Anaconda Mining Inc. (“Anaconda”) (TSX: ANX) is pleased to announce that, on May 4, 2011, it shipped a record amount of gold, 344.2 troy ounces, in a single pour at its Pine Cove gold mine (“Pine Cove”). The production was during an approximately 7-day period from April 25ththrough May 1st. In addition, overall recovery rates at the Pine Cove mill continue to improve. In the press release dated May 2, 2011, Anaconda reported that overall recovery had reached the low to mid 70% range. During the period from May 1st through May 15th, overall mill recovery was approximately 80%.
“Following up the record shipments in April with our largest single gold pour in the first week of May demonstrates the continued progress at Pine Cove,” said President and CEO Dustin Angelo. “Ore throughput capacity has been very consistent at 950 to 1,000 tonnes per day for several weeks and now the overall mill recovery rate is reaching anticipated levels. At this rate, we expect May’s shipments to exceed April’s volume.”
Headquartered in Toronto, Canada, Anaconda is a mining and exploration company focused on operating the Pine Cove gold mine located on the Baie Verte Peninsula in Newfoundland, Canada and advancing the exploration and development of its iron ore portfolio in Chile with its joint venture partner, Inversiones SBX Limitada.
On January 14, 2011, Anaconda announced completion of a plan of arrangement with New Island Resources whereby Anaconda has acquired full 100% interest in the Pine Cove mine. Anaconda is now focused on optimizing both throughput and gold recovery in all areas of the circuit. The Pine Cove project employs approximately 44 people during operation: 20 in the open pit, 15 in the mill, and 9 administration staff
Rambler’s project involves mining and processing copper and gold bearing ore from the former Ming Mine on the Baie Verte Peninsula. A Final Feasibility Study completed in late August 2010 suggests that the project will have an initial six year mine life with 650 tonnes of ore processed daily. Employment is estimated at 158 direct employees.
The project has been released from Environmental Assessment. The company has received approval from government agencies to construct a mill building expansion at Nugget Pond and to construct a second route of egress at the Ming Mine, which involves rehabilitation of an old mine shaft. A Mine Dry building is nearing completion at the mine site as well.
Project financing is arranged, the majority of which will be supplied from Sandstorm Gold Ltd. under a “gold loan” arrangement. Current project scheduling suggests production start-up in the second half of 2011. The company also plans to resume exploration for extensions to the known ore zones, the potential of which is considered to be excellent according to company statements.
Rambler recently announced plans to conduct a Preliminary Economic Assessment on the Lower Footwall Zone of the Ming Mine. This zone is known to contain an Indicated resource of 9.5 million tonnes of copper bearing ore at an average grade of 1.66% copper. Rambler also entered into agreements to process gold-bearing ore from small deposits on the Baie Verte Peninsula, the most recent being an agreement with Metals Creek Resources Corp. to process material from the waste dump at the former Tilt Cove min
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