TORONTO, July 23, 2019 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is
providing an update on its 10,000-tonne underground bulk sample
(the "Bulk Sample") at its Goldboro Gold Project in Nova Scotia ("Goldboro"). The Company is
shipping the bulk sample material to the Company's Point Rousse
Complex in Newfoundland, to be
processed at the Pine Cove Mill. Approximately 3,900 tonnes of the
bulk sample has now been delivered by barge to the Company's
wholly-owned port at Point Rousse.
Anaconda had engaged NIL Group Limited ("NIL") to ship the bulk
sample to Newfoundland. The
Company is reporting that NIL has filed a Statement of Claim (the
"Claim"), alleging that the Company is responsible for certain
additional costs in relation to the shipment. As a result, NIL has
issued and served an arrest warrant with respect to the
approximately 800 tonnes which were yet to be discharged from the
barge at the time of filing of the Claim. The Company considers the
Claim to be without merit and will vigorously defend all the
allegations in Court in due course and are exploring legal options
against NIL.
Prior to the filing of the Claim, the Company had unloaded
approximately 3,100 tonnes from the barge at its wholly-owned port
facilities at Point Rousse and conveyed those tonnes to the ROM pad
by the Pine Cove Mill. The approximately 800 tonnes under the Claim
have since been unloaded from the shipping barge and sequestered at
the Company's site pursuant to an agreement with NIL and will
remain sequestered pending resolution of the Claim or an earlier
order of the Court.
The Company is preparing the Pine Cove Mill to process the
initial 3,100 tonnes of the bulk sample, which is unaffected by the
Claim and the arrest warrant. The Company has installed a Falcon
gravity concentrator, which has been commissioned by the supplier,
as the metallurgical test program completed in support of the
feasibility study has indicated that a significant portion of the
gold in the sample can be recovered through a gravity circuit (see
Press Release dated July 9, 2019).
The Company is reviewing other shipping options to transport the
remaining bulk sample tonnes from Goldboro and will provide further updates as
arrangements are finalized.
Qualified Person
Gordana Slepcev, P. Eng., Chief
Operating Officer, Anaconda Mining Inc., is a "qualified person" as
such term is defined in National Instrument 43-101 and has reviewed
and approved the technical information and data included in this
press release.
ABOUT ANACONDA
Anaconda is a TSX and OTCQX-listed gold mining, development, and
exploration company, focused in Atlantic
Canada. The company operates mining and milling operations
in the prolific Baie Verte Mining District of Newfoundland which includes the
fully-permitted Pine Cove Mill, tailings facility and deep-water
port, as well as ~11,000 hectares of highly prospective mineral
lands including those adjacent to the past producing, high-grade
Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also
developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the
subject of an on-going feasibility study.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is based on
a number of assumptions and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Anaconda to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the
exploration, development and mining such as economic factors as
they effect exploration, future commodity prices, changes in
foreign exchange and interest rates, actual results of current
production, development and exploration activities, government
regulation, political or economic developments, environmental
risks, permitting timelines, capital expenditures, operating or
technical difficulties in connection with development activities,
employee relations, the speculative nature of gold exploration and
development, including the risks of diminishing quantities of
grades of resources, contests over title to properties, and changes
in project parameters as plans continue to be refined as well as
those risk factors discussed in Anaconda's annual information form
for the year ended December 31, 2018,
available on www.sedar.com. Although Anaconda has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Anaconda does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.