TORONTO, Aug. 1, 2018 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased
to announce that it has received the permits required to proceed
with the extraction of the proposed 10,000-tonne underground bulk
sample (the "Bulk Sample") at its 100%-owned Goldboro Gold Project
("Goldboro", or the "Project") in Nova
Scotia, Canada. In connection with the Bulk Sample, Anaconda
has engaged Cementation Canada Inc. ("Cementation") as the mining
contractor to assist in the underground development and Bulk Sample
extraction. Cementation is mobilizing to site today and will begin
development work immediately. The Bulk Sample process is expected
to take approximately four months with results to follow
thereafter.
"The Bulk Sample is a key milestone in the development of the
Goldboro Gold Project, the results of which will enable us to
optimize the economics outlined in the Preliminary Economic
Assessment, confirm mining and recovery methods and assess the
mineral resource around the Bulk Sample. This work will move us
closer to demonstrating the feasibility of building a mine at
Goldboro. We are also extremely
pleased to have Cementation, with its wealth of underground mining
knowledge and focus on safety, as a key partner in extracting the
Bulk Sample. We believe this has the potential to be a tremendous
project for all stakeholders."
~ Dustin Angelo, President and
CEO
The Bulk Sample will provide valuable geological, operational
and processing information for design and optimization of the
overall project in a feasibility study planned to start in
September. Bulk Sample activities will involve site preparation,
establishment of safe access underground and extraction of the Bulk
Sample, which is expected to be approximately 10,000 tonnes.
Extraction of the Bulk Sample will utilize the existing decline
developed in the late 1980's with minimal development needed to
access mineralized zones and planned mining stopes adjacent to
existing workings.
Anaconda plans to hire local people and contractors to carry out
security related duties, surface clearing, transportation and other
ancillary activities. In total, including employees of Cementation,
approximately 50 people will be working on the Bulk Sample at
Goldboro.
A version of this news release will be available in French on
Anaconda's website (www.anacondamining.com) in two to three
business days.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development and
exploration company, focused in the prospective Atlantic Canadian
jurisdictions of Newfoundland and
Nova Scotia The Company operates the Point Rousse Project located
in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight
Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the
fully-permitted Pine Cove Mill and tailings facility, deep water
port, and approximately 5,800 hectares of prospective gold-bearing
property. Anaconda is also developing the Goldboro Project in
Nova Scotia, a high-grade Mineral
Resource, with the potential to leverage existing infrastructure at
the Company's Point Rousse Project. The Company also has a pipeline
of organic growth opportunities, including the Viking and Great
Northern Projects on the Northern Peninsula and the Tilt Cove
Property on the Baie Verte Peninsula.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
Forward-looking information includes, but is not limited to,
disclosure regarding the economics and project parameters presented
in the PEA, including, without limitation, IRR, all-in sustaining
costs, NPV and other costs and economic information, possible
events, conditions or financial performance that is based on
assumptions about future economic conditions and courses of action;
the timing and costs of future development and exploration
activities on the Company's projects; success of development and
exploration activities; permitting time lines and requirements;
time lines for further studies; planned exploration and development
of properties and the results thereof; and planned expenditures and
budgets and the execution thereof. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects", or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "does not anticipate", or "believes"
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might", or
"will be taken", "occur", or "be achieved". Forward-looking
information is based on the opinions and estimates of management at
the date the information is made, and is based on a number of
assumptions and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Anaconda to be
materially different from those expressed or implied by such
forward-looking information, including the risks outlined in this
news release, risks associated with the exploration, development
and mining such as economic factors as they effect exploration,
future commodity prices, changes in foreign exchange and interest
rates, actual results of current production, development and
exploration activities, government regulation, political or
economic developments, environmental risks, permitting timelines,
capital expenditures, operating or technical difficulties in
connection with development activities, employee relations, the
speculative nature of gold exploration and development, including
the risks of diminishing quantities of grades of resources,
contests over title to properties, and changes in project
parameters as plans continue to be refined as well as those risk
factors discussed in Anaconda's annual information form for the
year ended May 31, 2017, available on
www.sedar.com. Although Anaconda has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Anaconda does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.