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
Handicamp neighbor The Teck Duck Pond Operations is located approximately 30 km south of the former Buchans mine in central Newfoundland. At start-up in 2007, the deposit had proven reserves of 4.1 million tonnes at an average grade of 3.3% copper, 5.7% zinc, 59 grams/tonne silver and 0.9 grams/tonne gold. This is an underground copper-zinc mine with annual production of approximately 650,000 tonnes employing approximately 324 people over a 7.5 year mine life. An active exploration program is under way in an effort to extend the mine life beyond 2014; a Feasibility Study on the Boundary deposit is continuing and will be completed by the end of quarter 2, 2011.
Nice find. If that's just 2 km away, we are in good shape. We may already have a deal with Vale, Anaconda, Teck, or another major. Long quiet periods aren't drawn out & silent for nothing.
It's great to see the Pine Cove mine doing so well. Does this prove that we will do equally well at our Cabot property right next door? No of course it doesn't, but economical deposits of gold being found so close is certainly very nice to know about. We know that there is at least some gold at Cabot because of the previous work there which found visible gold in hand samples (see KAT Exploration web site home page for images) and 10g/t or more in veins. I would love to see further exploration of Cabot.
Copper/Gold
The Cabot Property is host to a significant new and exciting copper-cobalt discovery on the Baie Verte Peninsula, one of Newfoundland's most prolific and historic mining districts. The prospect was discovered by PNL Ventures Ltd., while prospecting along a forest access road, located approximately 10 kilometers north of the town of Baie Verte. Initial prospecting had revealed a number of highly gossanous float along a 600 meter section of the forest access road, with grab samples returning values up to 5.5% copper.
Subsequent prospecting in the days that followed was successful in locating the bedrock source a distance of 200 meters up ice to the northwest.
A number of recently discovered quartz veins have produced results of 10 grams of gold per ton with the highest reaching as high as 12 oz/ton.
For complete description on Cabot Property, please visit Cabot Brochure
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