Anaconda sells 4,723 oz Au in fiscal Q1
ANACONDA MINING Inc. has released production results and certain financial information from its fiscal first quarter ended Aug. 31, 2017. The company expects to file its first quarter financial statements and management discussion and analysis by Oct. 12, 2017.
First quarter fiscal 2018 highlights:
• Anaconda sold a record 4,723 ounces of gold in the first quarter of fiscal 2018, eclipsing the previous record of 4,658 ounces in the fourth quarter of fiscal 2017, and represents a 61.8-per-cent increase over the first quarter of fiscal 2017.
• The company recorded revenue of $7.6-million in the first quarter based on an average gold price of $1,612 per ounce, a 55-per-cent increase in revenue over the first quarter of fiscal 2017.
• Anaconda achieved record mill throughput of 119,401 tonnes, a 20-per-cent increase over the first quarter of fiscal 2017.
• The company produced 158,857 tonnes of ore from the Pine Cove pit in the first quarter of fiscal 2018, at a significantly reduced strip ratio of 2.3:1 waste tonnes to ore tonnes.
• Anaconda strengthened its Point Rousse infrastructure with the government approval to convert the Pine Cove pit into a tailings facility with a 15-year storage capacity based on existing throughput rates. President and chief executive officer, Dustin Angelo, stated: “We are off to a great start to the 2018 fiscal year, with a record quarter in terms of gold sold and mill throughput. After achieving 4,723 gold ounces sold in the first quarter of fiscal 2018, we are well on track to meet our fiscal year 2018 guidance of 15,500 ounces. The Pine Cove mill continues to demonstrate consistent throughput and recovery rates, validating its op-
erational value as a cornerstone asset for the company. Our infrastructure was also recently strengthened with the government approval to convert the Pine Cove pit into a seven-million-tonne tailings storage facility. The strong operational performance at our Point Rousse project is key to our growth strategy, allowing us to progress exciting projects such as the high-grade Goldboro project in Nova Scotia and the Argyle discovery at Point Rousse.”
(See ANX Table 1 on page 3)
Anaconda expects to complete mining in the Pine Cove pit by the end of 2017 in line with fiscal 2018 guidance, and will transition to the Stog’er Tight pits early in the 2018 calendar year. The company has received approval from the Newfoundland and Labrador Department of Natural Resources to amend the Pine Cove property development plan and rehabilitation and closure plan to utilize the Pine Cove pit at the Point Rousse project as a seven-million-tonne in-pit tailings storage facility. During the remaining months of the 2017 calendar year, the company will accelerate the mining rate at the base of the Pine Cove pit and stockpile ore, which will allow for the deposition of tailings into the facility in early 2018.
We seek Safe Harbor.
Erika Flores condensed this news release (email@example.com).
Dustin Angelo, Kevin Bullock, Michael James Byron, Jonathan Fitzgerald, Lewis Victor Lawrick, Maruf Raza
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