12:18:27 EDT Wed 23 Oct 2019
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Anaconda Mining Inc (2)
Symbol C : ANX
Shares Issued 134,123,725
Close 2019-09-17 C$ 0.235
Recent Sedar Documents

Anaconda hires Atlantic Towing to ship bulk sample

2019-09-18 07:27 ET - News Release

Mr. Kevin Bullock reports

ANACONDA MINING PROVIDES GOLDBORO BULK SAMPLE UPDATE

Anaconda Mining Inc. has engaged Atlantic Towing Ltd., a member of the J.D. Irving Group of Companies, to ship the remaining approximately 6,100 tonnes of the 10,000-tonne underground bulk sample at its Goldboro gold project in Nova Scotia. 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. The barge vessel is expected to arrive in Goldboro later this week and the company expects the remaining bulk sample tonnes to be unloaded at Point Rousse before the end of September.

The company is preparing the Pine Cove mill to process the approximately 9,000 tonnes of the bulk sample which is unaffected by the claim and the related 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).

Anaconda expects the sample to be fully processed in October, with results to follow soon after. The bulk sample will support the continuing feasibility study for Goldboro, which is expected to be published prior to the end of 2019. The company will also be releasing an update to the Goldboro mineral resource in the fourth quarter of 2019.

Claim summary

Anaconda had previously engaged NIL Group Ltd. to ship the bulk sample. As reported on July 23, 2019, NIL has filed a statement of claim, alleging that the company is responsible for certain additional costs in relation to the shipment. As a result, NIL has issued and served a warrant with respect to the approximately 1,000 tonnes which were yet to be discharged from the barge at the time of filing of the claim (the estimated quantum of tonnes under warrant have since been updated based on a recent stockpile survey). Prior to the filing of the claim, the company had unloaded approximately 2,900 tonnes from the barge at its wholly owned port facilities at Point Rousse and conveyed those tonnes to the ROM (run-of-mine) pad near the Pine Cove mill.

The company continues to consider the claim to be without merit and on Aug. 16, 2019, the company filed its statement of defence and counterclaim against NIL, Newman Investments Ltd., a related company to NIL, as well as NIL's principals, alleging, among other things, contractual breach, negligent and/or fraudulent misrepresentation, and fraudulent deceit. Statements of defence to the company's counterclaim have not yet been filed.

Qualified person

This news release has been reviewed and approved by Gordana Slepcev, PGeo, chief operating officer with Anaconda Mining, a qualified person under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

About Anaconda Mining Inc.

Anaconda is a Toronto Stock Exchange- 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 deepwater port, as well as about 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 a continuing feasibility study.

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