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intern

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  1. They released nice results for June 2021, in October. https://abcourt.com/wp-content/uploads/2021/10/PR.pdf Rouyn-Noranda, Québec, Canada, October 29, 2021 Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) ("Abcourt" or the "Corporation"), Abcourt declares excellent results for the 12-month period ended on June 30, 2021, with $3,4 M in gross profits and $ 2,4 M in net profits despite 5 weeks of interruption to repair the hoist motor at Elder. All amounts are in canadian dollars unless indicated differently. HIGHLIGHTS: Revenues of $ 27.6 M in 2021, compared to $ 24.0 M in 2020, an increase of 15 %. Net profit of $ 2.4M in 2021 and $ 359 K in 2020. Gross profit of $ 3.4 M 2021, compared to $ 1.9 M in 2020, an increase of 80 %. Adjusted net profit of $ 5.1 M in 2021, compared to $ 4.2 M in 2020, an increase of 21 %. Cost of sales of $ 24.2 M in 2021, compared to $ 22.1 M in 2020, an increase of 9,5 %. $ 2.4 M of cash on June 30, 2021, compared to $ 2.0 M in June 30, 2020, an increase of 20 %. Gold inventory of $ 2.5 M in 2021, comparable to the June, 30, 2020 amount, hence no change. Cash cost of CDN $ 1,845 (US $ 1,444) in 2021, compared to CDN $ 1,636 (US $ 1,228) in 2020, an increase of 12,5 %. 11, 398 ounces produced 11, 659 ounces sold in 2021 compared to 12, 180 ounces produced 11,640 ounces sold, hence a drop of 6,8 % for the ounces produced and no change in the ounces sold. Net profit of $ 547 K in the fourth quarter of 2021, compared to $ 431 K in 2020, an increase of 27 %. We are very satisfied with these results. NOMINATION : The Company is pleased to announce that Mr François Mestrallet a director of the company since December 2013 has been promoted to the post of Board chairman on October 15, 2021. He succeeds Mr Renaud Hinse who has presided Board meetings for many years since the acquisition of the Company in December 1979. Mr Hinse will continue as president and CEO of the Company. It was an honor for me to preside the Board meetings over many years, but the time has come for me to reduce my activities. Mr Mestrallet is an important shareholder of the Company and he has a good knowledge of its operations. The way he looks at things will be an important contribution to the Board. 2 RECENT DEVELOPEMENTS : Advancement of drifts on levels 11 and 12 and preparation of level 13 at the Elder mine. Rehabilitation of old drifts and advancement of new drifts on the upper levels of the Sleeping Giant mine to have acces to existing ore reserves and new zones indicated by previous and current drill holes. NEW PROJETS TO COME : Update of NI 43-101 resources calculations of Discovery, Flordin and Cameron Shear (50%) Surface drilling program at Sleeping giant mine. Re-activate the Abcourt-Barvue silver-zinc projet. Construction of a trail to acces the Tagami projet. NON-GAAP FINANCIAL PERFORMANCE MEASURES : This press release presents certain financial performance measures, total cash costs per ounce of gold produced, sustaining costs and all-in sustaining cost per ounce of gold produced which are non-International Financial Reporting Standards (IFRS) performances measures. This data may not be comparable to data presented by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS. The adjusted net profit is a measure of performance that members of the direction use to evaluate the performance of activities by the Company. Without taking into account the accounting policies, taxation laws and the structure of capital as these elements may potentially give a wrong representation of the capacity of the Company to generate cash with its operation. The adjusted net profit excludes interest expenses, taxes and amortization. The cash costs and all-in sustaining cost are common performance measures in the gold mining industry. The Company reports cash cost per ounce based on ounces produced. Cash cost include operating mining costs and royalties but is exclusive of amortization and depletion and sustaining capital expenditures. The all-in sustaining costs include costs of sales and sustaining capital expenditures and administrative costs but exclude amortization, depletion and accretion expenses. The Company believes that all-in sustaining costs present a complete picture of the Company’s operating performance or its ability to generate free cash flows from its operation.
  2. Here are 2021's Third quarter results. Looks promising. Read the entire article @ https://www.anacondamining.com/prviewer/release_only/id/4921467 ANACONDA MINING ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS TORONTO, ON / ACCESSWIRE / November 4, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to report its financial and operating results for the three months ended September 30, 2021 ("Q3 2021"). The consolidated interim financial statements and management discussion and analysis documents can be found at www.sedar.com and the Company's website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted. "With mining at Argyle focused on waste development and throughput largely limited to lower-grade Pine Cove ore stockpiles, Anaconda sold 2,574 ounces of gold, generating metal revenue of $5.8 million, with operating cash costs* of $2,087 (US$1,656) per ounce of gold sold. Challenges in mine development during the quarter delayed access to Argyle ore and as a result the Company revised its production guidance for 2021 to approximately 12,000 ounces of gold sold and produced and is also revising its operating cash cost* guidance upward to between $2,150 and $2,200 per ounce of gold sold (US$1,720 - US$1,760). We are confident with the changes we have made at Argyle over the second and third quarter, including an independently prepared updated Mineral Resource, and 2022 is shaping up to be a record year of production for the Company. Furthermore, with the growth of the Stog'er Tight Deposit, now including 62,300 ounces of Indicated Mineral Resource and 9,600 ounces of Inferred Mineral Resource within constrained open pit shells, and ongoing drill testing of additional targets at both the Point Rousse and Tilt Cove projects, we believe the Point Rouse Project has the potential for continued cash generation for several years." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. Third Quarter 2021 Highlights Anaconda sold 2,574 ounces of gold in Q3 2021, generating metal revenue of $5.8 million at an average realized gold price* of $2,242 (US$1,779) per ounce sold; Due to slower mine waste development at Argyle during Q3 2021 which delayed access to higher-grade ore, the Company has revised its 2021 guidance downward to approximately 12,000 ounces of gold sold and produced; Gold production from the updated Argyle Mineral Reserve (effective September 1, 2021) is expected to be approximately 29,500 ounces based on an 87% overall mill recovery, setting up Anaconda for a record year of production in 2022, at an average operating cash cost per ounce sold of $1,112 (US$878)*; Operating cash costs per ounce sold* at Point Rousse in Q3 2021 were $2,087 (US$1,656), driven by lower production from lower milled grade from low-grade ore stockpiles coupled with higher operating costs. Operating cash costs per ounce sold* for the full year are now expected to be between $2,150 and $2,200 per ounce of gold sold (US$1,720 - US$1,760 based on an exchange rate of 0.80); All-in sustaining cash costs per ounce sold*, including corporate administration and sustaining capital expenditures, was $3,979 (US$3,158) for Q3 2021, which reflects increased mine waste development and sustaining capital to advance Stog'er Tight; The Company invested $2.2 million to advance its growth programs in Q3 2021, including $1.4 million on the Goldboro Gold Project relating to the Feasibility Study and permitting to support the advancement of the significantly expanded Mineral Resource; Net loss for the three months ended September 30, 2021 was $1.1 million, or $0.01 per share, compared to net income of $4.0 million or $0.03 per share, for the three months ended September 30, 2020, driven predominantly by lower production; On October 19, 2021, the Company announced an expanded Mineral Resource for Stog'er Tight, including Indicated Mineral Resources of 642,000 tonnes at a grade of 3.02 g/t gold (62,300 ounces of gold) and Inferred Mineral Resources of 53,000 tonnes at a grade of 5.63 g/t gold (9,600 ounces of gold), increasing the potential for a mine life extension at Point Rousse; As of September 30, 2021, the Company had a cash balance of $10.6 million and working capital* of $6.3 million and additional available liquidity of $3.0 million from and undrawn revolving line credit facility with the Royal Bank of Canada. *Refer to Non-IFRS Measures section below for reconciliation. Consolidated Results Summary Financial Results Three months ended September 30, 2021 Three months ended September 30, 2020 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Revenue ($) 5,855,453 12,703,630 12,703,630 20,155,365 31,594,739 Cost of operations, including depletion and depreciation ($) 6,245,043 5,540,360 23,123,227 18,368,320 Mine operating (loss) income ($) (389,590 ) 7,163,270 (2,967,862 ) 13,226,419 Net (loss) income ($) (1,078,899 ) 3,982,777 (5,778,000 ) 7,436,040 Net (loss) income per share ($/share) - basic and diluted ($) (0.01 ) 0.03 (0.03 ) 0.05 Cash generated from operating activities ($) 251,303 6,183,727 (1,030,618 ) 12,007,716 Capital investment in property, mill and equipment ($) 3,125,994 387,383 5,431,463 1,577,708 Capital investment in exploration and evaluation assets ($) 2,227,982 2,150,374 9,195,864 4,638,061 Average realized gold price per ounce* US$1,779 US$1,866 US$1,812 US$1,672 Operating cash costs per ounce sold* US$1,656 US$677 US$1,828 US$830 All-in sustaining cash costs per ounce sold* US$3,158 US$947 US$2,799 US$1,121 September 30, 2021 December 31, 2020 Working capital (*) 6,340,306 13,938,471 Total assets ($) 89,145,317 81,396,971 Non-current liabilities ($) 7,644,639 7,529,640 *Refer to Non-IFRS Measures section for reconciliation Third Quarter Operating Statistics Operational Results Three months ended September 30, 2021 Three months ended September 30, 2020 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Ore mined (t) 18,047 187,185 106,762 401,573 Waste mined (t) 802,087 387,116 1,934,794 1,510,830 Strip ratio 44.4 2.1 18.1 3.8 Ore milled (t) 118,988 120,359 328,551 351,828 Grade (g/t Au) 0.67 1.59 0.88 1.42 Recovery (%) 86.2 88.5 85.9 87.5 Gold ounces produced 2,218 5,444 7,959 14,098 Gold ounces sold 2,574 5,105 8,849 13,948 2021 Guidance Due to slower mine development at Argyle during Q3 2021 which delayed access to higher-grade ore, Anaconda revised its 2021 guidance downward to approximately 12,000 ounces of gold, from 16,000 and 17,000 ounces of gold in 2021. Operating cash costs per ounce for the full year are expected to be between $2,150 and $2,200 per ounce of gold sold (US$1,720 - US$1,760 at an approximate exchange rate of 0.80), up from $1,625 and $1,675 per ounce of gold sold, reflecting the impact of operating cash costs per ounce sold in the first nine months of 2021 and the expected grade profile from Argyle over the remainder of the year. The average operating costs per ounce sold over the remaining Mineral Reserves for Argyle is expected to be $1,112 per ounce (US$878) and all-in sustaining cash costs per ounce sold is expected to be $1,252 per ounce (US$989) based on a strip ratio of 5.3 waste tonnes to ore tonnes. Sustaining capital over the remaining Argyle mine life is estimated to be $2.1 million from September 30, 2021. Third Quarter 2021 Review Operational Overview Anaconda produced 2,218 ounces of gold in Q3 2021, a 61% decrease compared to Q3 2020 as throughput was predominantly from low-grade ore stockpiles while mine waste development was the focus at Argyle. For the nine months ended September 30, 2021, the Company produced 7,959 ounces due to the heavy focus on mine waste development coupled with the processing of low-grade ore stockpiles. Mine operations in the third quarter were focused on mine waste development at Argyle with 802,087 tonnes of waste moved during the quarter. However, the rate of waste development was impacted by drill availability delaying the access to ore in Q3 2021, resulting in a strip ratio of 44.4 waste tonnes to ore tonnes. Ore mining has been ramping up significantly since the end of September and mill throughput in Q4 is expected to be predominantly from Argyle. The Pine Cove Mill processed 118,988 tonnes during Q3 2021 and achieved an availability rate of 95.1%, resulting in a throughput rate of 1,361 tonnes per day, similar to the corresponding period of 2020, with overall gold production impacted by the processing of low-grade Pine Cove ore stockpiles. Notwithstanding the low-grade throughput, the mill was able to achieve an average recovery rate of 86.2%, a decrease of only 2.6% compared to Q3 2020 despite grade being down 58% from the prior period. Financial Results Anaconda sold 2,574 ounces of gold during the third quarter of 2021, generating gold revenue of $5.8 million at an average realized gold price of C$2,242 per ounce (US$1,779). Operating expenses for the three months ended September 30, 2021 were $5,402,512 compared to $4,616,353 in the comparative period of 2020. Operating expenses for Q3 2021 included mining costs of $1,918,128 which were 21% lower than the comparative period, primarily due to significantly lower tonnes mined as well as the impact of the capitalization of $2,553,947 in deferred stripping costs at Argyle. Argyle has higher blasting and haulage unit costs and a higher strip ratio in comparison to Pine Cove, which was being mined in the previous year. Processing costs of $2,539,275 in Q3 2021 were higher than the comparative period primarily due to higher maintenance costs. Operating cash costs per ounce sold in the three months ended September 30, 2021 were C$2,087 (US$1,656), which were impacted by lower mine grade and higher processing costs. The royalty expense for Q3 2021 was $53,434, reflecting the 3% net smelter return royalty that applies to Argyle. There were no royalty expenses in Q3 2020, as the Company was processing Pine Cove ore which was not subject to a net smelter return royalty. Depletion and depreciation for Q3 2021 was $789,097 a decrease from $924,007 in Q3 2020 reflecting the 59% decrease in gold ounces produced, offset by the ongoing capitalization of Argyle development since Q3 2020. Mine operating loss for the three months ended September 30, 2021 was $389,590, compared to mine operating income of $7,163,270 in the corresponding period of 2020, the result of lower revenue and higher comparable operating costs during Q3 2021. Corporate administration costs were $905,089 for Q3 2021, a decrease of 10% from Q3 2020. In July 2021, Novamera completed an equity financing in which the Company did not participate, diluting its interests in Novamera to 19%. Consequently, the Company ceased to account for its investment on a significant control basis and at that time recorded a gain of $1,020,432 based on the implied valuation of the financing, which represents the excess of the fair value of the investment on that date as compared to the investment's carrying value under the equity method. Net comprehensive loss for the three months ended September 30, 2021, was $1,078,899, or $0.01 per share, compared to net comprehensive income of $3,982,777, or $0.03 per share, for the three months ended September 30, 2020. The decline compared to the comparative period of 2020 was the result of lower production and higher operating costs, which was partially offset by the gain on the loss of significant influence over Novamera and by a lower net income tax expense, as the Company did not record any current income tax expense in the recent period while also recording a deferred income tax expense of $617,000 during Q3 2021. Financial Position and Cash Flow Analysis As of September 30, 2021, the Company had working capital of $6,340,306, which included cash and cash equivalents of $10,567,042. The increase in trade and other payables reflects the higher operating costs incurred in Q3 2021 and was also impacted by the timing of exploration activities at Goldboro and Point Rousse. Current taxes payable reflects the Newfoundland mining taxes payable for year ended December 31, 2020, which was paid in the first half of 2021. The increase in other current liabilities is a result of the flow-through premium recorded during Q2 2021 in relation to the flow-through private placement completed in May 2021, representing the difference between the market price of the Company's shares upon closing and the cash consideration received in exchange for the flow-through common shares, less the proportion of the transaction costs associated with the flow-through portion of the private placement. Anaconda generated $251,303 in operating cash flows during the three months ended September 30, 2021, which included corporate administration costs of $905,089. The Point Rousse Project generated EBITDA of $388,185 (refer to Non-IFRS Measures section), based on gold sales of 2,574 ounces at an average gold price of C$2,242 per ounce sold and operating cash costs of C$2,087 per ounce sold. Operating cash flows were also impacted by changes in working capital, namely the increase in accounts payable and a decrease in stockpiled inventory. The Company continued to invest in its key growth projects in Newfoundland and Nova Scotia in Q3 2021, spending $2,227,982 on exploration and evaluation assets (adjusted for amounts included in trade payables and accruals as of September 30, 2021), primarily on the continued advancement of the Goldboro Project ($1,350,359). The Company also invested $3,125,994 into the property, mill and equipment at the Point Rousse operation, with capital investment focused on development activity at Argyle during Q3 2021. Non-IFRS Measures Anaconda has included in this press release certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however, excludes depletion and depreciation and rehabilitation costs. All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations. The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant, and the Company uses the average foreign exchange rate for the period. Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold. Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") - EBITDA is earnings before finance expense, deferred income tax expense and depletion and depreciation. Point Rousse Project EBITDA is EBITDA before corporate administration and other expenses (income). Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets. ABOUT ANACONDA Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project with Measured and Indicated Mineral Resources of 1.9 million ounces (16.0 million tonnes at 3.78 g/t) and Inferred Mineral Resources of 0.8 million ounces (5.3 million tonnes at 4.68 g/t) (Please see The Goldboro Gold Project Technical Report dated March 30, 2021), which is subject to an ongoing Feasibility Study. Anaconda also 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 ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. 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, risks related to the COVID-19 pandemic, 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, 2020, 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.
  3. Interesting news from this promising stock :D TORONTO, ON / ACCESSWIRE / October 19, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce an updated Mineral Resource Estimate ("Mineral Resource") for the Stog'er Tight Deposit, part of the Point Rousse Project ("Point Rousse"), prepared in accordance with National Instrument 43-101 ("NI 43-101") and 2019 CIM MRMR Best Practice Guidelines. The Mineral Resource was prepared by Independent Qualified Person Glen Kuntz, P.Geo., of Nordmin Engineering Ltd. ("Nordmin"). All dollar amounts are in Canadian dollars. The Stog'er Tight Mineral Resource includes an Indicated Mineral Resource of 642,000 tonnes at a grade of 3.02 grams per tonne ("g/t") gold for 62,300 ounces and an Inferred Mineral Resource of 53,000 tonnes at a grade of 5.63 g/t gold for 9,600 ounces. These Mineral Resources are constrained within three open pits as well as adjacent to the past producing Stog'er Tight Mine. The Stog'er Tight deposit is located three kilometres from the Pine Cove mill along existing roads and was previously processed at the Pine Cove mill from June 2018 to January 2020, achieving an average recovery rate of 87%. "The growth of the Stog'er Tight Deposit, now including 62,300 ounces of Indicated Mineral Resource and 9,600 ounces of Inferred Mineral Resource within constrained open pit shells, is a significant milestone in our strategy to expand the life of mine at our Point Rousse operations. Given the relative high grade nature of the Mineral Resource and its proximity to the Pine Cove mill and existing road networks, we have initiated development work required to enable us to convert these resources to reserves. We anticipate results from this work in the fourth quarter of 2021. Consequently, environmental baseline studies have been in progress throughout the 2021 field season and we anticipate the submission of an environmental registration document in the fourth quarter of 2021. We believe the Stog'er Tight resource combined with the recently announced Argyle Mineral Reserve demonstrate potential for an expanded mine life at the Point Rousse operation for several years. Given our history of discovery at Point Rousse and ongoing drill testing of additional targets at both the Point Rousse and Tilt Cove projects, we believe the Point Rousse Project has the potential for continued cash generation for several years and beyond." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. Stog'er Tight Development and Permitting The Stog'er Tight Deposit is located three (3) kilometres east of the Pine Cove Mill and has been defined over a strike length of 1,250 metres to date. Anaconda produced a total of 17,102 ounces of gold from 349,942 tonnes of ore from the Stog'er Tight Mine between June 2018 and January 2020. Gold from Stog'er Tight was recovered through the Pine Cove Mill with an average head grade of 1.75 g/t gold at an overall recovery of approximately 87%. Baseline studies to support an enhanced registration document were initiated in Spring 2021. These studies have included avifauna, bat, and rare plant surveys, as well as fish and fish habitat assessments and surface and groundwater monitoring Fish and fish habitat data will be used to support the development of a Fisheries Act Authorization application and a fish habitat offsetting plan, which are also expected to be submitted in Q1 of 2022. Stog'er Tight Mineral Resource The Mineral Resource was prepared by Independent Qualified Person, Glen Kuntz, P. Geo. of Nordmin. The Stog'er Tight Mineral Resource is based on validated results of 690 surface drill holes (506 diamond drill holes and 184 percussive drill holes), for a total of 37,584 metres of diamond drilling that was completed between 1988 and 2021 and the effective date of September 1, 2021. From these drill holes a total of 16,319 samples were analyzed for gold content. The Mineral Resource is defined at a 0.59 g/t gold cut-off and is based upon 1 metre assay composites using a variable gold grade cap. The Open pit constrained Mineral Resource (Table 1) uses the unit cost assumptions outlined in Table 2. Table 1: Stog'er Tight Mineral Resource - Effective Date: September 1, 2021 Type Au (g/t) Cut -off Category Tonnes Au g/t Rounded Ounces Open Pit 0.59 Indicated 642,000 3.02 62,300 Inferred 53,000 5.63 9,600 Mineral Resource Estimate Notes Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Open pit Mineral Resources are reported at a cut-off grade of 0.59 g/t gold that is based on a gold price of CAD$2,000/oz (approximately US$1,550/oz) and a gold processing recovery factor of 87%. Assays were capped on the basis of the three Domain types Flat, Steep and Background. SG was applied on a lithological basis after calculating weighted averages based on lithological groups. Mineral Resource effective date September 1st, 2021. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. Reported from within a mineralization envelope accounting for mineral continuity. Excludes unclassified mineralization located within mined out areas. Input Parameters for the Stog'er Tight Mineral Resource Open Pit Calculation For the open pit Mineral Resource (Table 1) a pit limit analysis was undertaken using the Lerchs-Grossmann algorithm in Geovia's Whittle™ 4.7 software to determine physical limits for a pit shell constrained Mineral Resource. The parameters used to generate a pit shell are shown in Table 2. Table 2: Physical Pit Limit Analysis Parameters PARAMETER VALUE Currency Used for Evaluation CA$ Block Size 3m x 3m x 3m Overall Slope Angle Rock: Varied by Sector - Range 42o - 44o Overburden: 25o Mining Cost 4.66$/tmined Process Cost 31.85/tprocessed includes assumptions for Milling, G&A, tailings, additional haulage to mill Selling Cost 68.19$/oz. includes dore transportation, refining, and royalty Metal Price 1550 US$/oz. 1US$ : 1.3CA$ 2000 CA$/oz. Process Recovery 87% Mining Loss & Dilution 5% each Resources Used for Pit Shell Generation Indicated + Inferred Pit Shell Selection Revenue Factor RF 1.00 for Resource Pit Shell The milling cut-off grade is used to classify the material contained within the pit shell limits as open pit resource material. This break-even cut-off grade is calculated to cover the Process and Selling Costs. The open pit Mineral Resource cut-off grade is estimated to be 0.59 g/t gold. For resource cut-off calculation purposes, a mining recovery of 87% and 5% mining dilution were applied. Geological Domaining Stog'er Tight Deposit Nordmin undertook a full re-examination of the mineralogical, lithological, and structural correlations influencing the gold bearing structures present at the Stog'er Tight deposit. Detailed wireframing was carried out based on vertical 15 m spaced cross-sections and subsequently joined section to section. Each wireframe was given an individual numeric identifier, from there a domain type was assigned within based on the location and nature of the intercept (1=Flat, 2=Steep) Figure 1. A cut-off grade of 0.50 g/t Au was utilized in the creation of the wireframes at the Stog'er Tight deposit. Explicit modelling was used to create the Mineral Resource, which allows for mineralization to better reflect the Deposit geology and associated geochemistry. Nordmin's opinion is that the explicit modelling approach minimizes risks compared to using implicit modelling for the Project. Figure 1: Geological domains (Flat and Steep structures). Exploratory Data Analysis The exploratory data analysis was conducted on raw drill hole data to determine the nature of the gold distribution within the flat-steep mineralized trends, correlation of grades within individual domains, and the identification of high-grade outlier samples. Nordmin used a geostatistical package (X10 Geo) to complete various descriptive statistics, histograms, probability plots, and XY scatter plots to analyze the grade population data. The findings of the exploratory data analysis were used to help define modelling procedures and parameters used in the Mineral Resource Estimate. Data received from the Company had been cleaned and edited prior to use in the resource estimate. No significant issues were noted in drill hole collar locations, survey, assay, and lithology data supplied to Nordmin. Individual drill hole tables (collar, survey, assay, etc.) were merged to create one single master drill hole file. The process splits assay intervals to allow for all records in all tables to be included. Stog'er Tight Compositing The raw sample data was found to have a very consistent range of sample lengths. Samples captured within all wireframes were composited to 1.0 m regular intervals based on the observed modal distribution of sample lengths, which supports a 3.0 m x 3.0 m x 3.0 m block model (Northing x Easting x Elevation) with three sub-blocking levels (a minimum size of Northing = 0.375 m x Easting = 0.375 m x Variable Elevation). An option to use a slightly variable composite length was chosen to allow for backstitching shorter composites located along the edges of the composited interval. All composite samples were generated within each background low-grade, northwest-southeast, and east-west wireframe. There are no overlaps along boundaries. The composite samples were statistically validated to ensure no material loss of data or change to each sample population's mean grade. Nordmin reviewed the previous historical estimate capping method and determined that a more appropriate method would be to assign capping values based on the geological and structural features present on site. Therefore, the assays were variably capped by domain type (flat, steep and background) Table 3. Table 3: Stog'er Tight Deposit Cap Values Capped Uncapped Domain Metal Cap # of Samples Min Max Mean # Capped % Capped % Metal Lost CV Min Max Mean CV (g/t) Flat Au 19.0 1050 0.003 19 2.73 19 1.80% 7.2 1.43 0.003 74.4 2.94 1.82 Steep Au 30.0 1357 0.003 30 2.76 15 1.10% 3.7 1.69 0.003 147.6 2.87 2.05 Background Au 1.0 13262 0.003 1 0.035 131 1.00% 15 3.35 0.003 21.4 0.041 6.05 Stog'er Tight Assessment of Spatial Grade Continuity Datamine and Sage 2001 was used to determine the geostatistical relationships for each deposit. Independent variography was performed on composite data for each domain. Experimental grade variograms were calculated from the capped/composited sample gold data to determine the approximate search ellipse dimensions and orientations. The analyses considered the following: Downhole variograms were created and modelled to define the nugget effect; Experimental pairwise-relative correlogram variograms were calculated to determine directional variograms for the strike and down dip orientations; Variograms were modelled using an exponential with practical range; Directional variograms were modelled using the nugget defined in the downhole variography and the ranges for the along strike, perpendicular to strike, and down dip directions; Variograms outputs were re-oriented to reflect the orientation of the mineralization; and The analysis demonstrated that gold continuity could be appropriately defined by one main variogram across all domains. A Technical Report prepared in accordance with NI 43-101 for the Point Rousse Project will be filed on SEDAR (www.sedar.com) within 40 days of this news release and will include updated Argyle Mineral Reserves (as announced on October 13, 2021) and the Stog'er Tight Mineral Resources for the Point Rousse Project. For readers to fully understand the information in this news release, they should read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Reserves. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
  4. Anaconda Mining Reports Q3 Production Results and Announces Updated Mineral Reserve and Resource for Argyle & Intersects 7.88 g/t Gold Over 7.9 Metres and 6.19 g/t Gold Over 2.6 Metres on Underground Targets at the Goldboro Gold Project TORONTO, ON / ACCESSWIRE / October 13, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is today announcing production results and certain financial information from the three and nine months ended September 30, 2021 ("Q3 2021"). The Company is also pleased to announce an updated Mineral Reserve and Resource Estimate ("Mineral Reserve and Resource") for the Argyle Deposit prepared in accordance with National Instrument 43-101 ("NI 43-101") and 2019 CIM MRMR Best Practice Guidelines. The Mineral Reserve and Resource was prepared by Independent Qualified Persons Joanne Robinson, P.Eng., and Glen Kuntz, P.Geo., of Nordmin Engineering Ltd. ("Nordmin"), respectively. All dollar amounts are in Canadian dollars. The Company expects to file its third quarter financial statements and management discussion and analysis on or around November 4, 2021. "With the focus of Q3 2021 on mine waste development to access ore at Argyle, which was impacted by drill availability, mill throughput during the quarter was mainly limited to lower grade Pine Cove ore stockpiles, resulting in gold production of 2,218 ounces. As a result of the delays in mine development, the Company is revising its guidance downward to approximately 12,000 ounces sold and produced for 2021. While the challenges in developing mine waste at Argyle are disappointing, ore delivery ramped up at the end of September and we are confident in the mine plan going forward. This mine plan is based on the independently updated Mineral Reserves prepared by Nordmin, where 2022 is shaping up to be a record year of production for the Company. Over the next 14 months, we expect to mine approximately 529,100 tonnes of ore at an average diluted grade of 1.99 grams per tonne, which at a recovery rate of 87% will result in production of approximately 29,500 ounces. The Company also anticipates announcing an expanded Mineral Resource for Stog'er Tight in the coming weeks, which we believe will demonstrate the continued ability to expand the life of mine of the Point Rousse operations." ~Kevin Bullock, President and CEO, Anaconda Mining Inc. Q3 2021 Highlights Updated Probable Mineral Reserve for Argyle of 529,100 tonnes at an average diluted grade of 1.99 grams per tonne ("g/t") gold containing 33,850 ounces, using a base case gold price of $2,000 (US$1,550); Gold production over the next 14 months is expected to be approximately 29,500 ounces based on an 87% overall mill recovery, setting up Anaconda for a record year of production in 2022, at an average operating cash cost per ounce sold of $1,112 (US$878) 1; Argyle demonstrates robust economics with undiscounted after-tax cash flows of $18.4M and an after-tax NPV (5%) of $17.4M with an IRR of 1,631%; Anaconda produced 2,218 ounces of gold in Q3 2021, a 61% decrease compared to Q3 2020 as throughput was predominantly from low-grade ore stockpiles while mine waste development was the focus at Argyle, with ore delivery ramping back up at the end of September; Due to slower mine waste development at Argyle during Q3 2021 which delayed access to higher-grade ore, the Company has revised its 2021 guidance downward to approximately 12,000 ounces of gold sold and produced; The Company sold 2,574 ounces of gold in Q3 2021, generating metal revenue of $5.8 million at an average realized gold price1 of $2,242 (US$1,779) per ounce; The Pine Cove Mill processed 118,988 tonnes during Q3 2021 and achieved mill availability of 95.1%, achieving similar mill throughput as in Q3 2020. The mill achieved a strong average recovery rate of 86.2% during Q3 2021 despite throughput being comprised mainly of low-grade Pine Cove stockpiles; Mining operations achieved 802,087 tonnes of waste development during the third quarter, lower than plan due to drill availability which delayed access to ore, resulting in 18,047 tonnes of ore mined. Ore mining has been ramping up significantly since the end of September and mill throughput in Q4 is expected to be predominantly from Argyle; As of September 30, 2021, the Company had a cash balance of $10.6 million, preliminary working capital1 of $6.5 million, and additional available liquidity of $3.0 million from an undrawn revolving line of credit facility. 1 Refer to Non-IFRS Measures Section below. Third Quarter Operating Statistics Three months ended September 30, 2021 Three months ended September 30, 2020 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Mine Statistics Ore production (tonnes) 18,047 187,185 106,762 401,573 Waste production (tonnes) 802,087 387,116 1,934,794 1,510,830 Total material moved (tonnes) 820,134 574,301 2,041,556 1,912,403 Waste: Ore ratio 44.4 2.1 18.1 3.8 Mill Statistics Availability (%) 95.1 97.6 91.7 98.0 Dry tonnes processed 118,988 120,359 328,551 351,828 Tonnes per day ("tpd") 1,361 1,340 1,313 1,311 Grade (grams per tonne) 0.67 1.59 0.88 1.42 Recovery (%) 86.2 88.5 85.9 87.5 Gold Ounces Produced 2,218 5,444 7,959 14,098 Gold Ounces Sold 2,574 5,105 8,849 13,948 Operations Overview for the Three Months Ended September 30, 2021 Anaconda sold 2,574 ounces of gold during the third quarter of 2021, generating metal revenue of $5.8 million at an average realized gold price1 of $2,242 (US$1,779) per ounce, and year-to-date has sold 8,849 ounces to generate metal revenue of $20.1 million. For the nine months ended September 30, 2021, the Company produced 7,959 ounces due to the heavy focus on mine waste development coupled with the processing of low-grade ore stockpiles. Accordingly, the Company has revised its 2021 guidance downward to approximately 12,000 ounces of gold sold and produced. The Company will update its operating cash costs per ounce sold1 guidance when it releases its financial results for Q3 2021. The average operating costs per ounce sold over the 14 month mineral reserves for Argyle is expected to be $1,112 per ounce (US$878). Mine operations in the third quarter were focused on mine waste development at Argyle with 802,087 tonnes of waste moved during the quarter. While the plan was to focus on waste development, the rate of waste development was impacted by drill availability delaying the access to ore in Q3 2021, resulting in a strip ratio of 44.4 waste tonnes to ore tonnes. Ore mining has been ramping up significantly since the end of September and mill throughput in Q4 is expected to be predominantly from Argyle. The Pine Cove Mill processed 118,988 tonnes during Q3 2021 and achieved an availability rate of 95.1%, resulting in a throughput rate of 1,361 tonnes per day, similar to the corresponding period of 2021, with overall gold production impacted by the processing of low-grade Pine Cove ore stockpiles. Notwithstanding the low-grade throughput, the mill was able to achieve an average recovery rate of 86.2%, a decrease of only 2.6% compared to Q3 2020 despite grade being down 58% from the prior period. 1 Refer to Non-IFRS Measures Section below. Argyle Mineral Reserve The Mineral Reserve was prepared by Independent Qualified Person, Joanne Robinson, P.Eng., of Nordmin. The updated Probable Mineral Reserve at Argyle, effective as of September 1, 2021, is 529,100 tonnes at an average diluted gold grade of 1.99 g/t and contains 33,850 ounces of gold at a strip ratio of 5.3 to 1, based on a cut?off grade of 0.56 g/t gold and gold price of CAD$2,000/oz (US$1,550/oz). This cut?off grade is the minimum ore grade required to process the ore economically. Table 1: Argyle Mineral Reserve Estimate - Effective Date: September 1, 2021 Category Tonnes Gold (g/t) Rounded Ounces Probable 529,100 1.99 33,850 Footnotes: See Gold Price, Capital, Operating and Tax Assumptions in Table 2 below. 1. The independent and qualified person for the mineral reserve estimate, as defined by NI 43-101 is Joanne Robinson, P.Eng., of Nordmin Engineering Ltd. 2. The effective date of the mineral reserve estimate is September 1, 2021. 3. The Mineral Reserve was derived from an ultimate pit shell design analysis based on parameters from the pit shell used to constrain the Indicated Mineral Resource. The ultimate pit design was created using Surpac 2021™ mining software and running a volumetric report between the pit design and the most recently surveyed topographic surface from August 30, 2021. 4. The reserve estimate includes an estimated 17% dilution and 3% metal loss as a result of regularizing the block model plus 15% external dilution and 5% mining loss. Total gold ounces expected to be mined over the 14 month life of mine is expected to be 33,850 ounces resulting in gold produced of approximately 29,500 ounces based on an estimated average recovery rate of 87.0%. Argyle ore is being mined using conventional open pit mining methods with waste rock being stored locally at site and ore being transported by truck to the Pine Cove Mill. It is expected that Argyle ore will be batch-processed at approximately 1,200 tonnes per day with additional material from Pine Cove stockpiles continuing to supplement the mill capacity of 1,300 tonnes per day. With mine waste development now on track and ore mining ramping up, Argyle demonstrates robust economics with undiscounted pre-tax cash flows of $21.2M, a pre-tax discounted NPV (5%) of $20.0M with an IRR of 1,667%, and an after-tax NPV (5%) of $17.4M with an IRR of 1,631%. Sustaining capital over the remaining 14 months of mine life is estimated to be $4.2M, relating mainly to ongoing mine waste development of which approximately $2.0M has already been invested as of September 30, 2021. Table 2: Key Assumptions and Costs Used in the Mineral Reserve Production Profile Gold Price - Base Case CAD$2,000/ounce Total Tonnes Milled 529,100 tonnes Diluted Head Grade 1.99 g/t gold Reserve Cut-Off Grade 0.56 g/t gold Total Waste Tonnes 2,818,500 tonnes Strip Ratio 5.3:1 Gold Recovery 87% Total Gold Production 29,500 ounces Capital Requirements Sustaining Capital $4.2M Unit Operating Costs Mining Costs $34.55/tonne milled Processing Costs $26.35/tonne milled G&A $5.10/tonne milled LOM Operating Cash Costs(1) CAD$1,112 per ounce sold (US$878) LOM All-in Sustaining Cash Costs(1) CAD$1,252 per ounce sold (US$989) Project Economics Royalties(2) 3% net smelter return Income Tax/Mining Tax Rates 30%/15% Pre-Tax NPV (5% Discount Rate) $20.0M Internal Rate of Return 1,667% Cumulative Cash Flows $21.2M After-Tax NPV (5% Discount Rate) $17.4M Internal Rate of Return 1,631% Cumulative Cash Flows $18.4M (1) Cash cost includes mining cost, mine-level G&A, mill and refining cost. This is a non-GAAP performance measure; please see "Non-GAAP Measures and Other Financial Measures" below. (2) A portion of the project is also subject to a 7.5% net profits interest ("NPI") with Royal Gold Inc. Depending on the price of gold in the future, operating and capital costs, the production profile of Argyle, the NPI could become payable at a future date. Argyle Mineral Resource The Mineral Resource was prepared by Independent Qualified Person, Glen Kuntz, P. Geo. of Nordmin. The Argyle Mineral Resource is based on validated results of 271 surface drill holes (171 diamond drill holes and 100 percussive drill holes), for a total of 16,231 metres of diamond drilling that was completed between 2016 and 2021 and the effective date of September 1, 2021. From these drill holes a total of 5,556 samples were analyzed for gold content. The Mineral Resource is defined at a 0.56 g/t gold cut-off and is based upon 1 metre assay composites using a variable gold grade cap. The Open pit constrained Mineral Resource uses the unit cost assumptions outlined in Table 2. Table 3: Argyle Mineral Resource - Effective Date: September 1, 2021 Type Au (g/t) Cut -off Category Tonnes Au g/t Rounded Ounces Open Pit 0.56 Indicated 436,800 2.53 35,530 Inferred 500 2.77 50 Mineral Resource Estimate Notes Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Open pit Mineral Resources are reported at a cut-off grade of 0.56 g/t gold that is based on a gold price of CAD$2,000/oz (approximately US$1,550/oz) and a gold processing recovery factor of 87%. Assays were capped on the basis of the three Domain types Flat, Steep and Background. SG was applied on a lithological basis after calculating weighted averages based on lithological groups. Mineral Resource effective date September 1st, 2021. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. Reported from within a mineralization envelope accounting for mineral continuity. Excludes unclassified mineralization located within mined out areas. ANACONDA MINING INTERSECTS 7.88 G/T GOLD OVER 7.9 METRES AND 6.19 G/T GOLD OVER 2.6 METRES ON UNDERGROUND TARGETS AT THE GOLDBORO GOLD PROJECT TORONTO, ON / ACCESSWIRE / October 12, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results from an infill diamond drilling program (the "Infill Drill Program") completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project"). The Infill Drill Program was designed to upgrade inferred mineral resources in an area of potential future underground development between the two open pits contemplated in the recently announced Preliminary Economic Analysis ("PEA"), comprising 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308). The Infill Drill Program will also contribute to the optimization of open pit designs as part of the Feasibility Study anticipated in Q4 2021, part of Phase I of the long-term mine development plan which will focus exclusively on surface mining. Assay results have been received for 10 drill holes to date (Exhibit A), with assays for the remaining drill holes to be presented in an upcoming news release as results are received. Selected composited highlights (core length) from the Infill Drill Program include: 7.88 grams per tonne ("g/t") gold over 7.9 metres (364.3 to 372.2 metres), including 21.38 g/t gold over 1.5 metres and 17.32 g/t gold over 1.5 metres in diamond drill hole BR-21-291; 6.19 g/t gold over 2.6 metres (94.6 to 97.2 metres), including 24.80 g/t gold over 0.6 metres in diamond drill hole BR-21-299; 3.67 g/t gold over 4.2 metres and 14.10 g/t gold over 0.5 metres within a broader zone consisting of 1.91 g/t gold over 12.6 metres (279.4 to 292.0 metres), in diamond drill hole BR-21-295; 6.75 g/t gold over 2.7 metres and 19.90 g/t gold over 0.5 metres within a broader zone consisting of 2.59 g/t gold over 8.0 metres (279.8 to 287.8 metres), in diamond drill hole BR-21-296; and 33.00 g/t gold over 0.5 metres within a broader zone consisting of 2.54 g/t gold over 8.2 metres (120.5 to 128.7 metres), in diamond drill hole BR-21-299. "The recently announced Goldboro PEA outlines the capacity for a long mine life with estimated average gold production of 112,000 ounces over more than 17 years, generating an after-tax NPV of $547 million and an after-tax IRR of 24.4% using a US$1,550 gold price. Based on the technical and financial merits demonstrated by the PEA, the Company is undertaking a phased development approach which will initially focus on the surface mining phase of the mine plan, which is subject to an ongoing Feasibility Study expected to be released in Q4 2021. While we remain focused on the Feasibility Study and the development of two open pits, we were recently presented with an opportunity to upgrade a specific area of inferred mineral resources located between the two open pits where there was limited drilling. The results of infill drilling between the two pits demonstrate excellent geological continuity at depth and the results are consistent with previous drilling in this area. We continue to execute the current 20,000 metre diamond drill program with the aim of further upgrading mineral resources within or adjacent to the two open pits. Since the open pit mineral resource at Goldboro was constrained using only Measured and Indicated mineral resources, any additional conversion of inferred resources within or adjacent to the open pits creates further additional value to the Project." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc Highlights of the Goldboro Gold Project PEA After-tax Net Present Value at a 5% discount rate ("NPV 5%") of $547 million and an after-tax Internal Rate of Return ("IRR") of 24.4%, with an after-tax payback of 3.2 years based on a gold price of $2,000 per ounce (US$1,550 at an exchange rate of 1.29 C$:US$); Pre-tax NPV 5% of $805 million and a pre-tax IRR of 29.0%, with a pre-tax payback period of 2.9 years; Total gold recovered of over 1,950,000 ounces over a 17.6-year life of mine, based on 15.0 Mt at 2.09 g/t gold from surface mining, 6.0 Mt at 4.89 g/t gold from underground mining, and 3.2 Mt at 0.63 g/t gold from a low-grade stockpile; Goldboro will generate approximately $3.9 billion of gross revenue, approximately $ 1.6 billion in undiscounted pre-tax net cash flow, and over $481 million in federal and provincial tax payments; Initial capital cost ("Capex") of $286 million resulting in an after-tax NPV 5% to Capex ratio of 1.9; Average gold production of over 89,500 ounces per year over the first 7 years of production from surface mining, increasing to average annual production of over 120,000 ounces in years 8 through 18; Life-of-Mine Operating Cash Costs1 of $862 (US$668) per ounce sold and All-In Sustaining Costs ("AISC") of $1,031 (US$799) per ounce sold; Mill capacity of 4,000 tonnes per day ("tpd") based on combined gravity and leaching circuit, demonstrating an average gold recovery of 96.4%; and At a gold price of $2,200 (US$1,705), Goldboro could generate cumulative after-tax net cash flows of approximately $1.4 billion, an after-tax NPV 5% of over $700 million and an after-tax IRR of 29.2%. 1 Refer to Non-IFRS Financial Measures below. * Cautionary statement NI 43-101: The PEA was prepared in accordance with NI 43-101. Readers are cautioned that the PEA is preliminary in nature. It includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Table 1. Table of selected composites from the Goldboro Underground Infill Drill Program Hole ID From (m) To (m) Interval (m) Gold (g/t) Visible Gold BR-21-291 55.4 55.9 0.5 5.42 VG and 308.0 311.6 3.6 3.71 and 316.2 321.5 5.3 2.20 VG including 316.2 316.7 0.5 6.33 VG and 340.0 341.0 1.0 3.46 and 346.1 348.4 2.3 1.44 and 364.3 372.2 7.9 7.88 VG including 366.3 367.8 1.5 21.39 VG including 370.7 372.2 1.5 17.32 VG BR-21-292 59.3 60.3 1.0 4.26 and 209.8 210.3 0.5 27.60 VG and 264.5 265.5 1.0 2.74 BR-21-294 67.3 67.8 0.5 1.18 VG and 71.5 72.0 0.5 0.52 VG and 74.0 75.0 1.0 4.13 and 131.7 133.7 2.0 2.64 and 163.4 164.4 1.0 6.08 VG BR-21-295 35.0 35.5 0.5 1.99 VG and 60.2 61.3 1.1 3.39 and 279.4 292.0 12.6 1.91 including 285.8 290.0 4.2 3.67 including 285.8 286.3 0.5 14.10 VG BR-21-296 149.5 151.0 1.5 5.57 VG and 210.6 213.1 2.5 1.25 and 249.5 250.0 0.5 4.69 and 264.6 275.3 10.7 0.61 and 279.8 287.8 8.0 2.59 VG including 285.1 287.8 2.7 6.75 VG including 287.3 287.8 0.5 19.90 VG and 304.8 305.3 0.5 25.20 VG BR-21-297 96.7 97.2 0.5 6.53 BR-21-298 52.5 53.5 1.0 3.12 and 73.0 74.0 1.0 3.63 and 83.3 85.3 2.0 3.10 and 88.5 89.0 0.5 0.81 VG and 144.4 145.4 1.0 5.03 and 243.5 246.5 3.0 1.73 and 259.9 260.4 0.5 3.68 BR-21-299 28.5 29.0 0.5 1.04 and 94.6 97.2 2.6 6.19 including 95.6 96.2 0.6 24.80 and 100.1 101.6 1.5 1.29 and 120.5 128.7 8.2 2.54 VG including 123.4 123.9 0.5 33.00 VG and 167.7 171.4 3.7 1.41 and 192.8 193.8 1.0 3.84 and 212.9 214.4 1.5 1.41 *Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length. ** All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release. Mineral Resource Statement for the Goldboro Gold Project (Previously Reported) Resource Type Gold Cut-off (g/t) Category Tonnes ('000) Gold Grade (g/t) Troy Ounces Open Pit 0.44 Measured 6,137 2.73 538,500 Indicated 5,743 2.99 551,300 Measured + Indicated 11,880 2.86 1,089,900 Inferred 1,580 1.75 89,000 Underground 2.60 Measured 1,384 7.36 327,700 Indicated 2,772 5.93 528,600 Measured + Indicated 4,156 6.41 856,200 Inferred 3,726 5.92 709,100 Combined* 0.44/2.60 Measured 7,521 3.58 866,200 Indicated 8,515 3.95 1,079,900 Measured + Indicated 16,036 3.78 1,946,100 Inferred 5,306 4.68 798,100 * Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.44 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.60 g/t gold cut-off grade. Mineral Resource Estimate Notes Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Open Pit Mineral Resources are reported at a cut-off grade of 0.44 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 96%. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 97%. Assays were variably capped on a wireframe-by-wireframe basis. Specific gravity was applied using weighted averages to each individual wireframe. Mineral Resource effective date February 7, 2021. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. Excludes unclassified mineralization located within mined out areas. Reported from within a mineralization envelope accounting for mineral continuity.
  5. Here are some fresh news , just from today- as usual, they care for the environment andare keen on mentioning the efforts they are making to keep it clean. Nice to see that this stock went up smoothly, bought it just in time back then. (for the full article, please read https://www.anacondamining.com/prviewer/release_only/id/4864282 ) 1.81 grams per tonne ("g/t") gold over 30.0 metres (56.0 to 86.0 metres), including 10.00 g/t gold over 1.0 metre in diamond drill hole BN-21-496; 0.98 g/t gold over 6.0 metres (47.5 to 53.5 metres) in diamond drill hole BN-21-498; and 0.54 g/t gold over 10.0 metres (51.0 to 61.0 metres) in diamond drill hole BN-21-497. 5.72 g/t gold over 7.0 metres (30.0 to 37.0 metres) in diamond drill hole AE-21-184; 2.16 g/t gold over 13.0 metres (66.0 to 79.0 metres) in diamond drill hole AE-21-185; 5.25 g/t gold over 6.0 metres (28.0 to 34.0 metres) in diamond drill hole AE-21-169; and 1.04 g/t gold over 8.0 metres (29.0 to 37.0 metres) in diamond drill hole AE-21-174. Selected intersections from holes BN-21-496 to BN-21-507 from infill drilling at Stog'er Tight are shown in Table 1 below and selected intersection from holes AE-21-169 to AE-21-192 from delineation drilling at Argyle are shown in Table 2 below. The results of both the Stog'er Tight and Argyle Drill Programs will be used to update the Mineral Resources and Reserves at Point Rousse, anticipated in Q4 2021. "As we continue to mine at Argyle and move forward with development work at Stog'er Tight, we see an opportunity for optimization and continued mining operations at Point Rousse in the coming years. The advancement of geotechnical and environmental work at Stog'er Tight allows for the optimization of the Mineral Resource and open pit design. Similarly, the delineation drill results at Argyle have provided an opportunity to better optimize the pit design and mining techniques. With this information we have commenced preparing an updated Mineral Resource and Reserve estimate for our Point Rousse operation, that includes a new Mineral Resource for Stog'er Tight, supporting potential extended life of the mining operations. At the same time, we continue to develop other exploration targets throughout Point Rousse and Tilt Cove and are actively drilling a 6,000 metre diamond drill program and completing a 100-line kilometre geophysical survey to test the broader prospectivity of the Point Rousse Project." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. The Stog'er Tight Deposit is located three (3) kilometres east of the Pine Cove Mill, adjacent to existing road networks, and has been defined over a strike length of 1,250 metres to date. Anaconda produced a total of 17,102 ounces of gold from 349,942 tonnes of ore from the Stog'er Tight Mine between June 2018 and January 2020. Gold from Stog'er Tight was recovered through the Pine Cove Mill with an average head grade of 1.75 g/t gold at an overall recovery of approximately 87%. Preliminary environmental studies have been initiated at the expanded Stog'er Tight Deposit, including environmental baseline work associated with Camp Pond, which is anticipated to be impacted by potential development west of the Stog'er Tight Mine. The Company also continues to gather baseline data, including the installation of water monitoring wells, to support the submission of an enhanced Environmental Registration document to regulators in the fourth quarter of 2021. In addition, fish and fish habitat data is being collected to support the development of a Fisheries Act Authorization application and a fish habitat offsetting plan, which is also expected to be submitted in the fourth quarter.
  6. Does a good feasibility study guarantee ROI? For instance, this article from a mining company, do you think this is worth investing based on the numbers and initial studies? Positive feasibility study for sleeping giant mine modest investment of only $5M high yield rate Here is a summary of this technical report(1): General and History The Sleeping Giant mine is located 80 km north of Amos in north-western Quebec, Canada. It is accessible via road 109 that connects Amos to Matagami. This is a paved road and it passes less than 1 km from the mine site. Material and services are available at competitive prices. The mine was exploited from 1988 to 2014. It has been maintained dry since its temporary closing in 2014 and no infrastructure has been taken out or added. Currently, the Sleeping Giant mill treats ore from the Elder mine owned by Abcourt Mines Inc. and occasionally, some custom ore. The mill capacity is 700 to 750 tonnes per day. The activated carbon process is used to recover gold. Historically, the gold recovery on the Sleeping Giant ore, at that mill is 97.5%. The tailings pond complies with all governmental regulations and the dykes and the quality of water are checked every year by an external expert. The tailings pond has enough capacity to receive the tailings from Elder and those from the Sleeping Giant mine as indicated in section 16 of the technical report. The setting pond at the discharge of the tailings pond is used to treat the discharged water according to the rules and to control the quality of the water. Geology and Mineralization The Sleeping Giant property is located in the central part of the north volcanic zone affected by major E-W and NW-SE corridors of deformation. The geological units in the mine area consist of basalt, andesite and volcano-sedimentary rocks. Mineralization is in disseminated sulfides, in veinlets or in small massive bands parallel to bedding. The best veins contain four types of sulfides: pyrite, pyrrhotite, chalcopyrite and sphalerite, which make up from 5 to 60% of the vein fillings. Beside gold, the veins contain silver and small amounts of copper and zinc. Note 1: For more information, see Sedar. Mineral Resources The mineral resources used in the feasibility study are extracted from a technical report prepared by Mr. Valère Larouche entitled “Estimation des ressources minérales de la propriété Géant Dormant”, May 2019. The Sleeping Giant ore body contains 10,900 tonnes of measured resources grading 12.20 g/t of gold (4,300 ounces of gold) and 475,625 tonnes of indicated resources with a grade of 11,20 g/t of gold (171,275 ounces of gold) and 93,100 tonnes of inferred resources grading 11.85 g/t of gold (35,400 ounces of gold). Abcourt Mines inc. has identified some substantial exploration targets on existing levels of the mine, ignored in the past. The company is planning an important exploration program and hopes to increase considerably its resources and reserves. Mineral Reserves The mineral reserves are estimated at 339,221 tonnes grading 7.9 g/t of gold (85,690 ounces). These mineral reserves are probable. Mining Method A mining plan has been prepared to extract 325,000 tonnes of reserves over a 4-year period including one year of pre-production (25,000 tonnes) followed by the three years with an annual production of 100,000 tonnes per year. The remaining 14,221 tonnes of reserves, not extracted by this mining plan, will be extracted later in subsequent operations following additional exploration and development work. There are good possibilities of extending the production period by doing additional exploration work on the indicated resources excluded from the mining plan and on the inferred resources and converting the latter into measured or indicated resources and eventually into reserves. The mineralization is typically in narrow veins. The dip varies between 30o and 80o. The mining methods will be shrinkage and room and pillars. The long-hole method is not favored but will be used where the other methods are not adequate. Project Infrastructures The access to the Sleeping Giant is facilitated by road 109 that passes through the property at less than 1 km from the mine site. All surface installation necessary for the opening of the mine are available on the site. The mill and tailings pond are functional. Electricity is provided by HydroQuebec. Mine water is used for the mine and mill. Water from a well is used in lunch rooms, toilets and showers. Telephone and internet services are provided by Telebec. Mill The process used in the mill to treat the gold ore is carbon in pulp. The mill capacity is 700 to 750 tonnes per day. This capacity is sufficient to treat the Elder and the Sleeping Giant ores. Historically, the gold recovery in this mill has been 97,5%. Environment, Permits, Social Impacts and Closing Plan Mining leases and certificates of authorization are valid. Studies are done regularly to comply with exigencies of the provincial and federal environmental laws and regulations. The waste rock is not acid generating and do not leach heavy metals. The re-start of the Sleeping Giant mine will have a positive economic impact on the region by creating about 100 jobs and by the local purchase of material and services. A closing plan was updated and filed with the ministry of “Energie et Richesses Naturelles du Québec” in October 2018. The estimated cost of restoration and closing by Abcourt is $3.6M. An amount of $4M has already been deposited in trust with the ministry of “Energie et Richesses Naturelles du Québec”. Hence, no additional amount is needed and it is not necessary to include this amount in the financial analysis. Capital and Operating Costs The capital cost for the pre-production of the Sleeping Giant mine is estimated at $4.6M, including operating costs of $8.5M, royalties for $0.125M, capital expenditures of $3.4M, a working capital of $1.3M and revenues of $8.7M. The pre-production period is 12 months. During the production period, the sustaining costs are $2.7M including on going capital expenditures of $4.0M and a refund of $1.3M in working capital. Total operating costs during the production period are $52.4M for an average of $174.84 per tonne treated. Royalty payment of $1.375M are not included in this amount. Check out the full content of this article in this link.
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