Press release from CNW Group
Anaconda Options 1,804 Hectares Around Pine Cove; Nearly Doubles Its Land Package on the Peninsula
Wednesday, July 25, 2012
TORONTO, July 25, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX: ANX) announced today that, effective July 19, 2012, it entered into a five-year option agreement with Fair Haven Resources Inc. ("Fair Haven") to acquire a 100% undivided interest in 11 exploration licenses (the "Licenses") totaling 71 claims or approximately 1,804 hectares near its Pine Cove mine. The Licenses, which are adjacent to the recently optioned Tenacity Gold property (please see press release dated May 7, 2012), cover highly prospective rocks of the Point Rousse Complex including portions of the Goldenville iron formation which is host to the historic Goldenville Mine. The new acquisition further consolidates Anaconda's strategic land position north and south of its Pine Cove mine. Please see the attached map for the actual location of the Licenses.
President and CEO, Dustin Angelo, stated, "In only two transactions, Anaconda has increased its land package around Pine Cove six-fold to approximately 4,000 hectares. The Fair Haven properties enable us to expand our exploration efforts beyond the prospecting work currently being done on the Pine Cove mining lease, outside of the current pit operation, and the Tenacity Gold mining licenses. With our large, highly prospective land package, we are committed to discovering another economic deposit in the area and growing Pine Cove."
In the near term, the Company does not have any material, mandatory obligations related to the Licenses; however, it is obliged to keep the Licenses in good standing during the term of the option. During the remainder of calendar 2012, the Company is required to make exploration expenditures of approximately $7,000.
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.
Image with caption: "Anaconda Mining - Pine Cove Property Holdings (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20120725_C2442_PHOTO_EN_16407.jpg
SOURCE: Anaconda Mining Inc.
For further information:
Anaconda Mining Inc.
President and CEO
ProConsul Capital Ltd.
Company website: www.anacondamining.com