Anaconda Mining Releases Maiden Resource Estimate for Argyle Gold Deposit

Anaconda Mining Inc. (TSX:ANX) announced an initial resource estimate for the Argyle gold deposit, located at its Point Rousse project in Newfoundland and Labrador.
Highlights of the resource estimate include:

• Indicated resources of 38,300 ounces; Inferred resources of 30,300 ounces (capped grades);
• The deposit remains open in all directions and shows evidence of contained higher grade shoot trends;
• Approximately 45% of currently defined mineral resources are contained within an initial conceptual open pit shell prepared by Anaconda staff;
• A 1,000-metre diamond drilling program was initiated in early December to expand the deposit and is ongoing at present;
• Argyle is located 4.5 kilometres from the Pine Cove Mill and the area is accessible by existing road networks;
• Environmental assessment application documents are expected to be submitted to the Newfoundland and Labrador Department of Environment by February 2018; All permits and approvals for production are expected in the spring of 2019.

Dustin Angelo, president and CEO of Anaconda, commented:

It is a big milestone for Anaconda to have outlined another deposit in close proximity to the Pine Cove Mill. At the Point Rousse Project, we have built significant processing capability and tailings capacity while generating over $42 million in project level EBITDA from our mining activities in the last 6 years. To potentially add more local ore feed that can utilize this infrastructure and continue to produce cash flow for the Company is tremendous. Also, Argyle demonstrates our ability to find more mineral resources nearby our mill, even though we have been constrained financially for a number of years. With more investment, we believe we can continue to add more ounces to the Point Rousse Project. As we advance the Goldboro Project in Nova Scotia in parallel with our work at Point Rousse, we move closer to our goal of significantly increasing production company-wide.

Click here to read the full Anaconda Mining Inc. (TSX:ANX) press release.