|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anaconda Mining Posts $596,000 in Net Income and Sells Over 4,000 Ounces for Q1 Fiscal 201411.10.2013 | 13:00 Uhr | Marketwired
TORONTO, ONTARIO--(Marketwired - Oct 11, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to report its financial and operating results for the three months ended August 31, 2013 (the "Quarter"). The Company generated net income of $596,295, or $0.003 per fully diluted share, and $1,786,382 in earnings before interest, depreciation and depletion, and share based compensation ("EBITDA"). The Company sold 4,096 ounces of gold and generated $5,731,783 in revenue at an average sales price of $1,399 per ounce. Cash operating cost per ounce sold at the Pine Cove Project for the three months ended August 31, 2013 was $950. President and CEO, Dustin Angelo, stated, "The first quarter financial results in terms of revenue, operating cash flow and net income were very strong in the face of a volatile gold price environment. We generated nearly $1.8 million in EBITDA and almost $2.4 million in mine-level cash flow, despite a gold price reduction of approximately $225 per ounce from the first quarter in fiscal 2013. After completing the first quarter of fiscal 2014, we are at or better than budget on nearly all key financial and operating metrics. With the positive operating numbers at Pine Cove, the receipt of US$1 million from the commercial production milestone payment in September from our partners in Chile, and the future royalty payments from Chile, the Company is on very sound financial footing with less than $250,000 in debt and approximately $1.8 million dollars in the bank." Highlights for the fiscal year ended May 31, 2013 BALANCE SHEET:
OPERATING PERFORMANCE:
GROWTH INITIATIVES:
Operations overview During the three months ended August 31, 2013, the gold sales volume of 4,096 ounces represented a 3% decrease over the same period in 2012. Average sales price for the year was $1,625 per ounce versus $1,662 per ounce for the year of fiscal 2012, a 2% decrease. As a result of the higher sales volume, gross revenue during the year ended May 31, 2013, of $24,172,439, was significantly higher than the same period in the previous fiscal year by $4,266,683. The higher overall gold output compared to the previous year was a result of higher grade and recovery. The following table summarizes the key operating metrics for first quarter of fiscal 2014 and 2013.
Milling operations The Pine Cove mill operated for 85 days during the Quarter at 93% availability. The mill processed 83,890 dry tonnes of ore (987 tonnes per operating day) at an average head grade of 1.92 grams per tonne ("g/t"), slightly higher than the 1.89 g/t projected for the year. Overall mill recovery averaged 83% for the Quarter. The operating metrics for the mill were all very close to budget and the completion of a crusher move and upgrade project during the quarter should lead to continued consistent operations. Mining operations Mining activities operated for a total of 64 days during the year and excavated a total of 558,703 tonnes of ore and waste. Ore production totaled approximately 74,189 tonnes, which was approximately 11,000 tonnes below budget, while waste was approximately 484,514 tonnes for a strip ratio of 6.5 : 1. The lower than planned ore production for the quarter was a result of excessive spring water runoff during a period when the mine was accessing a new level, making mucking of ore difficult. As a result, a greater emphasis was placed on waste hauling during the quarter. Future quarters will adjust for this in order to bring the strip ratio back to planned levels. Exploration The Company, through a combination of staking and option agreements, holds mineral exploration rights to approximately 4,785 hectares comprising the Pine Cove Project. These rights cover highly prospective rocks of the Point Rousse ophiolite complex which is known to host "Mother-Lode-Style" gold mineralization. The Q1 fiscal 2014 exploration program focused on the following objectives:
The information in this news release has been reviewed and approved by David Evans, P. Geo., with Silvertip Exploration Consultants Inc., a "Qualified Person" under National Instrument 43-101. ABOUT ANACONDA Headquartered in Toronto, Canada, Anaconda is a growth oriented, gold mining and exploration company with a producing asset located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine. FORWARD LOOKING STATEMENTS This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law. Contact Anaconda Mining Inc. Unternehmen dieses Artikels: Santacruz Silver Mining Ltd., Dieser Artikel stammt von Rohstoff-Welt.de
Die URL für diesen Artikel ist: http://www.rohstoff-welt.de/news/artikel.php?sid=68366
© 2007 - 2024 Rohstoff-Welt.de ist ein Mitglied der GoldSeiten Mediengruppe
Es wird keinerlei Haftung für die Richtigkeit der Angaben übernommen! Alle Angaben ohne Gewähr! Kursdaten: Data Supplied by BSB-Software.de (mind. 15 min zeitverzögert) Werbung | Mediadaten | Kontakt | AGB | Impressum | Datenschutz |