TORONTO, ON / ACCESSWIRE / October 15, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce production results and certain financial information from the three and nine months ended September 30, 2020 ("Q3 2020"). All dollar amounts are in Canadian Dollars. The Company expects to file its third quarter financial statements and management discussion and analysis on or around November 5, 2020.
Q3 2020 Highlights
•Anaconda produced 5,444 ounces of gold in Q3 2020, a 16% increase compared to Q3 2019 and a 49% increase from the second quarter of 2020, due to higher grade and tonnes processed.
•The Company sold 5,105 ounces of gold in Q3 2020, generating metal revenue of $12.7 million at an average realized gold price1 of $2,486 (US$1,866) per ounce.
•The Pine Cove Mill processed 120,359 tonnes during Q3 2020 and achieved mill availability of 97.6%, compared with 114,373 tonnes processed and a mill availability of 97.0% in Q3 2019. Mill throughput was 1,340 tonnes per day in Q3 2020, demonstrating continued improvement over both the first and second quarter of 2020.
•Mining operations produced 187,185 tonnes of ore during the third quarter, a 39% increase over Q3 2019, as the operation mined the bottom levels of the Pine Cove Pit. The Company ended the third quarter with a stockpile of 100,000 tonnes of ore at an estimated average grade of 1.42 grams per tonne ("g/t").
•The Company has commenced the development of the Argyle Gold Mine, with the first load of ore being deposited on the ore pad this week. Total material moved during the quarter included 79,287 tonnes of waste development related to pre-production stripping at Argyle.
•At the Tilt Cove Gold Project, the Company initiated a 35-line kilometre geophysical survey and 10,000-metre diamond drill program to test priority targets.
•On July 31, 2020, Anaconda completed a non-brokered private placement for $5.5 million, which will accelerate its highly prospective exploration and diamond drill programs in Atlantic Canada, particularly at the Goldboro Gold Project and the Tilt Cove Gold Project.
•As at September 30, 2020, the Company had a cash balance of $14.8 million, preliminary working capital1 of $12.2 million, and additional available liquidity of $0.3 million from an undrawn revolving line of credit facility.
1 Refer to Non-IFRS Measures Section below.
"Our Point Rousse Operation had an excellent quarter, producing 5,444 ounces of gold and achieving sales of 5,105 ounces of gold to generate revenue of $12.7 million. Tonnes and grades mined increased significantly from the second quarter of 2020, as the operation was able to quickly capitalize on opportunities defined in the south end of the pit, which offset the variability to the block model experienced in the previous quarter. With the final blast in the Pine Cove Pit having taken place in the first week of October, Point Rousse has built-up a significant stockpile which will provide most of the mill throughput in Q4 2020. We are excited to announce that this week the first truck of ore was delivered from the Argyle Gold Mine, which will become the predominant source of throughput over the next two years. Argyle is a highly profitable mine, which at a conservative gold price of C$1,900 will generate cumulative cash flow of over $12.5 million, and significantly more at prevailing prices. With $14.8 million in the treasury, it is an exciting time for the Company as it continues to generate free cash flow while advancing its development project at Goldboro and drilling its highly prospective targets at the Tilt Cove Gold Project."
~ Kevin Bullock, President and CEO, Anaconda Mining Inc.
Third Quarter Operating Statistics
Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019
Mine Statistics
Ore production (tonnes) 187,185 134,347 401,573 289,837
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