Press release from Marketwire
Anaconda Mining Makes $1,754,580 Final Payment on Convertible Loan and Debentures
Monday, June 03, 2013
Anaconda Mining Makes $1,754,580 Final Payment on Convertible Loan and Debentures07:00 EDT Monday, June 03, 2013
TORONTO, ONTARIO--(Marketwired - June 3, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to announce that, on May 31, 2013, it made its final payment against the outstanding Convertible Loan, Series I Debentures and Series II Debentures (collectively, the "Loans"). The payment totaled $1,754,580 and comprised $1,649,280 in outstanding principal and $105,300 in interest. With this payment, the Company has repaid in full the Loans, which, collectively, were originally issued for $6,900,000. As at May 31, 2013, the Company had approximately $260,000 of debt on its balance sheet.
President and CEO, Dustin Angelo, stated, "Anaconda's fourth quarter payment of $1,649,280 is the largest quarterly principal payment for fiscal 2013. We had targeted to pay $1,200,000; however, the Company was able to accelerate its debt repayment schedule due to favorable fourth quarter results. We have made a total of $3,697,280 in payments on the Loans during the fiscal year, all from operating cash flow. This substantial amount of debt repaid year-to-date is a testament to the ability of Pine Cove to generate significant cash flow. It is also noteworthy that since November 2011, in just 18 months, the Company has paid down over $8.1 million in debt including the Loans, Series III Debentures and our government loans. There were just two government loans on the balance sheet as of May 31, 2013. We will make our final payment of $17,796 on one government loan in early June while the other one has $241,890 outstanding and is a zero interest loan to be repaid monthly until December 2014."
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.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Anaconda Mining Inc.
President and CEO
ProConsul Capital Ltd.