Anaconda Mining sells 3,300 ounces of gold from Point Rousse project in Q3 FY2016

Canada-based metals exploration company Anaconda has announced the financial and operating results from the three and nine month period ended February 29, 2016.

Image credit: www.anacondamining.com
Image credit: www.anacondamining.com

According to the report, the company sold 3,266 ounces of gold during the third quarter of fiscal 2016 and generated $4,988,063 in gold sales at an average sales price of $1,527 per ounce.

Anaconda sold 11,827 ounces of gold and generated $17,571,939 in gold sales during the nine months ended February 29, 2016, at an average sales price of $1,486 per ounce.

According to the company, gold sales in the first nine months of fiscal 2016 were 6% higher than the comparable period of fiscal 2015.

“After completing three quarters of fiscal 2016, we have produced and sold similar amounts of gold as in fiscal 2015 but at higher prices. Over the long term, our operations continue to be consistent while building for the future. During the third quarter of fiscal 2016, we reached a milestone at the Stog’er Tight project where we processed over 15,000 tonnes of ore at the Pine Cove mill,” stated President and CEO, Dustin Angelo.

“The higher grade material helped with production during the quarter as the Pine Cove mill was running at lower than normal levels of throughput. Stepping out even farther, in February, we acquired, via option, the Viking Project on the Northern Peninsula, which gives us established historical resources and great potential to build another significant size project to feed the Pine Cove mill.”

The company said that its Pine Cove mill operated for 88 days during the third quarter of fiscal 2016 at an availability rate of 98% compared to 92% in the third quarter of fiscal 2015. For the quarter, the mill processed 91,370 dry tonnes of ore – an increase of 5% compared to the third quarter of fiscal 2015 – with average head grade of 1.48 grams per tonne and overall mill recovery at 81%.

Anaconda also reported that it has processed 15,167 tonnes of ore from the Stog’er Tight deposit at an average grade of 1.66 g/t, producing 638 ounces of gold.

To view the full summary of the company’s operating statistics for the three and nine months ended February 29, 2016 and February 28, 2015 click here.

 

Share This Post

Post Comment