Press release from Marketwire
Anaconda Mining Begins Regional Airborne Geophysical Survey of Its Pine Cove Property
Tuesday, June 18, 2013
Anaconda Mining Begins Regional Airborne Geophysical Survey of Its Pine Cove Property07:00 EDT Tuesday, June 18, 2013
TORONTO, ONTARIO--(Marketwired - June 18, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to report that it has engaged Fugro Airborne Services to fly a helicopter-borne Electromagnetic/Magnetic survey over Anaconda's Pine Cove property on the Baie Verte Peninsula, Newfoundland. The airborne survey has begun and is expected to be completed by the end of June with the results being available by approximately late August.
Anaconda has mineral exploration rights to approximately 4,785 hectares surrounding its Pine Cove gold mine. The area is underlain by ophiolitic and cover sequence rocks of the Point Rousse Complex which is a prolific host for gold mineralization. The Dighem EM/Horizontal Magnetic Gradiometer survey will target these rocks. The data will be used in conjunction with archived gold-in-soil geochemical data and prospecting to further delineate exploration targets. The survey will cover approximately 700 line kilometers at a flight line spacing of 75 meters.
President and CEO, Dustin Angelo, stated, "The airborne survey is an important next step in our exploration plan. The high-resolution data will aid exploration activities both adjacent to the Pine Cove mine and regionally in the search for additional gold resources."
This news release has been reviewed and approved by David Evans, P. Geo., with Silvertip Exploration Consultants Inc., a "Qualified Person" under National Instrument 43-101.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Anaconda Mining Inc.
President and CEO
ProConsul Capital Ltd.