Anaconda Mining Achieves Record Quarterly Gold Sales of 4,723 Ounces in Q1 FY 2018
Anaconda Mining Inc. (“Anaconda” or the “Company”) – (TSX:ANX) is pleased to report its financial and operating results for three months ended August 31, 2017 (“Q1 FY 2018”). As quoted in the press release: Highlights for the first quarter ended August 31, 2017 Anaconda achieved record quarterly gold sales of 4,723 ounces in Q1 FY 2018, … Continued
Anaconda Mining Inc. (“Anaconda” or the “Company”) – (TSX:ANX) is pleased to report its financial and operating results for three months ended August 31, 2017 (“Q1 FY 2018”).
As quoted in the press release:
Highlights for the first quarter ended August 31, 2017
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Anaconda achieved record quarterly gold sales of 4,723 ounces in Q1 FY 2018, and recorded revenue of $7.6 millionbased on an average gold price of $1,612 per ounce, a 55% increase in revenue over Q1 FY 2017
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The mill achieved record mill throughput of 119,401 tonnes, a 20% increase over the first quarter of FY 2017, while the mine produced 158,857 tonnes of ore at a significantly reduced strip ratio of 2.3:1 waste tonnes to ore tonnes
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Operating cash costs per ounce sold* were $1,067 (US$829) during Q1 FY 2018, an 18% improvement over the corresponding period in fiscal 2017.
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Strong revenue and lower costs enabled the Point Rousse Project to generate EBITDA* of $2.6 million, up significantly from $1.2 million in Q1 FY 2017
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The Company generated $0.5 million from the sale of waste rock as aggregate from its Pine Cove Pit
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All-in sustaining cash costs per ounce sold* (“AISC”), including corporate administration, sustaining capital expenditures and sustaining exploration costs for the three months ended August 31, 2017 was $1,419 (US$1,102)
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On a consolidated basis, EBITDA* for the three months ended August 31, 2017, was $1.7 million.
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The Company invested $0.7 million in its strategic exploration and evaluation projects, including $0.5 million on the Goldboro Project in Nova Scotia
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As at August 31, 2017, the Company had cash and cash equivalents of $1.6 million, net working capital of $3.7 millionand additional available liquidity of $1,000,000 from an undrawn revolving line of credit facility
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