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Anaconda Mining (TSX:ANX) has reported its financial and operating results for the three months ended August 31, 2016, selling 2,919 ounces of gold resulting in $4,919,737 in revenue at an average of $1,685 per ounce. As quoted in the press release: Cash cost per ounce sold at the Point Rousse Project for the three months …
Anaconda Mining (TSX:ANX) has reported its financial and operating results for the three months ended August 31, 2016, selling 2,919 ounces of gold resulting in $4,919,737 in revenue at an average of $1,685 per ounce.
As quoted in the press release:
Cash cost per ounce sold at the Point Rousse Project for the three months ended August 31, 2016 was $1,244 (USD$959). The Company generated positive earnings before interest, taxes, depreciation and amortization and other non-cash expenses (“EBITDA”) of $1,287,567 at the Point Rousse Project. Net loss for the three months ended August 31, 2016 was $379,565. As at August 31, 2015, the Company had cash and cash equivalents of $359,794 and net working capital of $500,744.
President and CEO, Dustin Angelo, stated, “There were several bright spots in a quarter where the Company did not achieve its desired gold production level, thus generating lacklustre financial results. From a long term perspective, Anaconda accomplished a few goals and set new milestones that will assist in positioning it for long term success. The Company succeeded in raising over $2 million in flow through equity financing for a 17,000-metre drill program and securing a $1.5M credit facility with The Royal Bank of Canada to allow for greater financial flexibility. On the operating side, the Pine Cove Mill finalized its mill automation project and reached new heights in mill throughput, averaging 1,220 tonnes per operating day during the month of August. We’ve experienced higher rates for the month of September, averaging 1,340 tonnes per operating day. We also expended significant resources on expanding our tailings capacity. In the short term, we have hit a few bumps in the road, but we continue to build a strong foundation for the future. With that being said, we are continuing to make adjustments to improve gold production and expect key drivers like grade, strip ratio and mining costs to improve over the remaining three quarters of the fiscal year.”