The numbers represent a 25% increase in tonnage, a 13% increase in grade and a 42% increase in contained oz. compared to the estimate made in 2008.
ANACONDA MINING INC. Mining News
Anaconda has been busy trying to grow through mergers and acquisitions. Last year, it acquired its first project in Nova Scotia — Goldboro — through the acquisition of Orex Exploration. And in February, it added a new deposit to Great Northern Project in Newfoundland.
When the company's Pine Cove pit mine stops producing in about eight months, work will begin to turn it into a tailings storage facility with capacity of up to 7 million tonnes.
Multiple occurrences of visible gold and assays with high-grade tenor were observed in their five-hole diamond drill program
Canadian gold miner Anaconda Mining Inc posted a fifth-straight quarterly loss, but expenses were lower from a year-ago levels and production rose sequentially. Net loss for the third quarter was $1.9 million, or 1.5 cents a share, compared with a loss of $2.2 million, or 2.5 cents per share, a year ago.