Anaconda Mining Generates $856,762, or $0.005 Per Share, in Net Income for FY Q3 2013
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/12/13 -- Anaconda Mining Inc. ("Anaconda" or the "Company") - (TSX: ANX) is pleased to report its financial and operating results from the fiscal 2013 third quarter ended February 28, 2013. The Company generated net income for the three and nine months ended February 28, 2013 of $856,762 and $2,495,642 or $0.005 and $0.014 per basic and fully diluted share, respectively. Earnings before interest, taxes, depreciation, amortization and non-cash share-based compensation ("EBITDA") was $1,516,463 and $4,773,120 for the three and nine months ended February 28, 2013, respectively.
During the third quarter, the Company sold 3,101 ounces of gold and generated $5,137,269 in revenue at an average gold sales price of $1,657 per ounce. Cash cost per ounce sold for the third quarter on a consolidated basis and at Pine Cove were $1,174 per ounce and $971 per ounce, respectively. Corporate costs include additional accounting and administrative accruals of $43 per ounce which were captured in the third quarter, but related to the first nine months of the fiscal year. For the first nine months of fiscal 2013, the Company sold 10,512 ounces of gold and generated $17,393,131 in revenue at an average gold sales price of $1,655 per ounce. Cash cost per ounce sold for the first nine months of the fiscal year on a consolidated basis and at Pine Cove were $1,202 per ounce and $1,048 per ounce, respectively.
Anaconda President and CEO, Dustin Angelo, stated, "The third quarter net income was over $700,000 more than the second quarter. We had a challenging quarter in terms of weather conditions and some mechanical breakdowns. However, we were able to control costs better, particularly on the mining side, and sell nearly the same amount of ounces as Q2, which resulted in more profit. We've made some important improvements with our crusher that have already enabled the mill to perform more consistently. In addition, we've been employing larger capacity trucks since the beginning of January. Consequently, we'd expect our unit costs to be lower in the second half of fiscal 2013 versus the first half. We've already seen that Corporate and Pine Cove Q3 cash costs per ounce were both better than the first half of the fiscal year by $40 and $110, respectively. The Company also continued to advance its organic growth story around Pine Cove with positive drill results from our winter drill program and encouraging assay results from the bulk sample at the Romeo and Juliet prospect."
All amounts are in Canadian dollars unless stated otherwise. The financial results and Management's Discussion and Analysis of these results may be found on Anaconda's website () and on its SEDAR profile ().
Highlights for the three and nine months ended February 28, 2013:
BALANCE SHEET:
OPERATING PERFORMANCE:
EXPLORATION:
OPERATIONAL OVERVIEW
Pine Cove project, Baie Verte, Newfoundland:
Milling operations
The Pine Cove mill operated for 77 days during the Period. Mill availability was 85% for the quarter. The mill processed 63,822 dry tonnes of ore (830 tonnes per operating day) at an average head grade of 2.17 grams per tonne ("g/t"), higher than the 1.83 g/t projected for the quarter. Overall mill recovery averaged 83% for the quarter, which was on budget.
Significant snowfall followed by extended periods of rain and freezing rain contributed to some mechanical failures and lower availability of the crushing plant. In addition, there were two weather related power outages/incidents during the quarter causing site shutdowns. Mill throughput, consequently, was affected. Subsequent mechanical improvements together with an extension in the crushing schedule have alleviated availability issues going into the final quarter of fiscal 2013. These improvements have allowed the site to achieve crushing capacity in excess of the mill capacity. Consequently, the site has now been able to maintain consistent feed to the ball mill and several days of crushed ore for unscheduled mechanical downtime. The following table summarizes the key mill operating statistics for the three and nine months ended February 28, 2013.
Mining operations
Mining activities operated for a total of 52 days during the Period and excavated a total of 421,694 tonnes of ore and waste. Ore production totaled approximately 86,000 tonnes which was over budget by 30%, while waste was approximately 336,000 tonnes for a strip ratio of 3.9 : 1.
For the nine months ended February 28, 2013, the Company budgeted a strip ratio of approximately 5.7 : 1 while the actual strip ratio was slightly higher at 5.73 : 1. Excluding the Pasture Pond project (removal of 270,000 tonnes of overburden), the actual strip ratio in the pit was approximately 4.6 : 1 in comparison to the budget for the year of 4.5 : 1.
The following table summarizes the mining production for the three and nine months ended February 28, 2013:
Exploration update:
During the third quarter, the Company focused its exploration efforts on the area around the Pine Cove pit and the Romeo and Juliet bulk sample, as described below.
Table 1. Gold head grade assay results from Anaconda's Romeo and Juliet bulk sample.
Romeo and Juliet Project Plan
The Company is now planning metallurgical testing and pilot milling of the Romeo and Juliet material. Ideally, the quartz vein hosted mineralization would supplement the current sulfide hosted mineralization to maximize the current circuit configuration of the mill. Simultaneously, the Company plans to prepare a preliminary resource estimate, which will require additional infill drilling. Pending a favorable resource estimate, Anaconda is considering an underground exploration program, to better define grades and geometry.
The information in this MD&A 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.
Company website: .
Contacts:
Anaconda Mining Inc.
Dustin Angelo
President and CEO
(647) 260-1248
ProConsul Capital Ltd.
Andreas Curkovic
Investor Relations
(416) 577-9927
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Datum: 12.04.2013 - 11:00 Uhr
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