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Anaconda Mining Sells Almost 3,600 Ounces of Gold
Mar. 16, 2017 08:20AM PST
Precious Metals InvestingAnaconda Mining (TSX:ANX) has announced result for the three and nine month period ended February 28, 2017, reporting 3,597 ounces of gold sold during the third quarter of fiscal 2017, generating over $5.6 million in revenue. As quoted in the press release: Anaconda also earned approximately $430,000 in revenue from the sale of its Pine …
Anaconda Mining (TSX:ANX) has announced result for the three and nine month period ended February 28, 2017, reporting 3,597 ounces of gold sold during the third quarter of fiscal 2017, generating over $5.6 million in revenue.
As quoted in the press release:
Anaconda also earned approximately $430,000 in revenue from the sale of its Pine Cove Pit waste rock for the aggregates project announced in October 2016. The Company expects to file its full financial statements by April 14, 2017. All dollar amounts are in Canadian dollars unless otherwise noted.
President and CEO, Dustin Angelo, stated, “The Point Rousse Project had another solid operating performance in the third quarter when we are typically challenged by inclement weather. Just as we did in the second quarter, we processed approximately 108,000 dry tonnes of ore. Over the last six months, Anaconda has sold nearly 8,000 ounces of gold as grade has increased approximately 14% since the first quarter. On the mining side, the Pine Cove pit strip ratio was reduced to 3.2 : 1 in the third quarter, which is a significant improvement over Q1 and Q2. For the fourth quarter of fiscal 2017, we expect the strip ratio to remain around 3 : 1 and grade to be in the 1.30 to 1.40 grams per tonne range. Consequently, we anticipate a strong finish to the fiscal year, particularly with the additional revenue from our aggregates venture.”
FY Q3 2017 Operations Overview:
The Pine Cove Mill operated for 85 days during the third quarter of fiscal 2017 at an availability rate of 95%. The mill achieved an average run rate of 1,268 tonnes per operating day compared to 1,038 tonnes per operating day in the third quarter of fiscal 2016, a 22% increase. The Pine Cove Mill processed 107,762 dry tonnes of ore during the quarter compared to 91,370 dry tonnes of ore in the similar period of fiscal 2016. Overall mill recovery was 85% compared to 81% in third quarter fiscal 2016. Average feed grade during the quarter was 1.28 grams per tonne. Grade of ore to be processed in the fourth quarter of fiscal 2017 is expected to increase by approximately 10% compared to the third quarter of fiscal 2017.
