Anaconda Mining Releases Full Year Results for 2019

Anaconda Mining (TSX:ANX,OTCQX:ANXGF) has released its production results and certain financial information for the three months and year ended December 31, 2019.

As quoted from the press release:

During the fourth quarter of 2019, the company processed the Goldboro bulk sample at its Pine Cove mill. Fourth quarter and annual mill statistics are presented both including the Bulk Sample, and on a Point Rousse stand-alone basis. Proceeds from gold recovered and sold from the Bulk Sample will be recorded as a credit against the Goldboro exploration and evaluation asset, and the related processing costs at the Pine Cove Mill will also be reallocated to the Goldboro asset on a proportionate basis.

“While 2019 had its challenges at the Point Rousse Complex, Anaconda is pleased that the mine and mill operations are back on track and the Company was able to sell 16,362 ounces of gold during the year to generate C$29.5 million in revenue. With the critical investments made in the mill, a strengthened operations management team, and improved preventative maintenance programs, Point Rousse is well positioned entering 2020 where we are guiding to produce 18,000 to 19,000 ounces of gold from continued mining in the Pine Cove Pit. We continue to advance the Argyle project and plan to commence development in the middle of 2020, with production expected to start in early 2021. We are also pleased to have restructured our term loan with the Royal Bank of Canada, which, together with our cash position at the end of 2019 and ongoing cash flow generation from the Point Rousse Complex, position us to advance the high-grade Goldboro gold project to a shovel-ready state and to execute a robust exploration drill program at our prospective Tilt Cove gold project,” said Kevin Bullock, President and CEO, Anaconda Mining.

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