TORONTO,
Aug. 28, 2014 /CNW/ - Anaconda Mining
Inc. ("Anaconda" or "the Company") - (TSX: ANX) is pleased to
report its financial and operating results for the fiscal year
ended May 31, 2014. Net income
for the year was $4,292,356 or
$0.02 per fully diluted share. The
Company generated earnings before interest, taxes, depreciation and
amortization ("EBITDA") of $7,663,494
for fiscal 2014 compared to $7,171,717 in fiscal 2013. The Company sold
14,577 ounces of gold in fiscal 2014 resulting in $20,175,326 in revenue at an average sales price
of $1,384 per ounce. Other revenues
of $4,265,630 from its sold Chilean
iron ore properties were also recognized during the year. Cash cost
per ounce sold at the Pine Cove Project for fiscal 2014 was
$1,020. As at May 31, 2014, the Company had cash and cash
equivalents of $2,754,225 and net
working capital of $5,066,477.
President and CEO, Dustin Angelo, stated, "The Company had another
strong year financially in the face of a harsh winter season at the
Pine Cove Project. We generated $7.7
million in EBITDA on a consolidated basis, a 7% increase
year over year from fiscal 2013, and $5.3
million in cash flow from operations including cash payments
from Chile. Consequently, our cash
position was approximately $2.8
million by year end fiscal 2014. Continued operational
improvements at the Pine Cove Project resulted in an average run
rate record of 995 tonnes per operating day for the fourth quarter
and an annual record of nearly 305,000 dry tonnes processed through
the mill. In the first quarter of fiscal 2015, we are still
experiencing strong throughput levels and elevated recoveries in
the area of about 85% or more as opposed to 83%. Beyond the
operations at the current Pine Cove pit, we plan to spend
approximately $1.8 million on
exploration activities in fiscal 2015 and are optimistic we will be
able to discover more resources on our property package. We are in
a good financial position to invest in exploration and we have
multiple targets that can either extend the life of the project or
add higher grade feed at a potentially lower incremental cost."
The Company's core gold mining business has
maintained positive operating cash flows and earnings three years
in a row and management has set challenging goals for fiscal 2015.
The Company has budgeted to produce and sell approximately 16,000
ounces of gold for the year and generate approximately $2 million in net income using a gold price of
$1,400 per ounce. Cash cost per ounce
sold is expected to be approximately $1,000 per ounce and all-in sustaining cash cost
("AISC") per ounce sold is budgeted to be approximately
$1,375 per ounce. This increase in
AISC is attributable to increased capital expenditures and
exploration activities planned for fiscal 2015.
Highlights for the fiscal year ended
May 31, 2014
BALANCE SHEET IMPROVEMENT:
- As at May 31, 2014, the Company
had cash and cash equivalents of $2,754,225 and net working capital of
$5,066,477.
OPERATING PERFORMANCE:
- For the year ended May 31, 2014,
the Company sold 14,577 ounces of gold and generated $20,175,326 in revenue at an average sales price
of $1,384 per ounce.
- The mill processed 946 tonnes per operating day for the fiscal
year ended May 31, 2014 with the
Company achieving an average run-rate record of 995 tonnes per
operating day for the fourth quarter.
- The Pine Cove mill overall recovery for the fiscal year ended
May 31, 2014 was 83% which has
increased subsequently in the first quarter of fiscal 2015 to
approximately 85% due to mill improvements.
- Cash cost per ounce sold at the Pine Cove Project for the year
ended May 31, 2014 was $1,020 per ounce.
- AISC cash cost per ounce sold, including corporate
administration, capital expenditures and exploration costs for the
year ended May 31, 2014 was
$1,312 per ounce.
- Milestone payments, royalty revenue and sales price payments
from Chilean iron ore properties were $4,265,630 for the year ended May 31, 2014. Included in the second quarter is
the receipt of a US$1 million
commercial production milestone payment and the recognition of an
additional US$2 million payment due
no later than May 20, 2015. The
Company has also received $1,004,253
in royalty and sales price payments, along with interest accretion
and exchange gains during the year.
- At the Pine Cove Project, EBITDA (see Reconciliation of
Non-GAAP Financial Measures) for the year ended May 31, 2014 was $5,307,174.
- On a consolidated basis, EBITDA for the year ended May 31, 2014 was $7,663,494.
- Net income for the year ended May 31,
2014 was $4,292,356 or
$0.02 per basic and fully diluted
share.
- Cash flow from operations for the year ended May 31, 2014 was $5,315,742. Excluding cash generated from
Chile, cash flow from operations
was $3,301,331.
- Purchase of property, mill and equipment for the year ended
May 31, 2014 was $1,452,627. Key items included crusher upgrades
of $214,000, waste dump development
of $150,000, in-pit construction of
$173,000, mining software of
$135,000 and mill laboratory
additions of $54,000.
- Additions to production stripping assets for the year ended
May 31, 2014 were $751,102; depreciation of production stripping
assets for the year ended May 31,
2014 was $368,214.
- In November 2013, the Company
completed two three-year option agreements to acquire a
100%-undivided interest in the Deer Cove and Stog'er Tight gold
projects, which are adjacent to the Pine Cove Project and are key
components in its regional exploration program.
GROWTH INITIATIVES:
- Approximately $901,000 was spent
at the Pine Cove Project on exploration for the year ended
May 31, 2014. The Company's
exploration initiatives for the year focused on a compilation of
historic information on the Deer Cove and Stog'er Tight properties
in preparation for future drilling activities, condemnation
diamond-drilling north of the Pine Cove Mine, structural
interpretations in and around the Pine Cove pit, an airborne survey
across the entire project and drilling the Romeo and Juliet
prospect.
Operations overview
During the year ended May
31, 2014, the gold sales volume of 14,577 ounces represented
a 2% decrease over the fiscal 2013. Average sales price for the
year was $1,384 per ounce versus
$1,625 per ounce for fiscal 2013, a
15% decrease. As a result of the lower sales volume and a lower
selling price, gross revenue for the year ended May 31, 2014 of $20,175,326 was lower than the previous fiscal
year by $3,998,113 or 17%.
The following table summarizes the key operating
metrics for fiscal 2014 and 2013:
OPERATING STATISTICS:
|
May 31
2014 |
May 31
2013 |
Mill |
|
|
Operating days |
322 |
323 |
Availability |
88% |
87% |
Dry tonnes processed |
304,696 |
287,747 |
Tonnes per 24-hour period |
946 |
890 |
Grade (grams per tonne) |
1.83 |
1.99 |
Overall mill recovery |
83% |
83% |
Gold sales volume (troy oz.) |
14,577 |
14,879 |
Mine |
|
|
Operating days |
245 |
234 |
Ore production (tonnes) |
296,235 |
309,059 |
Waste production (tonnes) |
1,623,461 |
1,649,408 |
Total production (tonnes) |
1,919,696 |
1,958,467 |
Waste: Ore ratio |
5.5 |
5.3 |
MILLING OPERATIONS
The Pine Cove mill operated for 322 days during the year at 88%
availability. Operating performance in the year ended May 31, 2014 is highlighted by increased mill
availability of 88% (87% for the year ended May 31, 2013) and increased throughput of 946
tonnes per operating day (890 tonnes per day for the previous
fiscal year), with the Company achieving an average run-rate record
of 995 tonnes per operating day for the fourth quarter. Head grade
was slightly lower at 1.83 g/t (1.99 g/t for the year ended
May 31, 2013). The mill processed
304,696 dry tonnes of ore for the year ended May 31, 2014 (287,747 tonnes for the year ended
May 31, 2013), an increase of 6%. The
Pine Cove mill overall recovery for the fiscal year ended
May 31, 2014 was consistent year over
year at 83%. Mill recovery has increased subsequently in the first
quarter of fiscal 2015 to approximately 85% due to mill
improvements.
Operating performance in the third quarter of
fiscal 2014 was hampered by the extreme cold and excessive snowfall
that began in late November and lasted into early March. The
operating difficulties were compounded by the lack of adequate,
consistent power supply, which caused the Pine Cove team to
conservatively run the ball mill at a lower throughput rate for
most of the third quarter to compensate for these external issues.
By the end of January, the Company had made adjustments to overcome
the power supply problems. Despite the interruption, the Company
processed 16,949 tonnes more during the year compared to fiscal
2013.
The following table summarizes the key mill operating statistics
for the fiscal year ended May 31,
2014:
For the three months ended
|
August 31
2014 |
November 30
2014 |
February 28
2014 |
May 31
2014 |
Mill |
|
|
|
|
Operating days |
85 |
79 |
76 |
82 |
Availability |
93% |
87% |
84% |
89% |
Dry tonnes processed |
83,890 |
76,114 |
63,123 |
81,569 |
Tonnes per 24-hour period |
987 |
956 |
834 |
995 |
Grade (grams per tonne) |
1.92 |
1.80 |
1.79 |
1.80 |
Overall mill recovery |
83% |
83% |
83% |
82% |
Gold sales volume (troy oz.) |
4,096 |
3,852 |
2,832 |
3,797 |
In the first, second and fourth quarters of
fiscal 2014, the Pine Cove mill processed an average of 80,524
tonnes per quarter, whereas in the third quarter, due to the
aforementioned weather and power supply issues, the mill only had
throughput of approximately 63,000 tonnes. If the tonnes processed
in the third quarter were similar to the first, second and fourth
quarters, the Company estimates that it would have processed
approximately 17,400 additional tonnes resulting in increased gold
sales of approximately 1,000 ounces and $1.3
million in net revenue.
MINING OPERATIONS
Mining activities operated for a total of 245 days during the year
and excavated a total of 1,919,696 tonnes of ore and waste. Ore
production totaled 296,235 tonnes, while waste was 1,623,461 tonnes
for a strip ratio of 5.5:1. The strip ratio during the year ranged
from 4.0:1 to 6.7:1 due to mine sequencing. Because of the harsh
winter conditions and the mill slowdown, mine operations were
curtailed during the third quarter and into the beginning of the
fourth quarter to an average of 4 days per week and with a reduced
truck fleet to keep the mining rate synchronized with mill
requirements.
The following table summarizes by quarter the
key mine operating statistics for the fiscal year ended
May 31, 2014:
For the three months ended
|
August 31
2014 |
November 30
2014 |
February 28
2014 |
May 31
2014 |
Mine |
|
|
|
|
Operating days |
64 |
62 |
57 |
62 |
Ore production (tonnes) |
74,189 |
84,533 |
78,043 |
59,470 |
Waste production (tonnes) |
484,514 |
427,845 |
310,067 |
401,035 |
Total production (tonnes) |
558,703 |
512,378 |
388,110 |
460,505 |
Waste: Ore ratio |
6.5 |
5.1 |
4.0 |
6.7 |
EXPLORATION
The Company has developed a strategy to leverage the existing
infrastructure at Pine Cove. This involves the exploration
and development of its mineral and mining leases based on two
general mineralization styles within the property: Pine Cove like,
quartz-carbonate-pyrite hosted (2+ g/t) mineralization and
higher-grade (5+ g/t) quartz vein ± carbonate ± pyrite
mineralization. The strategy involves delineating more Pine Cove
like ore through the expansion of the current Pine Cove resource,
delineation and expansion of the Stog'er Tight deposit and the
discovery of similar deposits, while also delineating higher-grade
deposits such as Deer Cove and Romeo and Juliet and discovery of
similar style deposits to incrementally increase the feed grade for
the mill.
Consistent with this strategy, in the year ended
May 31, 2014, Anaconda made the
following advances in exploration:
- Completed an airbourne magnetic and EM survey;
- Conducted a drill program on the Romeo and Juliet deposit;
- Drilled at the down-dip extension of the Pine Cove
deposit;
- Acquired two historical resources in the Deer Cove and Stog'er
Tight projects while increasing its tenements from 4,785 to 5,925
hectares; and
- Started a drill program on the Deer Cove deposit.
Airbourne Magnetic and EM Survey
In June of fiscal 2014, the Company engaged Fugro Airborne Services
to perform a helicopter-borne Electromagnetic/Magnetic survey over
Anaconda's Pine Cove Project on the Baie
Verte Peninsula, Newfoundland.
The survey covered approximately 700 line
kilometers at a flight line spacing of 75 meters. The purpose of
the survey was to acquire a geophysical dataset that can be used as
part of the exploration program to better interpret the general
distribution and structure of the geology underlying the Company's
property. This data also helps establish a geophysical
fingerprint for the various deposits on the property. These
are used in conjunction with archived ground geophysics,
gold-in-soil geochemical data, and structural and alteration
mapping, to refine an exploration model for the discovery and
delineation of gold deposits.
Romeo and Juliet
The Romeo and Juliet prospect is a gold-bearing quartz vein system
located 1.5 kilometers northwest of the Pine Cove mine. The veins
were discovered in 1988 and were trenched and tested by 18 shallow
diamond-drill holes. The veins contain very fine free gold, making
sampling a challenge ("nugget effect") as historic chip and channel
samples returned quite variable assay values including 1.15 g/t
gold over 6 m from the Romeo zone up to 23 g/t over 1 m from the
Juliet zone. In 1993, a 10-tonne "mini" bulk sample was collected
from the Juliet zone and 3,035 kilograms were processed returning a
head grade of 36.68 g/t gold (this data is historic in nature and
has not been verified by the Company). In August 2012, 24 grab samples were collected from
the Juliet zone and assay results ranged from a low of 10
parts-per-billion gold up to 130.7 g/t gold. In the late fall of
2012 Anaconda extracted a 1,000-tonne bulk sample from the Juliet
zone and stockpiled the broken quartz vein material at the Pine
Cove mine where it was crushed. Five representative samples of
crushed quartz, averaging 12.6 kg, were processed at Accurassay
Laboratories in Thunder Bay by
cyanide extraction (bottle roll testing). The weighted
average assay of the five samples is 5.71 g/t gold and is
representative of the gold grade within the near surface portion of
the Juliet zone where the bulk sample was extracted.
The Company completed 2,305 meters of drilling
in 21 holes at Romeo and Juliet during fiscal 2014. Holes RJ-13-19
to RJ-14-39 intersected a new gold-bearing zone dubbed the Balcony
zone, located between the Romeo and Connecting zones. It appears to
dip steeply to the north, trend roughly east-west and is spatially
associated with a northeast-trending topographic linear.
Mineralization has been traced for approximately 100 meters and is
open to the east, west and down dip. Gold is associated with
pyritic altered mafic volcanic rocks, which is different from the
Romeo and Juliet massive quartz vein hosted-style of gold
mineralization.
In January 2014,
Anaconda completed 300 meters of diamond-drilling in two holes
(RJ-14-38 and RJ-14-39) that targeted the possible down-plunge and
eastern extensions to the newly discovered Balcony zone of the
Romeo and Juliet prospect. The drilling was the final phase of a
drill program at Romeo and Juliet that was initiated during the
summer of 2013. Both holes successfully intersected the targets but
did not return economically significant gold grades.
Pine Cove
Historic drilling immediately north of the Pine Cove deposit since
2007 indicated potential for additional gold mineralization
down-dip of the Pine Cove deposit. In 2011 and 2013, drilling was
completed north of the mine. Drill hole PC-11-181 intersected 2.50
g/t gold over 40.8 meters and PC-12-189 intersected 32 meters
grading 0.848 g/t. In fiscal 2013, the Company completed a
twenty-hole, 3,296-meter program exploring the area immediately
west and down-dip of the Pine Cove deposit. This program
resulted in the discovery of a new zone of mineralization
immediately northwest of the ultimate pit design less than 100 m
from surface. These results indicate that the current Pine Cove
resource extends down-dip.
In the 2014 fiscal year, exploration on the Pine
Cove project included drilling two holes (PC-14-224 and PC-14-234)
to test the down-dip extension of the current resource and to
follow up on significant intercepts in the northwestern, hanging
wall of the current Pine Cove resource.
Hole PC-14-224 was collared 95 meters northwest
of PC-11-181 and intersected several intervals of Pine Cove style
alteration and mineralization. The best interval assayed 3.06
g/t gold over 5.54 meters (including 5.75 g/t gold over 1.97
meters) beginning at a vertical depth of approximately 207 meters.
This mineralization occurs at the same vertical depth as that
intersected in PC-11-181 (an angled hole drilled to the south, away
from PC-14-224); however, PC-14-224 cut the mineralized zone almost
150 meters northwest of PC-11-181. These results confirm that
the down-dip mineralization observed in previous drilling continues
to the north at least to the zone intercepted by hole
PC-14-224.
Hole PC-14-234 was collared in an area midway
between gold mineralization intersected in both PC-11-181 and the
historic hole, PC-07-179. It was a vertical hole that
intersected multiple zones of quartz veining/brecciation, iron
carbonate, sericite and disseminated pyrite that are analogous to
Pine Cove-style mineralization. Assay results returned multiple
zones of gold mineralization including 2.46 g/t gold over 8 m and
3.17 g/t gold over 8.5 m.
The fiscal 2014 exploration program indicated
that the northern extension of the Pine Cove resource and the
mineralization at shallow levels of the hanging wall of the Pine
Cove resource are continuous within the limits of the fiscal 2014
drilling.
Acquisition of Deer Cove and Stog'er Tight
projects
Effective November 13, 2013, the
Company entered into two three-year option agreements to acquire a
100%-undivided interest in the Deer Cove and Stog'er Tight gold
projects. The three mining licenses, totaling 48 claims
(approximately 1,235 hectares), and the two mining leases
(approximately 47 hectares) are adjacent to Anaconda's property
around the Pine Cove mine.
The Deer Cove deposit was discovered by Noranda
prospectors in 1986 and it contains visible gold associated with
brecciated quartz veining. The mineralization is hosted by mafic
volcanic rocks in thrust contact with strongly deformed
talc-carbonate altered schists of the Point Rousse Complex. A
Noranda/ Galveston Resources Ltd. joint venture (1987-1989) carried
out detailed exploration including diamond drilling (119 holes on
the Deer Cove grid), construction of a 7.2 kilometer access road
and underground exploration via a 507-meter long adit. No
significant exploration work was subsequently undertaken and in
1998 the property reverted to the Crown.
In 2000 and 2001, much of the Deer Cove area was
staked by South Coast Ventures Inc. All historic data was compiled
and digitized and additional drilling (14 holes) and sampling were
completed. In 2010, Tenacity Gold Mining Company Inc. contracted
P&E Mining Consultants Inc. ("P&E") to undertake a mining
and economic analysis of the Deer Cove project. P&E reported
that the Deer Cove deposit, the portion lying above 45 meters above
sea level, contained an estimated resource of 12,900 tonnes grading
10.45 g/t gold at a cutoff grade of 6.0 g/t (this is a non-NI
43-101 compliant resource and has not been verified by Anaconda). A
combination open pit and underground mining method was proposed and
Tenacity entered into a toll-processing arrangement with the Nugget
Pond mill. Mining did not proceed and the property transferred to
1512513 Alberta Ltd. ("Alberta").
The Stog'er Tight deposit was discovered in 1988
through an International Impala/Noranda joint venture. Trenching
and diamond-drilling followed extensive gold-in-soil geochemistry
and outlined three auriferous zones, referred to as the Stog'er
Tight, Gabbro West and Gabbro East zones. Noranda carried out more
than 8,000 meters of diamond drilling in 80 holes on the Stog'er
Tight property with much of the effort focused on Stog'er Tight.
The deposit was outlined over a 450-meter strike length with
channel sample assays up to 23 g/t gold over 7 meters and
diamond-drill assays averaging 5.5 g/t gold over 4.5 meters. The
Stog'er Tight deposit was estimated to contain a probable
geological reserve of 650,000 tonnes grading 6.7 g/t gold (this is
a historic non-NI 43-101 compliant estimate and Anaconda has not
verified the accuracy of the data).
Ming Minerals Incorporated purchased the
property and, in 1996-1997, carried out diamond drilling and
trenching. A revised resource estimate calculated that the
deposit contained a resource of 229,200 tonnes grading 6.1 g/t gold
(this is a historic non-NI 43-101 compliant estimate and Anaconda
has not verified the accuracy of the data.). Ming Minerals
extracted a 30,735-tonne bulk sample from the Stog'er Tight
deposit, however, recoveries were less than anticipated and mining
was stopped.
In 2006, the mining lease was cancelled, the
property reverted to the Crown and a call for proposals to develop
the property was issued with South Coast Ventures Inc. being the
successful applicant. Detailed compilation and digitizing of all
historic exploration data was undertaken and additional diamond
drilling and sampling were completed. In 2007, a toll processing
arrangement was completed with the Nugget Pond mill. In 2010,
P&E reported that the Stog'er Tight deposit contained an
estimated mineral reserve of 65,200 tonnes grading 4.96 g/t gold,
an indicated resource of 96,000 tonnes grading 7.04 g/t gold and an
inferred resource of 53,000 tonnes grading 5.75 g/t gold. (this is
a historic, non-NI 43-101 compliant estimate). Mining was initiated
but results were less than favourable and development ceased. The
property transferred to Alberta.
Drilling on the Deer Cove project
In the spring of 2014, Anaconda compiled and reviewed historical
data from the Deer Cove deposit based on historic assay results
from 20 previously drilled holes by the previous property holders.
Based on the analysis of historical data, the Company developed a
drill program in the spring of 2014 and expects the drill program
to be completed in fiscal 2015. The program consists of
approximately 2,000 meters of diamond-drilling to focus on both
infill drilling and testing down-dip extensions of
mineralization.
The information in this MD&A has been
reviewed and approved by Paul
McNeill, P. Geo., VP Exploration, a "Qualified Person" under
National Instrument 43-101.
Reconciliation of Non-GAAP Financial Measures
The Company has included certain non-GAAP
financial measures in this document. These measures are not defined
under IFRS and should not be considered in isolation. The Company
believes that these measures, together with measures determined in
accordance with IFRS, provide investors with an improved ability to
evaluate the underlying performance of the Company. The inclusion
of these measures is meant to provide additional information and
should not be used as a substitute for performance measures
prepared in accordance with IFRS. These measures are not
necessarily standard and therefore may not be comparable to other
issuers.
EBITDA is earnings before finance expense,
foreign exchange loss (gain), unrealized gain on forward sales
contract derivative, share based payments, income tax recovery and
depreciation and depletion.
The following table provides a reconciliation of
EBITDA for the years ended May 31,
2014 and 2013:
For the year ended |
|
May 31
2014 |
May 31
2013 |
|
|
$ |
$ |
Net income |
|
4,292,356 |
7,621,920 |
|
|
|
|
Add back: |
|
|
|
Finance expense |
|
272,771 |
972,554 |
Foreign exchange loss (gain) |
|
(2,599) |
11,539 |
Unrealized gain on forward sales contract
derivative |
|
(39,185) |
- |
Share-based payments |
|
200,583 |
146,149 |
Income tax recovery |
|
(31,000) |
(3,904,000) |
Depletion and depreciation |
|
2,970,568 |
2,323,555 |
EBITDA |
|
7,663,494 |
7,171,717 |
Cash cost per ounce sold is cost of sales before
depreciation divided by gold ounces sold. All-in sustaining cash
cost per ounce sold is cash cost, corporate administration,
purchase of property, mill and equipment and purchase of
exploration and evaluation assets divided by gold ounces sold.
The following table provides a reconciliation of
cash operating cost per ounce sold and All-in cash cost per ounce
sold for the years ended May 31, 2014
and 2013:
For the year ended |
|
May 31
2014 |
May 31
2013 |
Cost of sales |
|
17,838,720 |
17,005,945 |
Less: Depletion and depreciation |
|
(2,970,568) |
(2,323,555) |
Cash operating cost |
|
14,868,152 |
14,682,390 |
Corporate administration |
|
1,909,310 |
2,319,332 |
Purchase of property, mill and equipment |
|
1,452,627 |
1,665,632 |
Purchase of exploration and evaluation assets |
|
900,686 |
1,023,074 |
All-in cash cost |
|
19,130,775 |
19,690,428 |
|
|
|
|
Gold ounces sold |
|
14,577 |
14,879 |
Cash operating cost per ounce sold |
|
1,020 |
987 |
All-in cost per ounce sold |
|
1,312 |
1,323 |
ABOUT ANACONDA
Headquartered in Toronto, Canada,
Anaconda is a growth oriented, gold mining and exploration company
with a producing asset located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove
mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to
forward-looking information. Such forward-looking information
includes, among other things, statements regarding targets,
estimates and/or assumptions in respect of future production, mine
development costs, unit costs, capital costs, timing of
commencement of operations and future economic, market and other
conditions, and is based on current expectations that involve a
number of business risks and uncertainties. Factors that could
cause actual results to differ materially from any forward-looking
statement include, but are not limited to: the final approval of
the private placement by the Toronto Stock Exchange; the grade and
recovery of ore which is mined varying from estimates; capital and
operating costs varying significantly from estimates; inflation;
changes in exchange rates; fluctuations in commodity prices; delays
in the development of the any project caused by unavailability of
equipment, labour or supplies, climatic conditions or otherwise;
termination or revision of any debt financing; failure to raise
additional funds required to finance the completion of a project;
and other factors. Additionally, forward-looking statements look
into the future and provide an opinion as to the effect of certain
events and trends on the business. Forward-looking statements may
include words such as "plans," "may," "estimates," "expects,"
"indicates," "targeting," "potential" and similar expressions.
These forward-looking statements, including statements regarding
Anaconda's beliefs in the potential mineralization, are based on
current expectations and entail various risks and uncertainties.
Forward-looking statements are subject to significant risks and
uncertainties and other factors that could cause actual results to
differ materially from expected results. Readers should not place
undue reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and we assume no
responsibility to update them or revise them to reflect new events
or circumstances, except as required by law.
SOURCE Anaconda Mining Inc.