Anaconda Mining is a junior gold mining and exploration company that has a number of very lucrative mining projects in Atlantic Canada. The Pine Cove Mine & Mill, part of the Point Rousse Project on the Baie Verte Peninsula in Newfoundland has a gold deposit that was discovered in June of 1987 and recently received approval to improve and expand operations.
This week the Newfoundland and Labrador Department of Natural Resources amended the Pine Cove Property Development Plan so that it can now be used as a 7 million-tonne (“Mt”) in-pit tailings storage facility (the “TSF”). Over the coming months, the Company plans to accelerate the mining rate at the base of the Pine Cove Pit and stockpile ore so it can put the TSF into service in early 2018. Think massive tailings storage facility that will provide used for stockpiling.
President and CEO of Anaconda Mining, Dustin Angelo, said, “The addition of the in-pit tailings facility strengthens our infrastructure at the Point Rousse Project and fortifies our platform to support our growth initiatives in Atlantic Canada. Anaconda has generated over $140 million in revenue from the Pine Cove deposit and now the potential tailings capacity will continue to generate significant financial and strategic value. Given the high cost and permitting hurdles of constructed tailings facilities, the Pine Cove Pit is a tremendous, low-cost asset. At our current rate of mineral processing, the pit provides tailings storage capacity of approximately 15 years. A long life, in-pit tailings storage facility is the perfect complement to our 1,300-tonne per day mill and deep water port.”
According to recent Anaconda Mining release, “Unlike tailing facilities with engineered walls, in the case of an in-pit tailings facility, there are less technical and environmental risks than in conventional, constructed facilities. Furthermore, based on its review of recent tailings construction projects in Canada, Anaconda estimates that the cost of storing tailings can range from $5 to $10 per tonne of tailings, depending on geography and geology as well as the chemistry of the tailings themselves. Consequently, the Company estimates it is saving approximately $35 million to $70 million in capital expenditures related to tailings storage based on seven million tonnes of capacity in the Pine Cove Pit. As the Pine Cove Pit transitions to a tailings storage facility, the Company will continue to mine the Pine Cove deposit in areas adjacent to the pit. Anaconda also plans to develop the Stog’er Tight deposit, which is approximately 3.5 kilometers from the Pine Cove Mill, in the fall of 2017 and begin mining in early 2018. Over the next two years, Anaconda expects to mine and process ore from Pine Cove and Stog’er Tight. On a longer-term basis, the Company is focused on outlining a mineral resource at the Argyle discovery, approximately 4.5 kilometers from its mill at the Point Rousse Project, and developing the high-grade Goldboro Project in Nova Scotia.”
Anaconda Mining is a TSX-listed gold mining, exploration, and development company focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Pine Cove open pit mine, the fully-permitted Pine Cove Mill, and tailings facility, the newly discovered Argyle discovery, and approximately 6,300 hectares of prospective property. Anaconda is also developing the recently acquired Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company’s Point Rousse Project.
The Company also has a pipeline of organic growth opportunities to leverage existing infrastructure, including the Viking and Great Northern Projects and the Tilt Cove Property in Newfoundland.
SOURCE Anaconda Mining Inc. For further information: Anaconda Mining Inc., Dustin Angelo, President, and CEO, (647) 260-1248, DAngelo@anacondamining.com, www.AnacondaMining.com; Anaconda Mining Inc., Lynn Hammond, VP Public Relations, (709) 330-1260, LHammond@anacondamining.com
Photo by: David Howells 2016 www.davehowellsphoto.com
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