over-215-Metres TORONTO, ON / ACCESSWIRE / January 19, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce final drill results from its completed infill drill program ("Drill Program") at its 100% owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro" or the "Project"). The Drill Program was comprised of 17,941.7 metres of diamond drilling and was designed to convert priority Inferred Mineral Resources to Measured and Indicated Mineral Resources of the Goldboro Deposit as part of a mineral resource update anticipated for Q1 of 2021 and as part of the ongoing Feasibility Study. Results from the most recent drilling, comprised of 2,148.2 metres from fifteen diamond drill holes, all reflect near surface targets (>175 vertical metres) at both the West Goldbrook Gold System ("WG Gold System") and the Boston Richardson Gold System ("BR Gold System") (Exhibit A). The drilling was focused on shallow levels of the deposit to further evaluate the opportunity for an expanded open-pit mining scenario, as identified through the ongoing Feasibility Study. The results demonstrate continuity of mineralization within the infill drill areas at both the WG and BR gold systems in areas explored. A total of eight (8) visible gold occurrences were observed in these drill holes. Selected composited highlights (core length) from the Drill Program include: ⦁ 1.86 grams per tonne ("g/t") gold over 14.5 metres (55.5 to 70.0 metres) and 2.78 g/t gold over 4.5 metres (44.0 to 48.5 metres) and 1.31 g/t gold over 5.5 metres (19.0 to 24.5 metres) in hole BR-20-221; ⦁ 1.37 g/t gold over 21.5 metres (72.0 to 93.5 metres) including 26.80 g/t gold over 0.5 metres in hole BR-20-219; ⦁ 2.08 g/t gold over 9.0 metres (130.0 to 139.0 metres) including 12.20 g/t gold over 1.0 metre in hole BR-20-216; ⦁ 8.56 g/t gold over 2.0 metres (39.0 to 41.0 metres) including 16.70 g/t gold over 1.0 metre in hole BR-20-224; and ⦁ 2.66 g/t gold over 5.6 metres (121.2to 126.8 metres) including 9.72 g/t gold over 0.8 metres in hole BR-20-210. " Anaconda's extensive infill drill program at its Goldboro Gold Project was very successful in infilling areas of priority inferred mineralization at shallow levels of the deposit. Importantly this was achieved while maintaining strong safety protocols given the ongoing impact of the global pandemic. Based on the positive drill results from this program, we are confident as we progress towards the announcement of a mineral resource update in Q1 2021, which, together with advanced metallurgical work, will allow us to complete detailed pit design to support a potential expanded surface mining operation using conventional open-pit mining methods. In addition, as part of the ongoing mineral resource evaluation, we have recognized additional opportunity, within the central portions of the deposit, to convert further Inferred Mineral Resources to indicated and measured categories, potentially further expanding surface mining potential at Goldboro. We plan further drilling in the near-term to unlock the value recognized in these specific areas of the deposit once we have completed the full evaluation of the results from our recent program." Exhibit A: A map showing the location of drill holes and selected composited highlights referred to in this news release. __________________________________________________________________________________ Jan 6, 2021 https://www.accesswire.com/623210/A...-Located-16-KM-From-Its-Goldboro-Gold-Project Anaconda Mining Initiates Drill Program at Lower Seal Harbour in Nova Scotia, Located 1.6 KM From Its Goldboro Gold Project Exhibit A. A map showing the location of the Lower Seal Harbour Property near the Goldboro Gold Project Deposit as well as the trace of the anticlinal structures that host gold mineralization. Highlights of the Lower Seal Harbour Property include: Proximity to Anaconda's Goldboro Gold Project, within a similar geological setting and mineralization characteristics; ⦁ Significant high-grade, historical drill intercepts* reported by previous exploration work conducted in the 1980's consisting of 9,506.9 metres in thirty-nine drill holes, including: ⦁ 18.91 grams per tonne ("g/t") gold over 1.69 metres including 87.54 g/t over 0.33 metres in hole LSH-88-021; ⦁ 7.49 g/t gold over 3.65 metres including 106.01 g/t over 0.25 metres in hole LSH-87-011; ⦁ 9.63 g/t gold over 1.46 metres in hole LSH-87-009; and ⦁ 5.14 g/t gold over 2.18 metres in hole LSH-88-021; ⦁ History of intermittent past production** from 1904-1949 and reported 34,295 ounces of recovered gold (394,905 tonnes mined); and ⦁ Historic mineralization remains open for expansion along strike and at depth. Nov 26th https://www.accesswire.com/618482/A...ect-Optimization-Process-and-Mineral-Resource Further studies have indicated that the scale and potential of the Goldboro Gold Project is changing significantly, and we have identified certain opportunities which may markedly increase the Project's potential value, including: The recognition and confirmation of more low-grade mineralization at shallow levels (less than 175 metres) of the deposit than was previously modelled; The confirmation that mineralization within, and between, the three gold systems of the Goldboro deposit are continuous within the updated resource model; and The potential for an open-pit dominant, higher-tonnage development scenario. ANACONDA MINING PROVIDES AN UPDATE ON THE GOLDBORO GOLD PROJECT OPTIMIZATION PROCESS AND MINERAL RESOURCE Nov 19, 2020 Anaconda mining's pleased to provide an update on its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia, Canada. The Company, working closely with its external consultant Nordmin Engineering Inc., initiated optimization work on the Project earlier in the year based on opportunities identified in connection with the ongoing definitive feasibility study ("DFS"). This included a 15,000 metre infill drill program to support an updated mineral resource in all three gold systems within the Goldboro deposit (West Goldbrook, Boston Richardson, East Goldbrook), with the objective of upgrading certain Inferred Mineral Resources into Indicated Mineral Resources as well as more detailed metallurgical work to establish recovery profiles on lower grade (< 2.0 grams per tonne ("g/t")) mineralization in an open pit scenario. Further studies have indicated that the scale and potential of the Goldboro Gold Project is changing significantly, and we have identified certain opportunities which may markedly increase the Project's potential value, including: The recognition and confirmation of more low-grade mineralization at shallow levels (less than 175 metres) of the deposit than was previously modelled; The confirmation that mineralization within, and between, the three gold systems of the Goldboro deposit are continuous within the updated resource model; and The potential for an open-pit dominant, higher-tonnage development scenario. In light of these opportunities, the Company anticipates that it will issue an updated Mineral Resource in the first quarter of 2021. It has also initiated additional metallurgical, geotechnical, and mine and mill design work, as well as increased baseline environmental studies, to compliment an expanded view of the Project. The Company expects to be in a position to have a completed DFS, based on the expanded scope as outlined above, in the fourth quarter of 2021, well within the timelines for permitting. https://www.accesswire.com/617486/A...ver-45-Metres-and-185-GT-Gold-Over-150-Metres TORONTO, ON / ACCESSWIRE / November 19, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce drill results from an ongoing 15,000-metre infill drill program ("Drill Program") at its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia, Canada. The Drill Program is designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study. The current drill results are all from shallow drilling (<175 vertical metres) at the West Goldbrook Gold System ("WG Gold System") at the western end of the Goldboro deposit and demonstrate numerous mineralized intersections consistent with the current resource model (Exhibit A). These results demonstrate that at shallow levels of the WG Gold System there are numerous mineralized zones that confirm the geometry and location of the modelled mineral resource. A total of eleven (11) visible gold occurrences were also observed in these drill holes. Selected composited highlights from the Drill Program include: ⦁ 28.52 grams per tonne ("g/t") gold over 2.0 metres (125.6 to 127.6 metres) including 112.87 g/t gold over 0.5 metres in hole BR-20-146; ⦁ 1.85 g/t gold over 15.0 metres (184.0 to 199.0 metres) including 29.13 g/t gold over 0.5 metres and 9.12 g/t gold over 0.5 metres in hole BR-20-147; ⦁ 3.99 g/t gold over 4.5 metres (186.0 to 190.5 metres) including 26.80 g/t gold over 0.5 metres in hole BR-20-177; ⦁ 8.68 gold over 1.9 metres (127.6 to 129.5 metres) including 17.60 g/t gold over 0.9 metres in hole BR-20-160; ⦁ 4.29 g/t gold over 3.6 metres (27.0 to 30.6 metres) including 26.70 g/t gold over 0.5 metres in hole BR-20-158; ⦁ 6.65 g/t gold over 2.0 metres (23.0 to 25.0 metres) including 17.40 g/t gold over 0.5 metres in hole BR-20-176; and 3.72 g/t gold over 3.5 metres (76.0 to 79.5 metres) including 12.70 g/t gold over 0.5 metres in hole BR-20-182. _____________________________________________________________________________ Nov 11, 2020 https://www.accesswire.com/615913/A...Gold-Over-72-Metres-and-663-gt-Over-53-Metres Anaconda Mining Reports Further Goldboro Infill Drill Results, Including 6.05 g/t Gold Over 11.7 Metres, 5.52 g/t Gold Over 7.2 Metres and 6.63 g/t Over 5.3 Metres / November 11, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce drill results from an ongoing 15,000-metre infill drill program ("Drill Program") at its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia, Canada. The Drill Program is designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study. These results continue to demonstrate that significant high-grade zones are consistent with the current resource model and, excitingly, that they are being found within much broader zones of mineralization near surface. The most recent results are from shallow drilling (<175 vertical metres) at the West Goldbrook Gold System ("WG Gold System"), near the West Goldbrook Fault (Exhibit A). These results demonstrate the presence of some high-grade gold zones within broader zones of gold mineralization in an area of conceptual open pit resources. A total of three (3) visible gold occurrences were also observed in these drill holes which intersected mineralized belts as predicted by the current resource model. Selected composited highlights from the Drill Program include: 6.05 grams per tonne ("g/t") gold over 11.7 metres (189.9 to 201.6 metres) including 12.55 g/t gold over 2.5 metres and 5.52 g/t gold over 7.2 metres (210.8 to 218.0 metres) in hole BR-20-142; 6.63 g/t gold over 5.3 metres from (35.7 to 41.0 metres) including 47.67 g/t gold over 0.5 metres in hole BR 20-134; 7.76 g/t gold over 4.4 metres (39.8 to 44.2 metres) including 22.07 g/t gold over 1.0 metre and 9.42 g/t gold over 1.0 metre in hole BR-20-135; 1.34 g/t gold over 18.7 metres (97.3 to 116.0) including 6.41 g/t gold over 1.0 metre in hole BR 20-135; 3.26 g/t gold over 7.0 metres (145.5 to 152.5 metres) including 25.20 g/t gold over 0.5 metres in hole BR 20-142; and 1.76 g/t gold over 11.7 metres (114.3 to 126.0 metres) including 6.87 g/t over 1.0 metre and 6.25 g/t gold over 1.0 metre in hole BR 20-134. That's it for now, more to follow soon, regarding the https://www.anacondamining.com/anx/point_rousse_project/3311 project and https://www.anacondamining.com/anx/tilt_cove_project/3308 - Thanks for reading
The Mi'qMaq agreement, as mentioned in yesterday's articles, more details in this one https://www.accesswire.com/681936/A...Guysborough-Sign-Community-Benefits-Agreement TORONTO, ON / ACCESSWIRE / January 11, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce that it has signed a Community Benefits Agreement (the "Agreement") with the Municipality of the District of Guysborough (the "Municipality" or "MODG") to support sustainable social and economic benefits within the Municipality with respect to the Company's Goldboro Gold Project in Nova Scotia (the "Project' or "Goldboro"). The Municipality, home to the Project, is located on the Eastern Shore of Nova Scotia and has a strong history of significant natural resource development, including mining, natural gas, and wind energy. It is well established as "open for business" for sustainable commercial and industrial development. Anaconda has maintained continuous public engagement with the Municipality as well as residents and property owners in the region since it acquired the Project in 2017. A liaison committee was established to foster environmental stewardship and act as a conduit for transparent and ongoing communications between the Company and the community and all stakeholders, on all matters pertaining to potential development. This Community Benefits Agreement confirms each party's commitment to generate sustainable social and economic benefits for the Municipality. "Anaconda strives to achieve the highest standards of social, ethical and environmental practices in all aspects of our operations, as evidenced by our over 10 years of operations in Newfoundland. We are proud to formally establish this commitment in this Agreement with the Municipality of the District of Guysborough. We believe that our strong commitment to corporate social responsibility is critical to the success of our Company, which includes our commitment to bring sustainable social and economic benefits to the communities in which we operate. Since 2017, Anaconda and the Municipality of the District of Guysborough have maintained a collaborative relationship based on mutual respect and we look forward to building on that relationship throughout the life of the Goldboro Gold Project." ~Kevin Bullock, President & CEO, Anaconda Mining Inc. "The MODG welcomes and encourages responsible commercial and industrial development. We take pride in effective land use plans, achieved through broad consultation, thus creating clear expectations for future land use. This approach sends a clear signal to prospective investors and positions the MODG to offer an advanced level of public services that are unparalleled for a small rural municipality. We have enjoyed open dialogue and communications with Anaconda and have confidence that the Goldboro Gold Project will be operated in an environmentally sustainable manner that meets or exceeds all regulatory standards, while bringing significant social and economic opportunities". ~ Vernon Pitts, Warden, Municipality of the District of Guysborough The Agreement establishes a framework for a long-term relationship between Anaconda Mining and the Municipality of the District of Guysborough over the life of the Goldboro Gold Project, confirming the Municipality's support for the Project and Anaconda's commitment to bring sustainable social and economic benefits to the members of the Guysborough community. Such benefits include: Targeted measures for local recruitment and employment at both at the construction and operational stages of the Project by collaborating to assess local labour market training and employment opportunities. Working with contractors and suppliers to identify opportunities to hire locally and support businesses activities in the Municipality, including procurement and service opportunities with the Project. Contribution of annual grants for community groups, organizations, and community projects within the Municipality. Establishment of bursaries for local high school students and the development of co-op work term opportunities students and apprenticeship placements. Maintenance of a local operational office within the Municipality and provision of financial incentives for Project personnel to relocate to the region. Anaconda also remains steadfast in its commitment toward the development of a Mutual Benefits Agreement with the Nova Scotia Mi'kmaq. The Company recognizes the asserted Aboriginal & Treaty Rights and Title of Nova Scotia Mi'kmaq and maintains ongoing engagement with Kwilmu'kw Maw-klusuaqn Negotiation Office (KMKNO) and representatives of Paqtnkek Mi'kmaw Nation. In 2019, the Company and the Assembly of Nova Scotia Mi'kmaw Chiefs signed a Memorandum of Understanding that outlines a process that the parties may use to develop a Mutual Benefits Agreement that reflects a desire to build a mutually beneficial relationship with respect to the Project. This process is ongoing, and the Company maintains its commitment to work collaboratively with Nova Scotia Mi'kmaq regarding environmental and cultural priorities, as well as social and economic opportunities throughout the life of the Project. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see Press Release dated December 16, 2021 at www.anacondamining.com). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected]
https://www.accesswire.com/683296/Anaconda-Mining-Intersects-273-gt-Gold-over-65-metres-and-457-gt-Gold-over-30-metres-and-Identifies-New-Shallow-Mineralization-at-Goldboro Please see full article at address above. The results are very interesting and represent a rarity for Canadian gold results. TORONTO, ON / ACCESSWIRE / January 13, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce final results from an infill diamond drill program (the "Infill Drill Program") completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") located in the Municipality of the District of Guysborough, Nova Scotia. The Infill Drill Program was designed to upgrade both near-surface and underground Inferred Mineral Resources in an area between the two open pits outlined in the Feasibility Study for Goldboro announced on December 16, 2021. The drill program comprised 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308). Assay results have been received for the final 9 drill holes (BR-21-300 to 308) (Exhibit A) of the Infill Drill Program, with assays for the first 10 drill holes (BR-21-290 to 299) reported in a news release dated October 12, 2021. The Infill Drill Program successfully intersected several new zones of near-surface gold mineralization on the northern side of the Goldboro Deposit between the two proposed open pits, over a strike length of 200 metres, as well as infilled deeper sections of the Goldboro Deposit (Exhibits A, B, C). The new near-surface mineralized zones were not included within the Mineral Resource Estimate announced on December 16, 2021, and present near-term potential to upgrade both near surface and underground Inferred Mineral Resources, further optimize the pit design outlined in the Feasibility Study, reduce the strip ratio, and positively impact the value of the Project. Successful intersection and infill drilling of deeper, underground Inferred Mineral Resource further highlights the potential for an underground mining phase for the Project. Only 5 of the 19 drill holes completed in this program were included in the recent Mineral Resource Estimate update with the remainder to contribute to future updates. Selected composited highlights (core length) from the drill program include: 26.10 grams per tonne ("g/t") over 0.5 metres within a broader zone consisting of 2.73 g/t gold over 6.5 metres (94.5 to 101.0 metres) in diamond drill hole BR-21-300; 17.20 g/t gold over 0.5 metres within a broader zone consisting of 3.91 g/t gold over 2.5 metres (137.5 to 140.0 metres) in diamond drill hole BR-21-301; 20.60 g/t gold over 0.5 metres within a broader zone consisting of 4.57 g/t gold over 3.0 metres (148.1 to 151.1 metres) in diamond drill hole BR-21-305; 13.30 g/t gold over 0.6 metres within a broader zone consisting of 1.49 g/t gold over 7.0 metres (157.5 to 164.5 metres) in diamond drill hole BR-21-305; 11.00 g/t gold over 0.5 metres (94.7 to 95.2 metres) in diamond drill hole BR-21-306; 31.30 g/t gold over 0.5 metres (126.2 to 126.7 metres) in diamond drill hole BR-21-307; 10.40 g/t gold over 1.0 metre (38.0 to 39.0 metres) in diamond drill hole BR-21-308; 34.80 g/t gold over 0.5 metres (145.7 to 146.2 metres) in diamond drill hole BR-21-308; and 24.50 g/t gold over 0.6 metres (235.6 to 236.2 metres) in diamond drill hole BR-21-308. Exhibit A The location of the drill holes and selected assay composites reported from the full nineteen-hole drill program conducted between the western and eastern pit shells and showing the new mineralized zones intersected during the drill program. Exhibit B. Cross Section 9150E showing drill holes and selected assay composites reported from the drill program between the western and eastern pit shells. Exhibit C. Cross Section 9350E showing drill holes and selected assay composites reported from the drill program between the western and eastern pit shells and showing the areas of new mineralization.
Anaconda 2022 full 2021 results https://www.accesswire.com/684267/A...Results-and-Provides-2022-Production-Guidance TORONTO, ON / ACCESSWIRE / January 13, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce final results from an infill diamond drill program (the "Infill Drill Program") completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") located in the Municipality of the District of Guysborough, Nova Scotia. The Infill Drill Program was designed to upgrade both near-surface and underground Inferred Mineral Resources in an area between the two open pits outlined in the Feasibility Study for Goldboro announced on December 16, 2021. The drill program comprised 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308). Assay results have been received for the final 9 drill holes (BR-21-300 to 308) (Exhibit A) of the Infill Drill Program, with assays for the first 10 drill holes (BR-21-290 to 299) reported in a news release dated October 12, 2021. The Infill Drill Program successfully intersected several new zones of near-surface gold mineralization on the northern side of the Goldboro Deposit between the two proposed open pits, over a strike length of 200 metres, as well as infilled deeper sections of the Goldboro Deposit (Exhibits A, B, C). The new near-surface mineralized zones were not included within the Mineral Resource Estimate announced on December 16, 2021, and present near-term potential to upgrade both near surface and underground Inferred Mineral Resources, further optimize the pit design outlined in the Feasibility Study, reduce the strip ratio, and positively impact the value of the Project. Successful intersection and infill drilling of deeper, underground Inferred Mineral Resource further highlights the potential for an underground mining phase for the Project. Only 5 of the 19 drill holes completed in this program were included in the recent Mineral Resource Estimate update with the remainder to contribute to future updates. Selected composited highlights (core length) from the drill program include: 26.10 grams per tonne ("g/t") over 0.5 metres within a broader zone consisting of 2.73 g/t gold over 6.5 metres (94.5 to 101.0 metres) in diamond drill hole BR-21-300; 17.20 g/t gold over 0.5 metres within a broader zone consisting of 3.91 g/t gold over 2.5 metres (137.5 to 140.0 metres) in diamond drill hole BR-21-301; 20.60 g/t gold over 0.5 metres within a broader zone consisting of 4.57 g/t gold over 3.0 metres (148.1 to 151.1 metres) in diamond drill hole BR-21-305; 13.30 g/t gold over 0.6 metres within a broader zone consisting of 1.49 g/t gold over 7.0 metres (157.5 to 164.5 metres) in diamond drill hole BR-21-305; 11.00 g/t gold over 0.5 metres (94.7 to 95.2 metres) in diamond drill hole BR-21-306; 31.30 g/t gold over 0.5 metres (126.2 to 126.7 metres) in diamond drill hole BR-21-307; 10.40 g/t gold over 1.0 metre (38.0 to 39.0 metres) in diamond drill hole BR-21-308; 34.80 g/t gold over 0.5 metres (145.7 to 146.2 metres) in diamond drill hole BR-21-308; and 24.50 g/t gold over 0.6 metres (235.6 to 236.2 metres) in diamond drill hole BR-21-308. "This infill drill program and the related results highlight the tremendous potential that continues to exist for the Goldboro Gold Project. Since acquiring the Project in 2017, we have grown the deposit significantly, culminating in the recent Mineral Resource Estimate update which demonstrates a combined open pit and underground Measured and Indicated Mineral Resource of 2,581,000 ounces and a combined open pit and underground Inferred Mineral Resource of 484,000 ounces. In the fall 2021 we recognized an opportunity to target and potentially upgrade inferred near-surface and underground mineral resources in the area between the two open pits outlined in the Goldboro Feasibility Study. Several new zones of near surface mineralization were encountered within and between the two open pits over a strike length of 200 metres, demonstrating the potential to upgrade near-surface Inferred Resources and reduce the strip ratio. The assay results from the drill program also show continuity of high-grade gold within broader mineralized envelopes within the underground resource, indicating the potential to further upgrade underground Mineral Resources. Looking ahead to the new year, we are excited to commence further drill programs to both upgrade and expand the Goldboro Mineral Resource, which has the near-term potential to further increase value to what is already a robust, economically valuable Project." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc Highlights of the Goldboro Project Feasibility Study* Total gold recovered of over 1.10 million ounces over an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum, at an average diluted grade of 2.26 g/t gold; Pre-tax Net Present Value at a 5% discount rate ("NPV 5%") of $484 million and a pre-tax Internal Rate of Return ("IRR") of 31.2%, with a projected pre-tax payback of 2.7 years; After-tax NPV 5% of $328 million and an after-tax IRR of 25.5%, projected after-tax payback of 2.9 years; Maiden Probable Mineral Reserves of 1,150,200 ounces of gold (15.8 Mt at 2.26 g/t gold) Combined open pit and underground Measured and Indicated Mineral Resources of 2,581,000 ounces (21.5 Mt at 3.72 g/t gold) and Inferred Mineral Resources of 484,000 ounces (3.19 Mt at 4.73 g/t gold); Initial capital cost ("Capex") of $271 million, resulting in an after-tax NPV 5% to Capex ratio of 1.3, and LOM sustaining capital of $63.1 million; Life-of-Mine Operating Cash Costs of $966 (US$772) per ounce sold1 and All-In Sustaining Costs ("AISC") of $1,062 (US$850) per ounce sold1; Projected creation of approximately 345 direct full-time jobs during construction and 215 direct full-time jobs during operations, while generating in excess of $226 million in federal and provincial tax payments; Mill capacity of 4,000 tonnes per day ("tpd") based on a combined gravity and leaching circuit, yielding an average gold recovery of 95.8%; and At a gold price of $2,200 (~US$1,760), Goldboro could generate cumulative after-tax net cash flows of approximately $684 million, an after-tax NPV 5% of over $442 million and an after-tax IRR of 31.7%. * Please refer to Press Release dated December 16, 2021 at www.anacondamining.com 1 Refer to Non-IFRS Financial Measures below. Goldboro Gold Project - Mineral Resource Estimate The Mineral Resource Estimate presented was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin Engineering Ltd. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda. Mineral Resource Estimate for the Goldboro Gold Project - Effective Date November 15, 2021 Mineral Resource Estimate Notes Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Mineral Resources are inclusive of Mineral Reserves. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%. Assays were variably capped on a wireframe-by-wireframe basis. Specific gravity was applied using weighted averages to each individual wireframe. Effective date of the Mineral Resource Estimate is November 15, 2021. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. Excludes unclassified mineralization located within mined out areas. Reported from within a mineralization envelope accounting for mineral continuity. Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length. All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release. The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate. Qualified Person and Technical Report Notes A Technical Report prepared in accordance with NI 43-101 for the Goldboro Gold Project Feasibility Study will be filed on SEDAR (www.sedar.com) before the end of January 2022. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource and Mineral Reserve and Feasibility Study. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. ^ Composited assays shown in Exhibit A and B from the October 12, 2021 press release may vary from those presented in the original press release due to the inclusion of assays obtained using total pulp metallic analysis (see below) obtained since October 12, 2021. All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish. All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drillholes sited within this press release may be updated in a future news release. The Drill Program is funded using existing flow through funds but has also benefited from a grant received from the Government of Nova Scotia through a Mineral Resources Development Fund, shared funding exploration grant MRDF-2021-SF-11. Kevin Bullock, P.Eng., President and Chief Executive Officer of Anaconda, and Paul McNeill, P. Geo., VP Exploration of Anaconda, are "Qualified Person(s)" as such term is defined under NI 43-101 Standards for Disclosure for Mineral Projects and have each reviewed and approved the scientific and technical information and data included in this press release. A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see Press Release dated December 16, 2021 at www.anacondamining.com). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. NON-IFRS MEASURES Anaconda has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses, net of by-product revenue, by payable gold ounces. Operating expenses include mine site operating costs such as mining, processing and administration as well as selling costs and royalties, however, excludes depletion and depreciation and rehabilitation costs. All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost ("AISC") performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), sustaining exploration, and rehabilitation and reclamation costs. All-in sustaining costs excludes initial capital expenditures, financing costs, corporate general and administrative costs and salvage value, and taxes. AISC per Ounce is calculated as AISC divided by payable gold ounces. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including the risks outlined in this news release, risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2020, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] Exhibit A The location of the drill holes and selected assay composites reported from the full nineteen-hole drill program conducted between the western and eastern pit shells and showing the new mineralized zones intersected during the drill program. Exhibit B. Cross Section 9150E showing drill holes and selected assay composites reported from the drill program between the western and eastern pit shells. Exhibit C. Cross Section 9350E showing drill holes and selected assay composites reported from the drill program between the western and eastern pit shells and showing the areas of new mineralization. SOURCE: Anaconda Mining Inc.
https://www.accesswire.com/684769/A...asibility-Study-For-The-Goldboro-Gold-Project TORONTO, ON / ACCESSWIRE / January 20, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce the filing of a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") with respect to a Feasibility Study ("FS") for its 100%-owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro", or the "Project"). The technical report, entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" (the "Technical Report"), follows the previous announcement on December 16, 2021. All currency is presented in Canadian dollars (C$) and referenced as "C$" or "$", unless otherwise stated. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com. Highlights of the Feasibility Study Total gold recovered of over 1.10 million ounces over an approximately 11-year open pit life of mine ("LOM") with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne ("g/t") gold; Pre-tax Net Present Value at a 5% discount rate ("NPV 5%") of $484 million and a pre-tax Internal Rate of Return ("IRR") of 31.2%, with a projected pre-tax payback of 2.7 years; After-tax NPV 5% of $328 million and an after-tax IRR of 25.5%, projected after-tax payback of 2.9 years; Maiden Open Pit Probable Mineral Reserves of 1,150,200 ounces of gold (15.8 million tonnes ("Mt") at 2.26 g/t gold); Open pit Measured and Indicated Mineral Resources of 1,422,000 ounces (15.7 Mt at 2.82 g/t gold) and Underground Measured and Indicated Mineral resources of 1,159,000 ounces (5.9 Mt at 6.09 g/t gold); Open pit Inferred Mineral Resources of 66,000 (0.98 Mt at 2.11 g/t gold) and Underground Inferred Mineral Resources of 418,000 ounces (2.2 Mt at 5.89 g/t gold); Initial capital cost ("Capex") of $271 million and LOM sustaining capital of $63.1 million; LOM Operating Cash Costs of $966 (US$773) per ounce1 and All-In Sustaining Costs ("AISC") of $1,062 (US$849) per ounce1; Projected creation of approximately 345 direct full-time jobs during construction and 215 direct full-time jobs during operations, while generating in excess of $226 million in federal and provincial tax payments; Mill capacity of 4,000 tonnes per day ("tpd") based on a combined gravity and leaching circuit, yielding an average gold recovery of 95.8%; and At a gold price of $2,200 (~US$1,760), Goldboro could generate cumulative after-tax net cash flows of approximately $684 million, an after-tax NPV 5% of over $442 million and an after-tax IRR of 31.7%. With Strong Opportunity for Further Value Creation Ongoing infill drilling has the potential to reduce the strip ratio and positively impact NPV and IRR by upgrading Inferred Mineral Resources coincident with the current open pit designs based on Measured and Indicated Mineral Resources only; Potential for Mineral Resource expansion, particularly towards the west with further exploration of a 1.5-kilometre-long area along strike of the existing Goldboro Deposit ("Deposit") towards the past producing gold mine at Dolliver Mountain; The Goldboro Deposit has been drill tested to only 500 metres and remains open at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan. 1 Refer to Non-IFRS Financial Measures below. The Goldboro Gold Project Feasibility Study The Feasibility Study, with a report date of January 11, 2022, was completed by Nordmin Engineering Ltd. ("Nordmin") as Lead Mining and Geological Consultant. Ausenco Engineering Canada Inc. ("Ausenco") acted as Metallurgical and Processing Consultant, Knight Piésold Ltd. ("Knight Piésold") as Tailings Consultant, GHD Ltd. ("GHD") as Site Water Management and Environmental Consultant, Lorax Environmental Services Limited ("Lorax") as Geochemistry Consultant, and McCallum Environmental Ltd. ("McCallum") as Consultation and Permitting Consultant. Table 1: Summary of Key Estimated Results and Assumptions in the Feasibility Study
Abcourt 2021 q3&q4 reports. Please visit www.abcourt.com Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Understanding Return On Capital Employed (ROCE) For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Abcourt Mines: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.062 = CA$2.6m ÷ (CA$50m - CA$7.3m) (Based on the trailing twelve months to June 2021). So, Abcourt Mines has an ROCE of 6.2%. On its own that's a low return, but compared to the average of 4.0% generated by the Metals and Mining industry, it's much better. ________________________________________________________________________________ September 13th Abcourt mines reports on the reports on the progress of work done at the sleeping Giant Mine. The rehabilitiation and develpment work at the Sleeping giant Mine continue but at a slower pace than expected due to a shortage of man power. A recurrent request from potential candidates is about lodging . To satisfy this need, various measure were put in place. WIth the objective of providing lodging, the corporation has 3 mobile homes divided into rooms and has converted two offices into rooms in the sleeping giant office. The initiative has enabled to hire 13 miners. The Corporation has two additional mobile homes which will be converted into 4 appartments (2 rooms each) to lodge additional workers. We continue to innovate to find ways which will permit us to hire needed workers. As it is easier to recruit mechanics, welders and electricains at Elder because of a larger pool of population around Rouyn-Noranda, we will repair at Elder the sleeping Giant mobile equipment namely locomotives, cars, loaders, slushing hoist, etc. more quickly and more effectively. In addition, the space now used for the mine store will be converted into a wielding shop a new building will be built for a new mine store. To enlarge our recruiting bassin, we pay an allowance to those who come come from a distant areas. At the Elder mine we have about 20 employees who benefit from this allowance. It is also available to the Sleeping Giant employees. Our person responsible for Human Resources, Stephane Mercier, is focused on recruiting new employees. You may call him at (819) 768-2857 or send e-mail to [email protected] DEVELOPMENT The development work is directed in priority to significant ore resources. The objective is to producre ore as soon as possible. Currently, most of the work is done no levels 235 and 295. Over the next months, it will be necessary to recruit additional miners and to open levels 355, 415 and 485. Over the latest months, defition drilling has been done for the preparation of stope plans. On level 235 in zone 3, the indicated resources according to Nil 43-101 are in the order of 16 000 tonnes with a grade near 11g/t of gold. About 2- holes drilled in that area have located an etension of that zone, at least as important as the known one, according to our engineer in geology. Assay results will be published when the usual check assays will be done. Rouyn-Noranda , Québec, Canada, December 22, 2021. Abcourt Mines reports a corporate update following its shareholdes meeting held on December 16, 2021. _______________________________________________________________________________ October 29, 2021 https://abcourt.com/wp-content/uploads/2021/10/PR.pdf Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) ("Abcourt" or the "Corporation"), Abcourt declares excellent results for the 12-month period ended on June 30, 2021, with $3,4 M in gross profits and $ 2,4 M in net profits despite 5 weeks of interruption to repair the hoist motor at Elder. All amounts are in canadian dollars unless indicated differently. HIGHLIGHTS: Revenues of $ 27.6 M in 2021, compared to $ 24.0 M in 2020, an increase of 15 %. Net profit of $ 2.4M in 2021 and $ 359 K in 2020. Gross profit of $ 3.4 M 2021, compared to $ 1.9 M in 2020, an increase of 80 %. Adjusted net profit of $ 5.1 M in 2021, compared to $ 4.2 M in 2020, an increase of 21 %. Cost of sales of $ 24.2 M in 2021, compared to $ 22.1 M in 2020, an increase of 9,5 % $ 2.4 M of cash on June 30, 2021, compared to $ 2.0 M in June 30, 2020, an increase of 20 %. Gold inventory of $ 2.5 M in 2021, comparable to the June, 30, 2020 amount, hence no change. Cash cost of CDN $ 1,845 (US $ 1,444) in 2021, compared to CDN $ 1,636 (US $ 1,228) in 2020, an increase of 12,5 %. 11, 398 ounces produced 11, 659 ounces sold in 2021 compared to 12, 180 ounces produced 11,640 ounces sold, hence a drop of 6,8 % for the ounces produced and no change in the ounces sold. Net profit of $ 547 K in the fourth quarter of 2021, compared to $ 431 K in 2020, an increase of 27 %. We are very satisfied with these results. NOMINATION : The Company is pleased to announce that Mr François Mestrallet a director of the company since December 2013 has been promoted to the post of Board chairman on October 15, 2021. He succeeds Mr Renaud Hinse who has presided Board meetings for many years since the acquisition of the Company in December 1979. Mr Hinse will continue as president and CEO of the Company. It was an honor for me to preside the Board meetings over many years, but the time has come for me to reduce my activities. Mr Mestrallet is an important shareholder of the Company and he has a good knowledge of its operations. The way he looks at things will be an important contribution to the Board. RECENT DEVELOPMENTS : Advancement of drifts on levels 11 and 12 and preparation of level 13 at the Elder mine. Rehabilitation of old drifts and advancement of new drifts on the upper levels of the Sleeping Giant mine to have acces to existing ore reserves and new zones indicated by previous and current drill holes. NEW PROJETS TO COME : Update of NI 43-101 resources calculations of Discovery, Flordin and Cameron Shear (50%) Surface drilling program at Sleeping giant mine Re-activate the Abcourt-Barvue silver-zinc projet. Construction of a trail to acces the Tagami projet. NON-GAAP FINANCIAL PERFORMANCE MEASURES : This press release presents certain financial performance measures, total cash costs per ounce of gold produced, sustaining costs and all-in sustaining cost per ounce of gold produced which are non-International Financial Reporting Standards (IFRS) performances measures. This data may not be comparable to data presented by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS. The adjusted net profit is a measure of performance that members of the direction use to evaluate the performance of activities by the Compagnie. Without taking into account the accounting policies, taxation laws and the structure of capital as these elements may potentially give a wrong representation of the capacity of the Company to generate cash with its operation. The adjusted net profit excludes interest expenses, taxes and amortization. The cash costs and all-in sustaining cost are common performance measures in the gold mining industry. The Compagny reports cash cost per ounce based on ounces produced. Cash cost include operating mining costs and royalties but is exclusive of amortization and depletion and sustaining capital expenditures. The all-in sustaining costs include costs of sales and sustaining capital expenditures and administrative costs but exclude amortization, depletion and accretion expenses. The Company believes that all-in sustaining costs present a complete picture of the Company’s operating performance or its ability to generate free cash flows from its operation. ________________________________________________________________________________ November 29th ANOTHER GOOD QUARTER AT THE ELDER MINE WITH A NET PROFIT OF 592 932 $ Rouyn-Noranda, Québec, Canada, November 29, 2021 Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) ("Abcourt" or the "Corporation"), declares good results for the 1st quarter ended on September 30, 2021, compared to the 1st quarter ended on September 30, 2020. All amounts are in canadian dollars unless indicated differently. HIGHLIGHTS: Revenues of $ 6,659,898 for the first quarter ended on September 30, 2021 compared to $ 7,810,494 in the quarter ended on September 30, 2020, hence a drop of 15% justified by a lower price for gold and by a reduction in the member of ounces sold. A net profit of $ 592,932 in 2021, compared to $ 1,055,638 in 2020 explained in part by a reduction in the number of ounces sold. Adjusted net profit of $ 1,257,087 in 2021, compared to $ 1,787,909 in 2020, hence a drop of 33 %. Cost of sales of $ 5, 793,520 in 2021, compared to $ 6,560,546 in 2020, hence a reduction of 19%. Cash of $ 1,428,798 on September 30, 2021, compared to $ 2,454,545 on June 30, 2021. Gold inventory of $ 2,695,785 in 2021, compared to $ 1,946,725 on September 30, 2020, for an increase of $ 745 k. Cash cost of $ 1,766 (US $ 1,403) compared to $ 1,897 (US $ 1,426) per ounce and an all inclusive cost of $ 2,095 (US $ 1,664) per ounce compared to $ 2,184 (US $ 1,642) per ounce in 2020. There was an increase of 8,7% of the ounces produced and a reduction of 4,9% of the ounces sold. Ounces produced in 2021 were 3,271 compared to 3,008 in 2020. Ounces sold in 2021 were 2,928 compared to 3,071 in 2020, hence an increase 8.7% of the ounces produced and a decrease of 4.9% of the ounces sold. Sales of 195 ounces of gold extracted by mine development at Sleeping Giant mine for a total of $ 440,912 in the first quarter ended on September 30, 2021. There was no sale in the 1st quarter of 2020. RECENT DEVELOPMENTS : Advancement of drifts on levels 11 and 12 and preparation of level 13 at the Elder mine. Rehabilitation of old drifts and advancement of new drifts on the upper levels of the Sleeping Giant mine to have acces to existing ore reserves and new zones indicated by previous and current drill holes. NEW PROJETS TO COME : Update of NI 43-101 resources calculations of Discovery, Flordin and Cameron Shear (50%) Surface drilling program at Sleeping giant mine. Re-activate the Abcourt-Barvue silver-zinc projet. Construction of a trail to access the Tagami projet. ________________________________________________________________________________ December 22nd, 2021 Shareholders have approved the two resolutions on the agenda of the meeting, being the appointment of the chartered professional accountants firm Raymond Chabot Grant Thornton, as auditors of the Corporation, and the election of the directors proposed in the management proxy circular: Daniel Adam, René Branchaud, Christian Dupont, Normand Hinse, Renaud Hinse, François Mestrallet and Nicole Veilleux. Christian Dupont is a new director, replacing Jean-Guy Courtois, who has been a director of Abcourt for many years. Mr. Dupont, a mining engineer, has been in mining industry since the early 1970's. Previously he held positions as senior mining engineer for Norand and chief engineer for Exall Resources,as well as project manager for Luzenac inc., a producer of micronized talc products. His past experience includes President and director of Kayorum Gold Mines from 1992 to 1997, director of FIeldex Exploration from 1997 to 1998, Vice President and director of Tom Exploration from 2000 to 2006 and President and Ceo of Explor Resources Inc from 2005 to 2019. He has been President, CEO and a director of Brunswick Resources Inc. from December 2013 to August 2021. At the Board of directors meeting held after the shareholders meeting, the Board appointed Renaud Hinse as President and Chief Executive Officer of the Corporation, Francois Mestrallet as Chairman of the Board, Christine Lefebvre as Chief Financial Officer, Julie Godard as Corporate Secretary and Jasmine Hinse as Assistant to the corporate secretary. At he Board meeting, Renaud Hinse Announced his retirement as President and Chief Executive Officer of the Corporation, on March 31 2022. Therefore, the Board has created a recruitment committee to find candidates to replace Mr. Hinse in his role of President and Chief Excutive Officer. The Board will have the ultimate responsibility for appointing the new President and CHief Executive Officer of the Corporation as of March 31, 2022. The members of the recruitment commitee are Nicole Veilleux, René Branchaud and Daniel Adam. Renaud Hinse, CEO, has declared: ''It's time for me to retire as President and CEO of Abcourt, of which I am the founder. Over the course of several years, despite the pitfalls and sometimes unresponsive markets. I have managed to build a company that currently operates with 150 employees and has several excellent mining properties, including a gold mine currently in production (Elder) with annual sales of $25M to $30M. Additionally, another gold mine in development (Sleeping giant) and will double Abcourt's turnover in the short, and the Abcourt-Barvue project with zinc-silver reserves which is in the process of requesting certificates of authorization. I leave it to my successor to bring these projects to a successful conclusion and to do what is necessary for Abcourt Mines to become a large company according to the criteria of the Toronto Stock Exchange. '' François Mestrallet, President of the Board, has declared '' Renaud is the founder of Abcourt and he devoted all his time and energy to bring it to the stage of a mining company in production, despite difficulties. We sincerely thank him for all his efforts.'' Mr Hinse will remain a director of Abcourt and he will continue to the Corporation for as long as necessary to ensure a smooth and efficient transition. ABOUT ABCOURT MINES INC. Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine and on the development of the Sleeping Giant 3 In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. The mill has a capacity of 700 to 750 tonnes per day. An evaluation of the mineral resources, according NI 43101 was prepared by Mr. Valére Larouche, consulting engineer in geology. It was filed on Sedar on May 13, 2019. Measured mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and indicated resources total 475,625 tonnes with a grade of 1 1.20 g/t of gold. Inferred resources are 93, 100 tonnes with a grade of 1 1.85 g/t of gold. A NI 43-101 feasibility study was completed in July 2019 by PRB Mining Services Inc. Probable reserves according to MI 43-101 have been estimated at 339, 221 tonnes with a grade of 7.9 g/t of gold. For the long term at the Sleeping Giant mine, some important targets of gold mineralization will be drilled as soon as possible. A resource estimate for the Abcourt-Barvue property was prepared according to NI 43-101 by Jean-Pierre Bérubé, engineer in geology in 2014. This estimate indicated of 8,083,000 tonnes of measured and indicated resources with a grade of 55.45 g/t of silver and 3.06 % of zinc. A feasibility study was done in 2007, according to NI 43-101 by Roche/ Genivar. And an update was done according to NI 43-101 by PRB Mining Services Inc. in 2018. Proven and indicated resources total 8,074,162 tonnes with a grade of 51.79 g/t of silver and 2.83% zinc, including 6,589,361 (81 tonnes mineable by open pit and 1,454,801 (18,4%) tonnes mineable underground. This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a "Qualified Person" under the terms of Regulation 43-101. Mr. Hinse has approved the content of the disclosure in this press release. To know more about Abcourt Mines Inc. (TSXV : ABI), please visit our web site at www.abcourt.com and consult our filings under Abcourt's profile on www.sedar.com For more information, please contact: Renaud Hinse, President and CEO Dany Cenac Robert, Investor Relations T : 819 768-2857 450 446-5511 Reseau ProMarket Inc., F : 819 768-5475 450 446-3550 T: (514) 722-2276 Email: [email protected] [email protected] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release ________________________________________________________________________
https://www.accesswire.com/685268/A...rill-Campaign-at-Point-Rousse-in-Newfoundland TORONTO, ON / ACCESSWIRE / January 25, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the initiation of a 5,000 metre diamond drill program ("Winter Drill Program") at its Point Rousse operation in Newfoundland. The Winter Drill Program is based on targets developed from a ground Induced Polarization ("IP") geophysical survey conducted in 2021 which was designed to locate anomalies at depths down to 250 metres not previously investigated at Point Rousse. The initial results from the IP survey have been received and used to develop five (5) new drill targets all within four (4) kilometres of the Pine Cove mill and in-pit tailings facility (Exhibit A). Several of these targets are associated with the Goldenville Horizon, a suite of rocks that are equivalent to the Nugget Pond Horizon which hosted the historical Nugget Pond Mine and produced approximately 168,000 ounces at an average mill grade of 9.8 grams per tonne ("g/t"). These targets have the potential to host high-grade gold systems analogous to Nugget Pond and demonstrate the continued potential to extend the mine life of the Point Rousse operation. Highlights of the prospective targets include: Pumbly Point - Hosted within the Goldenville Horizon where recent drilling by Anaconda intersected 1.89 g/t gold over 7.8 metres (as announced on May 28th, 2021). A drill program of 500 metres will target along strike of existing mineralization. Penny Cove - This target consists of a 500 metre long north striking IP chargeability anomaly that sits immediately north of the Corkscrew gold zone. This geophysical target coincides with iron-rich sediments of the Goldeville Horizon and has not been previously tested by drilling. Green Cove - Green Cove consists of a 2.0 kilometre long east-west striking IP chargeability anomaly that coincides with iron-rich sedimentary rocks of the Goldenville Horizon. The target is located to the immediate north of the Big Bear gold occurrence and is associated locally with anomalous soil samples assaying up to 745 ppb gold and grab samples assaying up to 6.44 g/t gold. Iron Formation -This target is 700 metres in strike and is defined by a north-northeast trending IP chargeability anomaly and several parallel fault zones, and anomalous soils assaying up to 893 ppb gold. Historical trenching and grab samples from the target area include assays up to 22.93 g/t gold. Corkscrew Road - This target consists of a 1.0 kilometre long, west-northwest trending IP chargeability high that is flanked to the south by a large gold soil anomaly. This area has not been previously drill tested. "We are keen to start our Winter Drill Program with the goal of discovering a high-grade gold deposit in the area proximal to our Point Rousse operation. The first five targets are characterized by multiple anomalous gold indicators both at surface and at depth and are identified as having the potential to host high-grade gold systems like the Nugget Pond Deposit, located 40 km to the east near our Tilt Cove Project. This drill campaign follows on the heels of announcing a new Mineral Resource at the Stog'er Tight Deposit, currently being considered for development, and an updated Mineral Reserve and mine plan at Argyle that indicate 2022 is projected to be a record production year for Anaconda. With established infrastructure and long-term tailings capacity, a high-grade discovery near the Pine Cove mill could significantly impact the production and cash flow profile of our Newfoundland operations." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. Fall 2021 Exploration Program As announced in July 2021, the Company conducted an IP geophysical survey across parts of the Point Rousse peninsula and completed 5,226 metres of diamond drilling in 41 holes, testing the Corkscrew, Big Bear, Pine Cove East, Deer Cove, Argyle East and Animal Pond targets. Assays from this drilling have not been received but are anticipated in the first quarter of 2022. Disclosure of a scientific or technical nature in this news release has been approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person". Paul McNeill has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information it contains.
ANACONDA MINING INITIATES 100 LINE KM GEOPHYSICAL SURVEY AND DRILL PROGRAM AT THE TILT COVE GOLD PROJECT, NEWFOUNDLAND TORONTO, ON / ACCESSWIRE / January 27, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated an exploration program at its 100% owned Tilt Cove Gold Project, located within the Baie Verte Mining District, Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill and long-term tailings storage facility (Exhibit A). Anaconda has consolidated more than 11,000 hectares of prospective mineral lands including a significant property package covering 35 kilometres of high-potential strike length including the Nugget Pond Horizon, a geological unit that hosts the past producing, high-grade Nugget Pond Mine. The winter exploration program will consist of a 100-line-kilometre ground Induced Polarization ("IP") geophysical survey and 4,000 metres of diamond drilling (the "Winter Exploration Program"). The IP geophysical survey is designed to locate anomalies analogous to the Nugget Pond Deposit to depths down to 250 metres, which have not been previously investigated at Tilt Cove. The Winter Exploration Program will also include 4,000 metres of diamond drilling at two target areas known as the Nugget Pond and Long Pond Target Areas. The drill program will include drilling from frozen ponds and will leverage improved access conditions at this time of year. The Winter Exploration Program is based on information gathered during the late summer and fall of 2021, a summary of which is provided below with remaining analytical results anticipated in Q1 2022. Highlights of the Tilt Cove Gold Project and results to date include: Large land position that has been consolidated for gold exploration for the first time in 20 years with 35 kilometres of prospective strike; Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 grams per tonne ("g/t") gold; Significant high-grade historical and recent drill intercepts and the identification of 13 high-priority gold exploration targets including: 4.99 g/t gold over 4.0 metres, including 17.40 g/t gold over 1.0 metre in diamond drill hole EP-21-09 along the Red Cliff Horizon at East Pond; 8.82 g/t gold over 1.0 metre in historic diamond drill hole NBC-96-01 at East Pond; 1.74 g/t gold over 12.0 metres, including 11.43 g/t gold over 1.0 metre in diamond drill hole BC-21-05 at Betts Cove; 6.77 g/t gold over 5.0 metres in historic diamond drill hole BC-89-02 at Betts Cove; 11.20 g/t gold over 1.1 metres in historic diamond drill hole BC-89-01 at Betts Cove; and Recognition of several other favorable targets, including iron-rich sediments of the Red Cliff Horizon; Recognition of gold-rich environments in the hanging wall of past-producing copper mines, including the Tilt Cove and Betts Cove Mines; Intersection of high-grade copper mineralization at the Scarp Zone near the Tilt Cove mine "We are pleased to begin the next phase of drilling at our Tilt Cove Gold Project, as well as initiating a geophysical survey to develop further targets at depths not yet explored in this area. The investment thesis at Tilt Cove is based on a 35-kilometre strike extent of highly prospective geological terrane adjacent to the Green Bay Fault, a crustal scale structure proximal and genetically linked to both the past-producing Nugget Pond and Hammerdown high-grade gold mines. Targets within the Tilt Cove Project are also immediately along strike from the past producing, high-grade Nugget Pond mine. This rich geological environment is located within trucking distance to the Company's Pine Cove Mill and long-term tailings facility, making the discovery of a high-grade gold deposit an immediate catalyst for growth. While we have immediate targets available for drill testing during the winter program, the IP geophysical survey is designed to identify currently unknown high-grade gold targets at depth in favorable geological environments. We believe this is an excellent opportunity to make the next high-grade gold discovery in Newfoundland." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. Summer-Fall 2021 Exploration Program The Tilt Cove Gold Project has several exploration targets in four main areas: the Nugget Pond, Long Pond, Betts Cove and Nippers Harbour Target areas (Exhibit B). Work conducted in the summer and fall of 2021 at Tilt Cove focused on geochemical surveys and alteration studies at the Nugget Pond Target Area. Work included: Collection of 30 till samples at West Pond and the collection of 621 soil samples across the West Pond to East Pond area; Collection of 1,139 rock samples during a prospecting, mapping and a structural analysis of the property; and Review of historic core and sample collection for alteration studies including geochemistry on 905 samples collected for analysis. At the Nippers Harbour Target Area exploration work focused on reconnaissance geochemical surveys as well as follow-up sampling and geological mapping of existing gold occurrences: Work included: Collection of 43 rock samples; Collection of 72 reconnaissance-style stream sediment samples; An airborne LiDAR survey to provide a detailed digital elevation model to aid in structural and glacial geological interpretation; and A desktop glacial geological study to better understand glacial ice flow directions and its significance for interpreting geochemical data. Rock and soil samples were submitted to Eastern Analytical Limited for gold assay and multi-element ICP analysis. Till and stream sediment samples were shipped to Overburden Drilling Management Limited for processing of heavy mineral separates, including gold, which will then be sent to ActLabs Ltd. for gold fire assay and multi-element ICP analysis. Final analytical data for the summer and fall exploration program are expected tin the first quarter of 2022. Winter 2022 Exploration Targets on the Tilt Cove Project Nugget Pond Target Area The Nugget Pond Target Area is a 7.5-kilometre zone along the Nugget Pond Horizon extending northeast from the Nugget Pond Gold Mine to the Tilt Cove Mine (Exhibit B). There are four key exploration targets that are prospective for Nugget Pond-style mineralization on the Property as follows: East Pond Prospect - The East Pond Prospect comprises a minimum 800-metre long segment of the Nugget Pond Horizon beneath East Pond. Diamond drilling in 1997 and 1998 from the north side of East Pond intersected gold mineralization in the footwall of the Nugget Pond Horizon similar to footwall style mineralization at the Nugget Pond Mine. This suggests that the Nugget Pond Horizon above these holes may be mineralized and that these holes intersected northwest oriented mineralized structures like those at the Nugget Pond Mine. Recent drill testing of the Red Cliff Horizon at East Pond included an intersection of 4.99 g/t gold over 4.0 metres. West Pond Prospect - The West Pond Prospect comprises a minimum 1.3-kilometre long target beneath West Pond that is marked by the continuation of the Nugget Pond Horizon northeast of the Nugget Pond Mine. The horizon outcrops on the east and west shores of the pond where gold mineralization has been sampled. Continuation of the horizon under the pond is inferred from combined magnetic and IP conductivity data. There is a strong combined till and soil anomaly that extends down ice (SE) from the Nugget Pond Horizon for at least 600 metres. The Nugget Pond Horizon in this area is associated with a break in the magnetic trend indicative of alteration and magnetic destruction associated with a cross-cutting northwest oriented fault, similar to that present at the Nugget Pond Mine. The combined soil geochemical and geophysical features make this an attractive target for follow up drilling testing. Long Pond Target Area The Long Pond Target Area is a 4.0-kilometre long zone that is located at the contact between ultramafic rocks of the Betts Cove Complex and younger Silurian felsic volcanic rocks of the Silurian Cape St. John Group (Exhibit B). The Long Pond Zone includes six gold (+/- copper) prospects over its strike length that include: Long Pond Prospect- Azone of strongly silicified, hematized, carbonatized, brecciated ultramafic rock that is host to quartz stringers, veinlets and stockworks up with veins up to two metres wide. The mineralized zone is exposed over a 125 metre strike extent and is up to 35 metres wide. Grab samples from the prospect have returned assays up to 75.90 g/t gold with abundant visible gold. Historic drilling has returned assays of up to 21.5 g/t gold over 1.19 metres. Long Pond West Prospect - This prospect comprises a quartz vein with grab samples assay up to 9.90 g/t gold and channel sampling returned assays of 1.52 g/t gold over 15 centimetres. A single drill hole testing the occurrence intersected 2.69 g/t gold over 1.12 metres. The prospect was discovered via follow-up of a till sample that assayed 83.90 g/t gold. This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects. All samples collected by Anaconda and the resultant composites referred to in this release were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis and completion of check assays of select samples. Diamond drill core and percussion samples were analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service. Historical grab and float rock samples and historical drill core samples are compiled from historic reports and data filed with the Department of Natural Resources, Newfoundland and Labrador. Sufficient work has not been completed by Anaconda geologists and QPs to verify the validity of these individual assays. "Rock grab and float samples" are selected samples and are not necessarily representative of mineralization that may be hosted on the property. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please refer to the report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", dated January 11, 2022). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including the risks outlined in this news release, risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2020, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] Exhibit A. A map showing the location of the Tilt Cove project relative to the Pine Cove Mill and Tailings infrastructure as well as other past producing mines in the region. Exhibit B. A map showing the extents of the Tilt Cove Gold Project and the 35 kilometres of strike. SOURCE: Anaconda Mining Inc. View source version on accesswire.com: https://www.accesswire.com/685707/A...am-at-the-Tilt-Cove-Gold-Project-Newfoundland
February 24, 2022 7:00 AM Anaconda Mining Announces Q4 and Full Year 2021 Financial Results Highlights for the Year Ended December 31, 2021 Anaconda produced 12,054 ounces of gold at Point Rousse in 2021, achieving its revised annual guidance of approximately 12,000 ounces. The revised annual guidance was based on the mine plan from an updated Probable Mineral Reserve for Argyle as of September 1, 2021. The Company sold 12,218 ounces of gold in 2021, generating metal revenue of $27.7 million at an average realized gold price1 of C$2,261 (US$1,804) per ounce of gold. Operating cash costs per ounce sold1 at the Point Rousse Project in Q4 2021 were $1,797 (US$1,426), and $2,152 (US$1,717) for the year ended December 31, 2021, at the lower end of the Company's revised 2021 annual operating cash cost guidance of C$2,150-C$2,200, reflecting the lower grade profile of mill throughput in 2021. All-in sustaining cash costs per ounce sold1, including corporate administration and sustaining capital expenditures, was $2,895 (US$2,297) for Q4 2021, and $3,334 (US$2,660) for the full year. The Company invested $13.0 million in its exploration and development projects in 2021, including $8.8 million on the Goldboro Gold Project relating to the completion of a Feasibility Study, the advancement of the significantly expanded Mineral Resource, and the progression of the environmental assessment process. Net loss for the year ended December 31, 2021 was $7,136,219, or $0.04 per share, compared to net income of $8,8228,243, or $0.06 per share, for the year ended December 31, 2020, driven predominantly by lower production. As of December 31, 2021, the Company had a cash balance of $10.1 million, working capital1 of $1.4 million, and additional available liquidity of $3.0 million from an undrawn revolving line of credit facility. In December 2021, the Company executed a $5.0 million gold prepayment facility to provide further un-dilutive liquidity as the Company completes the Feasibility Study and Environmental Assessment Registration Document for the Goldboro Gold Project in the first half of 2022. The facility will be repaid in gold deliveries totaling 2,273 ounces from January to September 2022. 1 Refer to Non-IFRS Measures Section below. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements and may not be comparable to similar financial measures disclosed by other issuers. "While 2021 was a challenging year for the Company operationally, Anaconda was able to finish the year strong at Point Rousse and make significant steps at the Goldboro Gold Project. At its mine operations in Point Rousse, we sold 12,218 ounces of gold in 2021, in line with updated guidance, to generate $27.8 million in metals revenue. Operating cash costs, while at the lower end of guidance, where higher than previous years due to the lower grade profile and higher costs. Point Rousse is now set up for a record year of gold production in 2022 of between 21,500 and 23,000 ounces at operating cash costs per ounce of between $1,150 and $1,250 per ounce of gold sold (US$920 - US$1,000). At the Goldboro Gold Project, we invested $8.8 million which resulted in a step change in the scale of the mineral resource and a positive Feasibility Study that demonstrates robust economics over a long mine life, with significant upside. Despite the challenges in 2021, the Company remains in good stead to execute its growth strategy." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. Consolidated Results Summary Financial Results Three months ended Three months ended Year ended Year ended December 31, 2021 December 30, 2020 December 31, 2021 December 31, 2020 Revenue ($) 7,643,193 9,988,251 27,798,558 31,594,739 41,582,990 31,594,739 Cost of operations, including depletion and depreciation ($) 7,410,862 6,392,715 30,534,089 24,761,035 Mine operating income ($) 232,331 3,595,536 (2,735,531 ) 16,821,955 Net income (loss) ($) (1,358,219 ) 792,203 (7,136,219 ) 8,228,243 Net income (loss) per share ($/share) - basic and diluted ($) (0.01 ) 0.01 (0.04 ) 0.06 Cash generated from operating activities ($) 5,519,379 2,080,151 4,488,761 14,087,867 Capital investment in property, mill and equipment ($) 1,676,928 1,383,079 7,108,391 2,960,787 Capital investment in exploration and evaluation assets ($) 3,824,690 2,514,733 13,020,554 7,152,794 Average realized gold price per ounce* US$ 1,783 US$ 1,921 US$ 1,804 US$ 1,728 Operating cash costs per ounce sold* US$ 1,426 US$ 1,014 US$ 1,717 US$ 871 All-in sustaining cash costs per ounce sold* US$ 2,297 US$ 1,576 US$ 2,660 US$ 1,220 December 31, 2021 December 31, 2020 Working capital* ($) 1,397,113 13,938,471 Total assets ($) 95,551,004 81,396,971 Non-current liabilities ($) 8,235,993 7,529,640 *Refer to Non-IFRS Measures section for reconciliation Operational Results Three months ended December 31, 2021 Three months ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 Ore mined (t) 102,395 110,455 209,157 512,028 Waste mined (t) 918,217 453,859 2,853,011 1,964,689 Strip ratio 9.0 4.1 13.6 3.8 Ore milled (t) 118,011 107,257 446,562 459,085 Grade (g/t Au) 1.23 1.39 0.97 1.42 Recovery (%) 87.8 86.8 86.5 87.4 Gold ounces produced 4,095 4,171 12,054 18,268 Gold ounces sold 3,368 3,970 12,218 17,918 Review of the Year Ended December 31, 2021 Operational Overview Gold production for 2021 was 12,054 ounces, achieving revised annual guidance of approximately 12,000 ounces. The revised annual guidance was based on the mine plan from an updated Probable Mineral Reserve for Argyle as of September 1, 2021. The significant decrease in year over year gold production was the result of a 32% decrease in the grade profile of mill throughput, the result of processing a high proportion of low-grade Pine Cove ore stockpiles. Notwithstanding the low-grade throughput, the Pine Cove Mill was able to achieve an average recovery rate of 86.5% during 2021, a decrease of only 1.0% compared to 2020. After heavy focus on mine waste development in the third quarter, the mining operation moved 102,395 tonnes of ore in Q4 2021, almost 49% of the total ore tonnes mined in 2021 of 209,157 tonnes. This is a significant decrease from the 512,028 tonnes of ore mined in 2020, when the operation was concentrated on the higher-tonnage Pine Cove mine during the first half of the year. Waste production was 2,853,011 tonnes for the full year, reflecting the focus on mine waste development at Argyle and resulting in a strip ratio of 13.6 waste tonnes to ore tonnes. The strip ratio of 3.8 waste tonnes to ore tonnes in 2020 reflects mining in the final lower benches of the Pine Cove open pit. Financial Results Anaconda sold 12,218 ounces of gold in 2021 to generate metal revenue of $27.7 million at an average realized gold price* of C$2,261 (US$1,804) per ounce, representing a 33% decrease in metal revenue compared to 2020 due lower gold production. Operating expenses for the year ended December 31, 2021 were $25,895,606, compared to $20,953,142 for the year ended December 31, 2020. The significant increase reflects a $2,597,000 write-down to net realizable value of gold-in-circuit and ore in stockpiles, primarily from Q1 2021, reflecting the significantly higher operating cash costs per ounce* due to the 35% decrease in mine grade in Q1 2021. Operating expenses for 2021 included mining costs of $11,446,874, an increase from $10,458,651 in the previous year, as the Company moved 24% more material in 2021 while mining at Argyle. Processing costs in 2021 were $11,250,316, an increase over $9,928,022 in 2020 primarily due to higher maintenance costs. Operating cash costs per ounce sold* during 2021 were C$2,152 (US$1,717), in line with the lower end of the Company's revised annual guidance of C$2,150 - C$2,200 per ounce sold, higher than previous years due to a significantly lower mill throughput grade profile. The royalty expense for 2021 was $566,075, reflecting the 3% net smelter royalty that applies to Argyle. Depletion and depreciation for the year ended December 31, 2021 was $4,072,408, an increase from $3,758,697 recognized for the year ended December 31, 2020, reflecting the depreciation of Argyle capital development costs since Q3 2020. Mine operating loss for the year ended December 31, 2021 was $2,735,531, compared to mine operating income of $16,821,955 in 2020, the result of lower revenue and higher comparable operating costs during 2021. Corporate administration expenditures were $3,665,659 during 2021, consistent with $3,581,921 recorded in 2020. In July 2021, Novamera completed a $5,000,017 equity financing in which the Company did not participate, diluting its interests in Novamera to 19%. Based on the implied valuation of the financing, the Company recognized a gain of $1,020,432 which represents the excess of the fair value of the investment on that date as compared to the investment's carrying value under the equity method. In 2021, the Company also recognized a loss of $435,149 for the Company's share of loss from its equity accounted investments (year ended December 31, 2020 - $247,203). Share-based compensation was $777,906 during the year ended December 31, 2021, compared to $380,733 in the comparative 2020 period, reflecting the greater value of share units granted compared to the previous year. Finance expense for the year ended December 31, 2021 was $147,801, significantly less than $211,669 recognized for the year ended December 31, 2020 reflecting the continued repayment of the $5,000,000 term loan with the Royal Bank of Canada ("RBC"), of which $505,688 remained outstanding as of December 31, 2021. In 2021, the Company recorded a recovery of $505,552 as a deferred premium on flow-through shares, representing the proportion of the remaining qualifying exploration expenditures that were spent from the July 2020 and May 2021 flow-through financings during the year ended December 31, 2021. Net comprehensive loss for the year ended December 31, 2021, was $7,136,219, or $0.04 per share, compared to net comprehensive income of $8,228,243, or $0.06 per share, in the comparative period of 2020. The decline compared to the comparative period of 2020 was the result of lower production and higher operating costs, which was offset by a lower net income tax expense of $701,345 (year ended December 31, 2020 - $6,141,528). * Refer to Non-IFRS Measures Section below. Financial Position and Cash Flow Analysis As of December 31, 2021, the Company had working capital of $1,397,113, which included cash and cash equivalents of $10,121,724. The current portion of loans includes $505,688 outstanding from the RBC term loan, which will be paid out in full in April 2022. Anaconda generated $4,488,761 in operating cash flows during the year ended December 31, 2021, after accounting for corporate administration costs of $3,665,659. The Point Rousse Project generated EBITDA* of $1,263,699, based on gold sales of 12,218 ounces at an average realized gold price* of C$2,261 per ounce sold and operating cash costs* of C$2,152 per ounce sold. Operating cash flows were also reduced by changes in working capital, namely the reduction in accounts payable and the increase in stockpiled inventory. The Company continued to invest in its key growth projects in Atlantic Canada in 2021, spending $13,020,554 on exploration and evaluation assets (adjusted for amounts included in trade payables and accruals of December 31, 2021), primarily on the continued advancement of the Goldboro Gold Project ($8,783,450). The Company also invested $7,108,391 into the property, mill and equipment at the Point Rousse operation, with capital investment focused on development activity at Argyle during 2021. Financing activities during 2021 included the net proceeds of $7,790,718 from a flow-through private placement completed in May 2021, the ongoing repayment of the RBC term loan, and the repayment of other loans and lease obligations. The Company also received $4,346,737 from the exercise of warrants and $948,525 from the exercise of stock options during 2021. * Refer to Non-IFRS Measures Section below. Non-IFRS Measures Anaconda has included in this press release certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however, excludes depletion and depreciation and rehabilitation costs. All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations. The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant and the Company uses the average foreign exchange rate for the period. The operating cash costs per ounce and all-in sustaining costs per ounce are reconciled to the consolidated statement of comprehensive loss as follows: Three months ended December 31, 2021 Three months ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 Operating expenses per the consolidated statement of comprehensive loss, including royalties 6,125,509 5,295,872 26,461,681 21,002,338 By-product silver sales credit (5,801 ) (14,934 ) (23,773 ) (48,988 ) By-product aggregates sales credit (68,307 ) (38,159 ) (147,181 ) (38,159 ) Operating cash costs ($) 6,051,401 5,242,779 26,290,727 20,915,191 Sustaining expenditures - property, mill and equipment 1,676,928 1,383,079 7,108,391 2,960,787 Sustaining expenditures - exploration and evaluation 884,956 502,550 2,869,035 1,462,896 Corporate administration costs 967,839 939,503 3,665,659 3,581,921 Share-based compensation 161,028 79,733 777,906 380,733 Rehabilitation - accretion and amortization (operating) 8,165 3,850 19,651 7,921 All-in sustaining cash costs ("AISC") ($) 9,750,317 8,151,494 40,731,369 29,309,449 Gold ounces sold 3,368 3,970 12,218 17,918 Operating cash costs per ounce sold ($ / ounce) 1,797 1,321 2,152 1,167 AISC per ounce sold ($ / ounce) 2,895 2,053 3,334 1,636 Average US Dollar exchange rate during period 0.7936 0.7676 0.7980 0.7461 Operating cash costs per ounce sold (US$ / ounce) 1,426 1,014 1,717 871 AISC per ounce sold (US$ / ounce) 2,297 1,576 2,660 1,220 Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold. Average realized gold price per ounce sold is reconciled to the consolidated statement of comprehensive loss as follows: Three months ended December 31, 2021 Three months ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 Gold revenue ($) 7,569,085 9,935,158 27,627,604 41,495,843 Gold ounces sold 3,368 3,970 12,218 17,918 Average realized gold price per ounce sold ($) 2,247 2,503 2,261 2,316 Average US Dollar exchange rate during period 0.7936 0.7676 0.7980 0.7461 Average realized gold price per ounce sold (US$) 1,783 1,921 1,804 1,728 Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") - EBITDA is earnings before finance expense, deferred income tax expense and depletion and depreciation. Point Rousse Project EBITDA is EBITDA before corporate administration and other expenses (income). The EBITDA and Point Rousse Project EBITDA amounts are reconciled to the consolidated statement of comprehensive loss as follows: Three months ended December 31, 2021 Three months ended December 31, 2020 Year ended December 31, 2021 Year ended December 31, 2020 Net (loss) income, per the consolidated statements of comprehensive (loss) income (1,358,219 ) 792,203 (7,136,219 ) 8,228,243 Adjustments: Finance expense 31,354 39,955 147,801 211,669 Current income tax expense - 312,000 30,345 1,872,528 Deferred income tax expense 306,000 1,480,000 671,000 4,269,000 Depletion and depreciation 1,285,353 1,096,843 4,072,408 3,758,697 EBITDA 264,488 3,721,001 (2214,665 ) 18,340,137 Corporate administration 967,839 939,503 3,665,659 3,581,921 Gain on loss of significant influence on equity accounted investment - - (1,020,432 ) - Share of loss from equity accounted investments 91,132 93,858 435,149 247,203 Gain on partial or full sale of a subsidiary - - - (1,355,247 ) Stock-based compensation 161,028 79,733 777,906 380,733 Deferred premium on flow-through shares (124,138 ) (145,424 ) (505,552 ) (594,570 ) Other expenses (income) 144,709 (8,659 ) 125,634 (116,252 ) Write-down of exploration assets - - - 15,310 Point Rousse Project EBITDA 1,505,058 4,680,012 1,263,699 20,499,235 Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets. (In $) December 31, 2021 December 31, 2020 Cash and cash equivalents 10,121,724 14,634,595 Inventory 5,641,435 6,830,360 Other current assets 2,080,035 1,499,921 17,843,194 22,964,876 Trade and other payables 9,528,294 4,796,494 Current portion of loans 1,363,383 1,889,080 Unearned revenue 5,000,000 - Other current liabilities 554,404 477,831 Current taxes payable - 1,863,000 16,446,081 9,026,405 Working capital* 1,397,113 13,938,471 ABOUT ANACONDA TORONTO, ON / ACCESSWIRE / February 24, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to report its financial and operating results for the three months and year ended December 31, 2021 ("Q4 2021"). The consolidated financial statements and management discussion & analysis documents can be found at www.sedar.com and the Company's website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected]
Anaconda Mining Announces the Results of an Independent Socioeconomic Assessment for the Goldboro Gold Project With a projected $2.1 billion impact on provincial GDP and the potential to generate 735 new jobs, the Goldboro Gold Project is currently the largest private sector project in Nova Scotia TORONTO, ON / ACCESSWIRE / March 3, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results of an independent socio-economic impact assessment of the Company's 100%-owned Goldboro Gold Project located in Nova Scotia, Canada ("Goldboro", or the "Project"). The independent assessment was prepared to demonstrate the potential social and economic impacts of the Goldboro Gold Project throughout an approximately 15 years of construction, operations and eventual reclamation, based on the Phase I Open Pit Feasibility Study ("Feasibility Study") outlined in the technical report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" with an effective date of December 16, 2021 and available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com. The socio-economic assessment, completed by Group ATN, an Atlantic-wide third-party independent consulting and applied research firm, outlines the potential benefits accruing to the Province of Nova Scotia and also to the Mi'kmaq of Nova Scotia. The full report is available on the Company's website at www.anacondamining.com. Highlights of the Socio-Economic Impact of the Goldboro Gold Project Over approximately 15 years Anaconda anticipates spending up to $1.7 billion on goods and services, the majority of which is expected to be in Nova Scotia, resulting in a potential provincial GDP impact of $2.1 billion. Household income in Nova Scotia may potentially increase by up to $1.1 billion from the development of the Project. Up to 538 full time direct jobs could be created during the two-year construction phase, of which 325 of those jobs are expected to be directly on site at the Project, along with a further 213 full time spinoff jobs each year over this period. Once operational, the Project is estimated to provide direct annual employment for approximately 215 full time positions at the Project site and 517 spin off jobs, in the Eastern Region of Nova Scotia where the current unemployment level of 14.2% exceeds the provincial average. Over the life cycle of the Project, including construction, operations and reclamation, the Goldboro Gold Project has the potential to create 735 new jobs a year in Nova Scotia for 15 years. Based on the current plan outlined in the Feasibility Study, the Project is estimated to generate $528 million in income and mining taxes at the federal, provincial and municipal level from direct and spin-off economic activity At $1.7 billion in direct spending and $2.1 billion impact on provincial GDP, the Goldboro Gold Project is currently the largest private sector undeveloped project in the Province of Nova Scotia and would be comparable to other planned projects including the Halifax Infirmary Expansion and the Sydney Container Terminal "We are pleased to announce the results of this independent socio-economic impact assessment which demonstrates the significant potential of the Goldboro Gold Project to contribute substantially to the local and provincial economy over its long operating life. It is currently the largest undeveloped private sector project in the Province of Nova Scotia, with the potential to contribute $2.1 billion to the provincial GDP, $528 million in taxes to all levels of government, and importantly the creation of up to 735 new full-time equivalent jobs annually in Nova Scotia. We note that the results of the assessment are based on the current Phase I Feasibility Study which at this point contemplates only surface mining from the existing Mineral Reserve. However, there continues to be tremendous upside potential at the Goldboro Deposit, which remains open in all directions for potential expansion, particularly to the west and at depth. We believe Goldboro could have the potential to be a multi-decade gold operation which can create significant value for our shareholders, rightsholders and stakeholders, including the Mi'kmaq of Nova Scotia, the Municipality of the District of Guysborough, and the Province of Nova Scotia." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. Socio-Economic Assessment of the Goldboro Gold Project The Goldboro Gold Project is a modern mining project being undertaken with a focus on environmental probity and with a clear interest in earning a social license to operate by engaging key stakeholders and rightsholders, including the local community, the Mi'kmaq of Nova Scotia, the Municipality of the District of Guysborough, as well as government departments, agencies and regulators. Based on the Feasibility Study, which projects approximately 11 years of production at an average of 100,000 ounces per annum, the Company estimates it will be required to spend almost $1.7 billion over 15 years on a variety of good and services in support of the full range of activities surrounding the Project, from pre-production development efforts, through to commissioning and operations, to site reclamation. This includes over $271 million in construction work related to the pre-production mine development, with the balance of nearly $1.4 billion spent on mine operations and related costs. The cumulative direct and spinoff impacts for Nova Scotia resulting from the construction and operational Goldboro Gold Project at its conclusion could amount to $2.1 billion in direct and spinoff GDP and $1.1 billion in direct and spinoff household income. During the construction period, it is anticipated that 325 direct jobs will be created for a two-year period and a further 213 full-time equivalent spin-off jobs each year over that period. Once operational, it is anticipated there will be 215 direct on-site jobs over the life of the operations and a further 517 spin-off jobs each year during that period. In total, the Goldboro Gold Project has the potential to create up to 735 new full time equivalent jobs a year in Nova Scotia for approximately 15 years. Based on these projections, the Project expects to contribute a further $528 million in income and mining taxes at the federal, provincial and municipal level from direct and spin-off economic activity, such tax revenues enabling governments to deliver programs and services such as health care, education, road maintenance, and recreation infrastructure. The Company believes there continues to be significant upside both to the west of the deposit and at-depth, however for the purposes of this study, Group ATN have factored information solely on the Feasibility Study which contemplates a 15-year project life cycle including construction (2 years), operations (11 years), and initial remediation (2 years). About Group ATN Group ATN is an Atlantic Canada-wide consulting and applied research firm registered in Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador serving both Canadian and International clients. Incorporated in 2013, Group ATN brings a seasoned team with deep experience at senior levels within the public and private sectors. The Group ATN team is comprised of professionals with a wide range of complimentary expertise. We have completed hundreds of assignments throughout Canada and internationally for all levels of government, private-sector clients, and NGOs, and have deep experience working with Indigenous communities, organizations and individuals throughout Atlantic Canada. Methodology Group ATN assessed the economic impacts of the Goldboro Gold Project by collecting expenditure data from the Company and reviewing the financial projections of the proposed mine site near Goldboro, Nova Scotia. This includes an examination of the construction cost estimates and mine operations, taking place over a period of 15 years, from construction to pre-production, to mining and commercial production, to mine decommissioning and reclamation, based on the recently published independent Feasibility Study. Existing secondary information was secured and referenced to complement this primary research. This included an examination of input-output ("I-O") tables, as well as documents provided by the Company. Supplemental primary sources included interviews with Company staff. A significant component of these materials reflects an innovative goal of engaging the Mi'kmaq of Nova Scotia as partners and to actively leverage opportunities going forward so that maximum social and economic benefits are realized. A proprietary inter-provincial I-O model was used to map the economic relationships of the Project, and ultimately quantify its contribution to the Nova Scotian economy across the life cycle of the mine operations, from development to decommissioning. The I-O simulation model was tailored to the Nova Scotia economy to generate all mine-related economic impacts. The results of this I-O analysis provides a detailed measure of the impact of the Goldboro Gold Project and its relationship to the Nova Scotian economy including: Economic impact in terms of direct, indirect, and induced activity reflecting the entire Goldboro Gold Project supply chain: Employment (jobs) Household income; and Contribution to federal, provincial, and local taxes. The key assumptions used in this analysis relate to the financial information and are based on information from the recently completed Feasibility Study and have been outlined in further detail in the full report made available at www.anacondamining.com. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Probable Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please refer to the report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", dated January 11, 2022, which is available on SEDAR at www.sedar.com). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Kevin Bullock, P. Eng., President and Chief Executive Officer of Anaconda Mining Inc. is a "qualified person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this news release. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation, including, but not limited to, the socio-economic impact of the Project, the timeline of the Project, the effect on GDP, the effect on household income, the number of positions that may be available for employment at the Project and as an indirect result of the Project, the development of the Project, tax impacts of the Project, and other forward looking statements contained in the assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on several assumptions, including, but not limited to, the information contained in the Feasibility Study and Group ATN collection of expenditure data from the Company and its review of the financial projections at the proposed mine site at Goldboro. A proprietary inter-provincial I-O model was used to map the economic relationships of the Project, and ultimately quantify its contribution to the Nova Scotian economy across the life cycle of the mine operations, from development to decommissioning. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with this assessment and the assumptions therein, the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, financing the develop the Project, the Company making a decision to build the Project, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2021, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected]
Nice news five days away from the previous post please read the full article here: https://feeds.issuerdirect.com/news-release.html?newsid=7899915019888490 Anaconda Mining Intersects 335.0 g/t gold over 0.5 metres at the Goldboro Gold Project, Commences 4,000 metre Infill Drill Program TORONTO, ON / ACCESSWIRE / March 8, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results from a recent drill program focused on the East Goldbrook Pit and that it has commenced a further 4,000-metre diamond drill program at its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia. The infill drill program has been designed to convert Inferred Mineral Resources within the East Goldbrook Pit into Indicated Mineral Resources (the "Infill Drill Program"). The existing constrained open pits outlined in the Feasibility Study1 were designed usingonly Measured and Indicated Resources(Exhibit A), however they captured 975,000 tonnes of Inferred Mineral Resources at a grade of 2.11 grams per tonne ("g/t"), representing a potential opportunity to positively impact Project economics by upgrading these Mineral Resources which are currently captured as waste tonnes. The Company has also received assays from a recent exploration drill program which included 3,681 metres of diamond drilling from 18 holes (BR-21-309 to BR-21-326), which was primarily aimed at expanding mineralization within the northern edge of the East Goldbrook Pit and upgrading existing Inferred Mineral Resources within this area (Exhibit B). Selected composited highlights from the Exploration Program include: 335.0 g/t gold over 0.5 metres (121.4 to 121.9 metres) in diamond drill hole BR-21-318; 33.0 g/t gold over 0.5 metres (181.8 to 182.3 metres) in diamond drill hole BR-21-310; 13.5 g/t gold over 0.5 metres (32.1 to 32.6 metres) in diamond drill hole BR-21-316; 6.22 g/t gold over 1.0 metres (15.0 to 16.0 metres) in diamond drill hole BR-21-319; and 2.05 g/t gold over 2.7 metres (58.0 to 60.7 metres) in diamond drill hole BR-21-309. The results are important as they support the continuity of high-grade gold mineralization along the north limb of the Goldboro Anticline in an area that was previously sparsely drilled. Significant gold has been intersected in 15 of 18 drill holes that largely coincide with modelled mineralized belts, with nine (9) occurrences of visible gold. "We have identified significant opportunities to optimize the Goldboro Gold Project and potentially increase the overall economics and longevity of the Project including the upgrading of Inferred Mineral Resources in the East Goldbrook Pit as well as exploring adjacent to, and along strike, of the existing resource. The Infill Drill Program has the potential to directly impact the Project's economics and key economic metrics, and further exploration drilling may demonstrate project longevity beyond the current Feasibility Study. Two key components of our growth strategy include upgrading and expanding Mineral Resources at Goldboro while advancing the Project through the submission of the Environmental Assessment Registration Document and moving towards detailed engineering." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. 1 Please refer to the Phase I Open Pit Feasibility Study ("Feasibility Study") entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" with an effective date of December 16, 2021 and available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com. Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length. All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release. BR-21-313 was drilled ~400 metres north of the East Goldbrook Pit to test a geophysical anomaly and did not encounter significant mineralization. All drill holes not reported in the table above did not encounter significant mineralization. Goldboro Gold Project - Mineral Resource Estimate The Mineral Resource Estimate presented was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin Engineering Ltd. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda. * Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off grade. Mineral Resource Estimate Notes Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Mineral Resources are inclusive of Mineral Reserves. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%. Assays were variably capped on a wireframe-by-wireframe basis. Specific gravity was applied using weighted averages to each individual wireframe. Effective date of the Mineral Resource Estimate is November 15, 2021. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. Excludes unclassified mineralization located within mined out areas. Reported from within a mineralization envelope accounting for mineral continuity. The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Infill Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate. Qualified Person and Technical Report Notes A Technical Report titled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", prepared in accordance with NI 43-101 for the Goldboro Gold Project Feasibility Study can be found on SEDAR (www.sedar.com) under the company's profile. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource and Mineral Reserve and Feasibility Study. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The Qualified Person responsible for the preparation of the Goldboro Gold Project Mineral Resource Estimate contained in this press release is Glen Kuntz, P. Geo. (Ontario, Nova Scotia) of Nordmin Engineering Ltd. Mr. Kuntz, is considered to be "Independent" of Anaconda and a "Qualified Person" under NI 43-101. All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish. All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drillholes sited within this press release may be updated in a future news release. The Drill Program is funded using existing flow through funds but has also benefited from a grant received from the Government of Nova Scotia through a Mineral Resources Development Fund, shared funding exploration grant MRDF-2021-SF-11. Paul McNeill, P. Geo., VP Exploration of Anaconda, is a "Qualified Person" as such term is defined under NI 43-101 Standards for Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this press release. A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' dated January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2020, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] Exhibit A. A map showing the location of drill holes from the Infill Drill Program within and adjacent to the East Goldbrook Pit and resource model. One drill hole (BR-21-313) was drilled 400 metres north of the other drill holes as an exploration hole to test a geophysical anomaly but did not intersect significant mineralization. Exhibit B. A map showing the location of drill holes from the Exploration Program within and adjacent to the East Goldbrook Pit and resource model. SOURCE: Anaconda Mining Inc.
Recent news: from name change to results Anaconda Mining Announces Planned Name Change To Signal Gold Inc. TORONTO, ON / ACCESSWIRE / March 28, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it plans to seek approval at its next annual general and special meeting of shareholders to change its name to "Signal Gold Inc.". "The name change to Signal Gold Inc. reflects the near-term growth potential of the Company and better reflects our commodity focus, our history, and our progress in the top-tier mining jurisdiction of Atlantic Canada. The Company is poised for transformational growth with the advancement of the Goldboro Gold Project over the coming years and remains on track to file the Environmental Assessment Registration Document in Q2 2022. The recently published Phase 1 Open Pit Feasibility Study1 outlines robust economics at a base case C$2,000 gold price (US$1,600) with an after-tax NPV 5% of $328 million and an IRR of 25.5%. At a gold price of C$2,400 (US$1,860), the Project would generate an after-tax NPV 5% of over $550 million and an IRR of 37.5%1. We also continue to operate the Point Rousse operation in Newfoundland, leveraging the mining infrastructure developed over more than 10 years of sustainable and responsible production. And with the continued advancement of the Stog'er Tight Deposit, we believe the Point Rouse Project has the potential for continued cash generation for several years. The name change to Signal Gold Inc. and the related rebranding exercise will provide an opportunity to position ourselves anew with all stakeholders as a growing and sustainable gold producer." ~Kevin Bullock, President and Chief Executive Officer The Company will seek approval for the name change at the Annual and Special General Meeting scheduled for May 12, 2022, at 10:00 AM EST. The name change is also subject to all applicable regulatory approvals, including the approval of the Toronto Stock Exchange. 1Refer to the technical report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" with an effective date of December 16, 2021 and available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com. Anaconda Mining Identifies New Mineralized Systems at Point Rousse, Intersecting 2.09 G/T Over 5.7 Metres and 1.38 G/T Over 5.7 Metres TORONTO, ON / ACCESSWIRE / March 31, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce exploration drill results from the Company's Point Rousse operation ("Point Rousse") in the Baie Verte Mining District of Newfoundland. The diamond drill program included testing of six exploration targets consisting of 4,684.6 metres of drilling in 36 diamond drill holes (the "Exploration Program"). Drill holes at the Corkscrew and Big Bear targets identified two new mineralized systems within the Goldenville Trend (Exhibit B) and mineralization was also intersected in multiple holes within the Deer Cove Trend (Exhibit C). Highlights of the Exploration Program include: 2.09 grams per tonne ("g/t") gold over 5.7 metres (85.0 to 90.7 metres) including 9.80 g/t gold over 0.5 metres in drill hole CS-21-004; 1.38 g/t gold over 5.7 metres (18.9 to 24.6 metres) in drill hole DC-21-158; 3.64 g/t gold over 2.8 metres (136.2 to 139.0 metres) in drill hole DC-21-153; 1.03 g/t gold over 5.4 metres (54.9 to 59.4 metres) in drill hole BB-21-001; 6.86 g/t gold over 1.0 metre (27.0 to 28.0 metres) in drill hole DC-21-152; and 1.34 g/t gold over 2.3 metres (41.7 to 44.0 metres) with a visible gold showing in drill hole DC-21-156. Data from the recently completed Induced Polarization ("IP") geophysical survey as well as geological mapping indicates these mineralized trends at Corkscrew and Big Bear may continue for hundreds of metres along strike and down-dip. The exploration program also included the completion of 90 line-kilometres of a ground IP geophysical survey designed to define further drill targets that were tested with the 5,000-metre drill program as announced on January 25, 2022. All targets have the potential to continue to extend the mine life at the Point Rousse operation and are all within nine (9) kilometres of the Pine Cove Mill and tailings facility (Exhibit A). "The exploration program conducted in the second half of 2021 at Point Rousse has identified three new mineralized systems, demonstrating the continued exploration potential proximal to the operating mill and tailings facility at Pine Cove. Additionally, the data from the IP geophysical survey, in combination with other geological data, indicate that the mineralization encountered at both the Corkscrew and Big Bear targets may extend for hundreds of metres. The recently initiated drill program is in part designed to follow up on the Corkscrew and Big Bear targets with the goal of demonstrating the potential to host a gold deposit. Results from this program are expected in the second quarter of 2022." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. Intervals are reported as core length only. True widths are estimated to be between 75% and 100% of the core length. All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release. All drill hole numbers are reported consecutively and if not present in the table did not contain significant gold mineralization. Assays for diamond drill hole CS-21-005 had not been received prior and will be disclosed at a later date. Exploration Program Details The Goldenville Trend - Pumbly Point, Corkscrew and Big Bear The Goldenville Trend comprises three separate mineralized zones - Pumbly Point, Corkscrew and Big Bear - that form a zone with a 2.3-kilometre strike length that has the potential to host gold mineralization. Initial drilling in 2021 at Pumbly Point intersected a gold-mineralized structure along a 500-metre trend, which included an intersection of 1.89 g/t gold over 7.8 metres (57.2 to 65.0 metres), including 10.60 g/t gold over 0.8 metres and an intersection of 1.42 g/t gold over 4.0 metres (40.2 to 44.2 metres). The mineralized structure at Pumbly Point is a level of stratigraphy believed to be coincident with the Goldenville Horizon, a prospective geological sequence equivalent to the highly prospective Nugget Pond Horizon located at the Company's Tilt Cove Gold Project. A broader area of prospectivity could be open for further testing should this stratigraphy and structure continue. At the Corkscrew target, gold is hosted within a minimum 400 metre long altered, quartz veined and pyrite bearing granodiorite that is between 40 and 100 metres thick. Historic drilling, between 1987 and 2009, was completed over a 325-metre strike extent, which is open in all directions, and intersected several zones of gold mineralization with highlight assays as follows: 1.87 g/t gold over 11.5 metres (209.3 to 220.8 metres), including 4.76 g/t gold over 3.0 metres in drill hole M-93-24; 8.46 g/t gold over 3.9 metres (228.4 to 232.3 metres) in drill hole M-87-15; 3.09 g/t gold over 6.0 metres (65.2 to 71.2 metres) including 19.14 g/t gold over 0.9 metres in drill hole M-87-03; and 4.38 g/t gold over 1.2 metres (49.2 to 50.4 metres) in drill hole M-93-21. Mineralization encountered in hole CS-21-004, located 200 metres to the northwest of the Corkscrew granodiorite, is associated with mafic volcanic flows and alteration and sulphide mineralization consistent with a Volcanogenic Massive Sulfide alteration system. The Big Bear Prospect is located 500 metres northeast of Corkscrew and hosted within similarly altered and mineralized granodiorite characterized by quartz veins and disseminated pyrite. Historic chip samples from this zone returned 1.60 g/t gold over 4.0 metres and grabs samples assayed up to 8.23 g/t gold. Broad spaced drilling (40 to 125 metres) in four holes completed in 2009 returned anomalous gold intervals assaying up to 2.28 g/t gold over 1.3 metres (56.5 to 57.8 metres) in diamond drillhole M-09-31. Deer Cove Trend The Deer Cove Trend consists of a zone of prospective rocks approximately 3.5 kilometres in strike length centered along the Deer Cove Thrust fault and includes the Deer Cove deposit as well as various other showings and prospects. The Deer Cove Thrust is an analogous structure to the Scrape Thrust that is located proximal and within the footwall of both the Pine Cove and Argyle Deposits and is considered genetically linked to the formation of those gold deposits. Historic diamond drilling completed by previous owners, in addition to the Company's own drilling in 2014, predominantly focused on the Deer Cove main zone of mineralization, a north-south striking quartz vein system that sits in the hanging wall of the Deer Cove Thrust. Highlight assays of the previous and historic diamond drilling include: 22.74 g/t gold over 5.0 metres (3.2 to 8.2 metres) in drill hole DC-86-001; 11.97 g/t gold over 4.1 metres (89.8 to 93.9 metres); 26.12 g/t gold over 3.6 metres (97.7 to 101.3 metres); and 5.80 g/t gold over 3.4 metres (105.3 to 108.7 metres) in drill hole DC-87-073; 29.60 g/t gold over 1.7 metres (41.3 to 43.0 metres) in drill hole DC-88-100; 24.39 g/t gold over 2.3 metres (25.9 to 28.2 metres) in drill hole DC-10-122; 15.50 g/t gold over 2.5 metres (58 to 60.5 metres) in drill hole DC-14-138; 16.40 g/t gold over 0.5 metres (99.0 to 99.5 metres) in drill hole DC-14-141; 2.93 g/t gold over 2.5 metres (39.5 to 42.0 metres) in drill hole DC-14-144; and 1.79 g/t gold over 13.5 metres (71.0 to 83.5 metres) in drill hole DC-14-145. The results of the Exploration Program indicated that the Deer Cove Trend has the strong potential to host additional zones of gold mineralization associated with carbonate and silica alteration, specifically within the hanging wall of the thrust fault, and similar in style to the Pine Cove, Stog'er Tight or Argyle mines. The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate. This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects. All samples and the resultant composites referred to in this release were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis and completion of check assays of select samples. Drill core samples were routinely analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service. Mineralized intervals referred to in this press release are reported as drill intersections and are apparent widths only. Apparent widths reported in this press release are estimated to be approximately 75-100% of true widths. Diamond drilling at Point Rousse outlined within this press release, benefited from a JEA grant from the Department of Natural Resources, Government of Newfoundland and Labrador. Anaconda thanks the Government of Newfoundland and Labrador for this assistance. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Kevin Bullock, P. Eng., President and Chief Executive Officer of Anaconda Mining Inc. is a "qualified person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this press release. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2020, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] Exhibit A: A map showing the location of mineralized trends and drill targets at Point Rousse. Exhibit B: A map showing the location of drill holes at Corkscrew and Big Bear reported in this press release as well as two mineralized intersections from single drill holes at each target. Exhibit C: A map showing the location of drill holes at the Deer Cove Trend and intersected mineralization. SOURCE: Anaconda Mining Inc. Anaconda Mining Reports Q1 2022 Production Results and Announces Change to the Board of Directors TORONTO, ON / ACCESSWIRE / April 18, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is today announcing production results and certain financial information from the three months ended March 31, 2022 ("Q1 2022"), as well as providing a production update with regards to a water management issue at the Argyle open pit mine ("Argyle") which impacted mining operations. All dollar amounts are in Canadian Dollars. The Company expects to file its first quarter financial statements and management discussion and analysis by April 28, 2022.Previous ItemNext Item "During the first quarter of 2022, Point Rousse produced 2,813 ounces of gold, an 11% increase compared to the prior year however lower than plan as operational challenges at Argyle required mill throughput to be maintained with low-grade Pine Cove stockpiles. The temperatures at site during the period, fluctuating above and below the freezing point, impacted our ability to drill and blast at times and material handling was impeded due to frozen stockpiles. Moreover, in early March we experienced a water management issue with the detection of ammonia levels in the Argyle pit which exceeded our discharge parameters, thereby impacting our ability to continue mining. The site operations team immediately mobilized a UV water treatment system which achieved an instant improvement in water quality based on independent lab testing. The water quality is now compliant, and the Company has begun discharging water from the pit sump, which should allow for a return to continuous operations this week. The Company is assessing the impact on production for the remainder of the year and will provide further updates accordingly. The Company confirms that at no time during this incident was any impacted water discharged into the environment, as the Company's robust water management protocols identified the matter in a timely manner. The Company remains committed to the strong environmental management it has demonstrated over the past 10 years of operation in the Baie Verte Peninsula." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. The Company is also announcing that it has accepted the resignation of its Chairman, Jonathan Fitzgerald, from the Board of Directors to pursue other professional interests. Mary-Lynn Oke has been appointed interim Chair of the Board of Directors while the Company undertakes a search for a new Chair. Furthermore, as a result of his resignation, Mr. Fitzgerald will no longer stand for re-election as a Board member at the Company's annual and special shareholders meeting scheduled for Thursday, May 12, 2022. The remaining five members of the Board will continue to stand for re-election at the shareholder meeting. "I would like to thank Jonathan for his contributions to the Company's success over the past 5-plus years, particularly in advancing the Goldboro Gold Project. While we fully understand and support his decision to resign and focus his attention on other interests, we appreciate his guidance in setting the Company up for growth and to build significant shareholder value." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. First Quarter 2022 Highlights Anaconda sold 3,491 ounces of gold in Q1 2022, generating metal revenue of $8.0 million at an average realized gold price1 of $2,296 (US$1,813) per ounce sold. Point Rousse produced 2,813 ounces of gold in Q1 2022, an 11% increase compared to Q1 2021, however lower than planned due to operational challenges in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles. Mine operations moved 68,877 tonnes of ore during the first quarter from Argyle, an increase over the previous year but behind plan for 2022, as water management issues impacted the mine's ability to drill and blast in March. The Pine Cove Mill processed 104,495 tonnes during Q1 2022, of which 28,301 tonnes were from low-grade Pine Cove stockpiles. The mill achieved a strong average recovery rate of 86.1% despite the lower-grade profile of mill throughput. For Stog'er Tight, the Company is finalizing internal pit designs in anticipation of a potential development scenario; the Company has now received tree cutting and Crown Land permits and is in the process of finalizing the Mining Lease. Exploration drilling at Point Rousse identified two new mineralized systems within the Goldenville Trend, intersecting 2.09 g/t over 5.7 metres and 1.38 g/t over 5.7 metres (press release dated March 31, 2022). As of March 31, 2022, the Company had a cash balance of $3.6 million and an undrawn revolving credit facility of $3.0 million. Preliminary working capital deficit1 at the end of the quarter was $6.5 million, which includes $3.2 million in deferred revenue associated with a gold prepayment facility which will be delivered into over the next six months. The deficit also reflects the short-term impact of the cessation of mining due to the water management issue. First Quarter Operating Statistics Three months ended March 31, 2022 Three months ended March 31, 2021 Mine Statistics Ore production (tonnes) 68,877 59,157 Waste production (tonnes) 786,515 551,706 Total material moved (tonnes) 855,392 610,863 Waste: Ore ratio 11.4 9.3 Mill Statistics Availability (%) 93.6 82.7 Dry tonnes processed 104,495 92,533 Tonnes per day 1,241 1,243 Grade (grams per tonne) 0.97 1.01 Recovery (%) 86.1 84.9 Gold Ounces Produced 2,813 2,540 Gold Ounces Sold 3,491 3,119 Operations Overview for the Three Months Ended March 31, 2022 Anaconda sold 3,491 ounces of gold during the first quarter of 2022, generating gold revenue of $8.0 million at an average realized gold price1 of $2,296 (US$1,813) per ounce sold. Gold production of 2,813 ounces was an 11% increase compared to Q1 2021, however lower than planned due to water management challenges in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles. During Q1 2022, the mine operations moved 68,877 tonnes of ore, however mine production was impeded in March due to a water treatment issue whereby the quantity of water combined with the presence of elevated ammonia levels prevented further mine production. Corrective action was immediately taken with UV water treatment plants mobilized, which demonstrated an instant improvement in water quality based on independent lab testing. While waste mine development continued to be a focus to enable access to the core of the mineral resource, the delayed ore production resulted a higher than plan strip ratio of 11.4 waste tonnes to ore tonnes. The water quality is now compliant, and the Company has begun discharging water from the pit sump, which should allow for a return to continuous operations this week. The Pine Cove Mill processed 104,495 tonnes during Q1 2022, an increase of 13% compared to the first quarter of 2021 when the Company experienced unplanned maintenance relating to the ball mill and the jaw crusher. The mill however fell short of plan in the most recent quarter due to fluctuating temperatures during the period which impacted material handling due to frozen stockpiles and wet ore also created issues with screening, slowing crushing rates. The average grade milled in Q1 2022 was 0.97 g/t as 27% of mill throughput was from lower grade stockpiles. The mill though was able to achieve an average recovery rate of 86.1%, an increase over the comparative period, despite the lower grade profile compared to Q1 2021. 1 Refer to Non-IFRS Measures Section below. Qualified Person Kevin Bullock, P. Eng., President and CEO, Anaconda Mining Inc., is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Probable Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. NON-IFRS MEASURES Anaconda has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold. Average realized gold price per ounce sold is reconciled to the preliminary, unaudited condensed interim consolidated statement of comprehensive income as follows: Three months ended March 31, 2022 Three months ended March 31, 2021 Gold revenue ($) 8,105,374 7,353,288 Gold ounces sold 3,491 3,119 Average realized gold price per ounce sold ($) 2,296 2,358 Average US Dollar exchange rate during period 0.7898 0.7443 Average realized gold price per ounce sold (US$) 1,813 1,862 Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets. Working capital is reconciled to the preliminary, unaudited condensed interim consolidated statement of financial position as follows: March 31, 2022 December 31, 2021 Current assets 9,721,259 17,843,194 Current liabilities 16,174,259 16,446,081 Working capital (deficit) (6,453,228 ) 1,397,113 For further details about non-IFRS measures, please refer to the section "Non-IFRS Measures" in the Company's Management's Discussion and Analysis for the year ended December 31, 2021, which is available on the Company's website and on SEDAR at www.sedar.com.
Anaconda Mining Announces Q1 2022 Financial Results TORONTO, ON / ACCESSWIRE / May 2, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to report its financial and operating results for the three months ended March 31, 2022 ("Q1 2022"). The consolidated financial statements and management discussion & analysis documents can be found at www.sedar.com and the Company's website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted. Beginning in March 2022, mine production was impeded due to a water treatment issue whereby the quantity of water combined with the presence of elevated ammonia levels prevented further mine production. Corrective action was immediately taken with UV water treatment plants mobilized and the water quality is now compliant. The Company has begun discharging water from the pit sump and the settlement pond, with production drilling and ore haulage expected by the end of the week. Highlights for the Period Ended March 31, 2022 Anaconda sold 3,491 ounces of gold in Q1 2022, generating metal revenue of $8.0 million at an average realized gold price1 of $2,296 (US$1,813) per ounce sold. Point Rousse produced 2,813 ounces of gold in Q1 2022, an 11% increase compared to Q1 2021, however lower than planned due to a water management issue in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles. Point Rousse EBITDA1 was a loss of $833,951 in Q1 2022, reflecting the impact of the water management issue on the operation's ability to maintain mine production at Argyle. Operating cash costs per ounce sold1 at the Point Rousse Project in Q1 2022 were $2,532 (US$1,999), reflecting the lower grade profile of mill throughput. The operating cash costs per ounce sold1 for the remainder of the year (Q2 through Q4) are expected to be between $1,000 and $1,100 (US$800 - US$880). Operating cash costs per ounce sold1 for the full year are now expected to be between $1,225 and $1,325 per ounce of gold sold (US$980 - US$1,060) (based on an exchange rate of 0.80). All-in sustaining cash costs per ounce sold1, including corporate administration and sustaining capital expenditures, was $3,678 (US$2,905) for Q1 2022. Net loss for the three months ended March 31, 2022 was $3,549,624, or $0.02 per share, compared to $2,496,850, or $0.02 per share, for the three months ended March 31, 2021, driven predominantly by higher depreciation than the comparative period. The Company invested $3.0 million in its exploration and development projects in the first quarter of 2022, including $1.9 million on the Goldboro Gold Project in Nova Scotia relating to the completion of the Feasibility Study and the progression of the environmental assessment process. As of March 31, 2022, the Company had a cash balance of $3.6 million and an undrawn revolving credit facility of $3.0 million. The Company also had a working capital deficit1 at the end of the quarter of $6.5 million, which includes $3.3 million in deferred revenue associated with a gold prepayment facility with Auramet International LLC which will be delivered into over the next six months. The deficit also reflects the short-term impact of the cessation of mining due to the water management issue. Subsequent to period end, the Company and Auramet International LLC mutually agreed to defer the April 2022 monthly delivery of 253 ounces associated with the gold prepayment facility to May 16, 2022. 1 Refer to Non-IFRS Measures Section below. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements and may not be comparable to similar financial measures disclosed by other issuers. "The first quarter of 2022 was a challenging one at Point Rousse, as elevated ammonia levels in the Argyle pit in early March prevented continuing mining operations. This required mill throughput to be maintained with low-grade Pine Cove stockpiles, which resulted in lower revenue and lower earnings than planned. The Company is happy to advise that is discharging water from the pit sump and the settlement pond, with production drilling and ore haulage expected by the end of the week. This deferral of expected revenue has resulted in a working capital deficiency, and we are working on options to provide near-term liquidity while Point Rousse gets back to normal operations. We are now projecting to be at the lower end of our guidance range of 21,500 to 23,000 ounces of gold and operating cash costs per ounce sold1 for the full year are now expected to be between $1,225 and $1,325 per ounce of gold sold (US$980 - US$1,060)." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. Consolidated Results Summary Financial Results Three months ended March 31, 2022 Three months ended March 31, 2021 Revenue ($) 8,020,303 7,359,908 Cost of operations, including depletion and depreciation ($) 10,073,595 8,661,537 Mine operating loss ($) (2,053,292 ) (1,301,629 ) Net loss ($) (3,549,624 ) (2,496,850 ) Net loss ($/share) - basic and diluted (0.02 ) (0.02 ) Cash generated from operating activities ($) (1,114,375 ) 536,039 Capital investment in property, mill and equipment ($) 1,897,487 786,169 Capital investment in exploration and evaluation assets ($) 3,000,256 2,826,542 Average realized gold price per ounce* US$1,813 US$1,862 Operating cash costs per ounce sold* US$1,999 US$2,052 All-in sustaining cash costs per ounce sold* US$2,905 US$2,724 March 31, 2022 December 31, 2021 Working capital (deficit)* ($) (6,526,714 ) 1,397,113 Total assets ($) 92,298,013 95,551,004 Non-current liabilities ($) 8,331,304 8,235,993 *Refer to Non-IFRS Measures section below. Operational Results Three months ended March 31, 2022 Three months ended March 31, 2021 Ore mined (t) 68,877 59,157 Waste mined (t) 786,515 551,706 Strip ratio 11.4 9.3 Ore milled (t) 104,495 92,533 Grade (g/t Au) 0.97 1.01 Recovery (%) 86.1 84.9 Gold ounces produced 2,813 2,540 Gold ounces sold 3,491 3,119 Review of the Three Months Ended March 31, 2022 Operational Overview Gold production of 2,813 ounces was an 11% increase compared to Q1 2021, however lower than planned due to a water management issue in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles. The mine operations moved 68,877 tonnes of ore but were impeded due to a water treatment issue in early March whereby the quantity of water combined with the presence of elevated ammonia levels prevented water discharge and hence, ongoing mine production. Corrective action was immediately taken with UV water treatment plants mobilized, which demonstrated an instant improvement in water quality based on independent lab testing. While waste mine development continued to be a focus to enable access to the core of the mineral resource, the delayed ore production resulted in a higher than plan strip ratio of 11.4 waste tonnes to ore tonnes. The water quality is now compliant and Point Rousse is restarting mining activity at Argyle by the end of the week. The Pine Cove Mill processed 104,495 tonnes during Q1 2022, an increase of 13% compared to the first quarter of 2021 when the Company experienced unplanned maintenance relating to the ball mill and the jaw crusher. The mill however fell short of plan in the most recent quarter due to fluctuating temperatures during the period which impacted material handling due to frozen stockpiles, and wet ore also created issues with screening, slowing crushing rates. The average grade milled in Q1 2022 was 0.97 g/t as 27% of mill throughput was from lower grade stockpiles. The mill was able to achieve an average recovery rate of 86.1%, an increase over the comparative period, despite the lower grade profile compared to Q1 2021. Financial Results Anaconda sold 3,491 ounces of gold during the first quarter of 2022 to generate metal revenue of $8.0 million at an average realized gold price* of C$2,296 (US$1,813) per ounce, representing a 9% increase in metal revenue compared to Q1 2021 due to higher gold production. Operating expenses for the three months ended March 31, 2022 were $8,697,915 compared to $7,920,122 in the three months ended March 31, 2021. Operating expenses for the most recent quarter included a $1,547,000 write-down to net realizable value of gold-in-circuit and gold dore, reflecting the high operating cash costs per ounce sold* due to the low-grade ore processed during the quarter. Operating expenses for Q1 2022 included mining costs of $3,514,136 which were 14% higher than the comparative period, primarily due to the 16% increase in ore production. Processing costs of $3,168,063 in Q1 2022 were relatively consistent with the comparative period. Operating cash costs per ounce sold* in the first three months of fiscal 2022 were C$2,532 (US$1,999), which were impacted by the lower grade profile as well as lower than planned throughput. Operating cash costs per ounce sold* for the full year are now expected to be between $1,225 and $1,325 per ounce of gold sold (US$980 - US$1,060 at an approximate exchange rate of 0.80), up from $1,150 and $1,250 per ounce of gold sold, reflecting the impact of operating cash costs per ounce sold* in Q1 2022. The operating cash costs per ounce sold* for the remainder of the year (Q2 through Q4) are expected to be between $1,000 and $1,100 (US$800 - US$880 at an approximate exchange rate of 0.80). The royalty expense for Q1 2022 was $144,971 compared to $187,494 in Q1 2021, reflecting the 3% net smelter return royalty that applies to Argyle. Depletion and depreciation for the three months ended March 31, 2022 was $1,230,709, a significant increase from $553,921 in Q1 2021 reflecting comparatively higher production in Q1 2022, as well as the impact of the capitalized development of Argyle throughout 2021. Mine operating loss for the three months ended March 31, 2022 was $2,053,292, compared to $1,301,629 in the corresponding period of 2021, with the higher depletion and depreciation driving the increase. Corporate administration costs were $1,258,909 in the first quarter of 2022 compared to $951,088 in Q1 2021, reflecting salary adjustments from a third-party review undertaken in 2021 and increased legal costs relating to, among other matters, the name change and the finalization of the Goldboro Gold Project feasibility study. Finance expense for the quarter was $114,320 for Q1 2022, compared to $44,098 for the three months ended March 31, 2021. Finance costs were more than the comparative 2021 period as a result of the finance charges related to the gold prepayment agreement. In Q1 2022, the Company recorded a recovery of $179,718 as a deferred premium on flow-through shares, representing the proportion of the remaining qualifying exploration expenditures that were spent from the May 2021 flow-through financing in the three months ended March 31, 2022. Net comprehensive loss for the three months ended March 31, 2022, was $3,549,624, or $0.02 per share, compared to $2,496,850, or $0.02 per share, for the three months ended March 31, 2021. The decline compared to the comparative period of 2021 was the result of higher depletion and depreciation and the impact of operating issues in the first quarter of 2022. * Refer to Non-IFRS Measures Section below. Financial Position and Cash Flow Analysis As of March 31, 2022, the Company had a working capital deficit* of $6,526,714, which included cash and cash equivalents of $3,580,730. The working capital deficit* includes $3,330,400 in unearned revenue associated with a gold prepayment facility which will be delivered into over the next six months and is also the result of an increase in trade and other payables due to the higher operating costs and exploration activity in Q1 2022 in addition to the short-term impact of the cessation of mining due to the water management issue. Subsequent to period end, the Company and Auramet International LLC mutually agreed to defer the April 2022 monthly delivery of 253 ounces associated with the gold prepayment facility to May 16, 2022. The current portion of loans includes $127,504 outstanding from a $5,000,000 term loan with RBC (the "Facility"). The Company made the final payment under the Facility subsequent to quarter-end. Anaconda used $1,114,375 in operating cash flows during the three months ended March 31, 2022, after accounting for corporate administration costs of $1,258,909. The Point Rousse Project generated negative EBITDA* of $833,951, based on gold sales of 3,491 ounces at an average gold price of C$2,296 per ounce sold* and operating cash costs of C$2,532 per ounce sold*. Operating cash flows were also impacted by changes in working capital, namely the increase in accounts payable and a decrease in gold-in-circuit and stockpiled inventory. The Company continued to invest in its key growth projects in Nova Scotia and Newfoundland in Q1 2022, spending $3,000,256 on exploration and evaluation assets (adjusted for amounts included in trade payables and accruals as of March 31, 2022), with $1,936,698 relating to the continued advancement of the Goldboro Gold Project. The Company also invested $1,897,487 into the property, mill and equipment at the Point Rousse operation, with capital investment focused on development activity at Argyle during Q1 2022. Financing activities during Q1 2022 included $114,588 from the exercise of stock options, and the ongoing repayment of the RBC term loan and other loans and lease obligations. * Refer to Non-IFRS Measures Section below. Non-IFRS Measures Anaconda has included in this press release certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however, excludes depletion and depreciation and rehabilitation costs. All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations. The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant and the Company uses the average foreign exchange rate for the period. The operating cash costs per ounce and all-in sustaining costs per ounce are reconciled to the condensed interim consolidated statement of comprehensive loss as follows: Three months ended March 31, 2022 Three months ended March 31, 2021 Operating expenses per the consolidated statement of comprehensive loss, including royalties 8,842,886 8,107,616 By-product silver sales credit (4,929 ) (6,620 ) Operating cash costs ($) 8,837,957 8,100,996 Sustaining expenditures - property, mill and equipment 1,897,487 786,169 Sustaining expenditures - exploration and evaluation 682,742 762,408 Corporate administration costs 1,258,909 951,088 Share-based compensation 142,092 153,649 Rehabilitation - accretion and amortization (operating) 19,758 2,350 All-in sustaining cash costs ("AISC") ($) 12,838,945 10,756,660 Gold ounces sold 3,491 3,119 Operating cash costs per ounce sold ($ / ounce) 2,532 2,597 AISC per ounce sold ($ / ounce) 3,678 3,449 Average US Dollar exchange rate during period 0.7898 0.7899 Operating cash costs per ounce sold (US$ / ounce) 1,999 2,052 AISC per ounce sold (US$ / ounce) 2,905 2,724 Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold. Average realized gold price per ounce sold is reconciled to the condensed interim consolidated statements of comprehensive loss as follows: Three months ended March 31, 2022 Three months ended March 31, 2021 Gold revenue ($) 8,015,374 7,353,288 Gold ounces sold 3,491 3,119 Average realized gold price per ounce sold ($) 2,296 2,358 Average US Dollar exchange rate during period 0.7898 0.7899 Average realized gold price per ounce sold (US$) 1,813 1,862 Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") - EBITDA is earnings before transaction costs, finance expense, current and deferred income tax expense and depletion and depreciation. Point Rousse Project EBITDA is EBITDA before corporate administration, share-based compensation, deferred premium on flow-through shares, and all other expenses and other income. The EBITDA and Point Rousse Project EBITDA amounts are reconciled to the condensed interim consolidated statements of comprehensive loss as follows: Three months ended March 31, 2022 Three months ended March 31, 2021 Net loss, per the consolidated statement of comprehensive loss (3,549,624 ) (2,496,850 ) Adjustments: Finance expense 114,320 44,098 Current income tax expense - 30,345 Deferred income tax expense (recovery) 311,000 (49,000 ) Depletion and depreciation 1,226,511 553,921 EBITDA ($) (1,893,595 ) (1,917,486 ) Corporate administration 1,258,909 951,088 Gain on revaluation of investments (326,973 ) - Share of loss from equity accounted investments 36,643 196,518 Stock-based compensation 142,092 153,649 Deferred premium on flow-through shares (179,718 ) (142,062 ) Other expenses (income) 128,691 (8,571 ) Point Rousse Project EBITDA ($) (833,951 ) (766,864 ) Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets. March 31, 2022 December 31, 2021 Cash and cash equivalents 3,580,730 10,121,724 Inventory 4,434,652 5,641,435 Other current assets 1,719,877 2,080,035 Current assets ($) 9,735,259 17,843,194 Trade and other payables 11,818,413 9,528,294 Current portion of loans 785,810 1,363,383 Unearned revenue 3,330,400 5,000,000 Other current liabilities 327,350 554,404 Current liabilities ($) 16,261,973 16,446,081 Working capital (deficit) ($) (6,526,714 ) 1,397,113 ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Probable Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Kevin Bullock, P. Eng., President and Chief Executive Officer of Anaconda Mining Inc. is a "qualified person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this press release. FORWARD-LOOKING STATEMENTS This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2021, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws. FOR ADDITIONAL INFORMATION CONTACT: Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected] Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected] SOURCE: Anaconda Mining Inc.
