Golden Cross
5 years ago
News Out - Magna Terra to Acquire Portfolio of Advanced Exploration Assets in Atlantic Canada from Anaconda Mining
Link:
https://www.otcmarkets.com/stock/ANXGF/news/Magna-Terra-to-Acquire-Portfolio-of-Advanced-Exploration-Assets-in-Atlantic-Canada-from-Anaconda-Mining?id=243278
Press Release | 10/15/2019
Magna Terra to Acquire Portfolio of Advanced Exploration Assets in Atlantic Canada from Anaconda Mining
Canada NewsWire
TORONTO, Oct. 15, 2019
Encompasses three projects in the established mining jurisdictions of Newfoundland and Labrador and New Brunswick; district scale exploration potential; past production; three known deposits with numerous high-grade gold showings and prospects
Project Highlights:
Combined 12,375 hectares of highly prospective mineral lands over three projects in Atlantic Canada;
Includes total 28 km strike along two, regional scale, gold bearing structures;
District scale exploration potential with numerous gold showings, prospects and deposits;
Established mining jurisdictions of Newfoundland and Labrador and New Brunswick;
Low cost of exploration with all projects road accessible.
TORONTO, Oct. 15, 2019 /CNW/ - Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V: MTT) (SSE: MTTCL) and Anaconda Mining Inc. ("Anaconda") (TSX: ANX) (OTCQX: ANXGF) (together the "Parties") are pleased to announce that they have entered into a definitive Share Purchase Agreement (the "SPA") dated October 14, 2019, whereby Magna Terra proposes to acquire all of the issued and outstanding common shares of Anaconda's wholly-owned subsidiary, 2647102 Ontario Inc. ("ExploreCo")(the "Acquisition"). ExploreCo owns a 100% interest in the Great Northern and Viking Projects in Newfoundland and Labrador and the Cape Spencer Project in New Brunswick.
Exhibit A: Magna Terra Project Locations (CNW Group/Anaconda Mining Inc.)
"We are very pleased to have the opportunity to position ourselves through the acquisition of ExploreCo in the established mining jurisdictions of Newfoundland and Labrador and New Brunswick. The Appalachian geological region has numerous multi-million ounce gold deposits with about 30% of them situated in Atlantic Canada. Recent development and exploration success has brought renewed interest in the region, and the acquisition of this significant project portfolio with multiple drill ready targets will allow us to rapidly generate value. We will also continue to look at all opportunities to advance and extract value from our extensive project portfolio in Santa Cruz, Argentina."
~ Lew Lawrick, President and CEO of Magna Terra
"In 2018, Anaconda created a wholly-owned subsidiary to house these advanced stage, highly-prospective, Atlantic Canadian exploration projects, with the aim of developing strategic alternatives to realize value from them. We have established these gold projects in areas with sizeable land packages that provide the platform to build significant district-scale mineral resources in Atlantic Canada in the long term. We have continued to create value at these projects with low expenditures and are well positioned to realize future value for our shareholders through this transaction with Magna Terra, while remaining focused on our core assets at Goldboro, Nova Scotia and the Tilt Cove and Point Rousse Projects on the Baie Verte Peninsula, Newfoundland."
~ Kevin Bullock, President and CEO of Anaconda
Details of the Acquisition
Under the SPA, Magna Terra will acquire ExploreCo by issuing to Anaconda an aggregate number of common shares of the Company equal to 100% of the outstanding Magna Terra common shares on the closing date of the Acquisition, following the completion of a share consolidation (described below) on an undiluted basis and before the Magna Terra financing (also described below). The Acquisition constitutes a "Reverse Take-Over" and "Non-Arms' Length" transaction within the meaning of the policies of the TSX Venture Exchange (the "Exchange") as (i) Anaconda will become a control person of Magna Terra following the closing of the Acquisition and (ii) Mr. Lew Lawrick and Mr. Michael Byron, respectively President & Chief Executive Officer and Directors of the Company, are also Directors of Anaconda. Further, following the closing of the Acquisition and Financing, the management and board of directors of Magna Terra will remain unchanged.
The Acquisition is therefore subject to Magna Terra obtaining the approval of its disinterested shareholders at a special meeting to be called to that effect on a date to be determined. In connection with the special meeting, a detailed management proxy circular in the form prescribed by the policies of the Exchange and applicable securities regulations will be sent to all the shareholders of Magna Terra.
The closing of the Acquisition is scheduled to take place on or before December 31, 2019 and is subject to numerous conditions customary to this type of transaction, including notably, regulatory approval, and Magna Terra shareholder approval. The closing of the Acquisition is also subject to the following conditions: (i) the execution of an investor rights agreement between Magna Terra and Anaconda (see below for details); (ii) Magna Terra Shareholders' approval at the special meeting of a share consolidation on the basis of one (1) new share of Magna Terra for every seven (7) common shares of Magna Terra presently issued and outstanding; and (iii) Completion by Magna Terra of a financing for minimum gross proceeds of $1.5 million (the "Financing") to be completed on a post-consolidation basis (terms of the Offering to be disclosed at a future date).
No finder's fees will be paid by either Party in connection with the Acquisition. The Acquisition was approved by the independent directors of both Magna Terra and Anaconda.
Following the completion of the Acquisition, but prior to completion of the Financing, it is anticipated that Anaconda will hold approximately 50% of the issued and outstanding shares of Magna Terra, on a post-consolidation basis. In connection with the the Acquisition, the Parties will enter into an investor rights agreement (the "Investor Rights Agreement") pursuant to which Anaconda will have certain rights, including:
the right to participate in any future equity financings undertaken by Magna Terra in order to allow Anaconda to maintain its then percentage ownership interest in Magna Terra; such participation right will not apply to any issuance of securities (a) pursuant to Magna Terra's existing stock option plan and other incentive plans as may be approved by its shareholders from time to time, or to management, directors and employees of the Corporation for compensatory purposes; or (b) upon the exercise or conversion of any convertible or exchangeable securities outstanding on the date the Investor Rights Agreement was entered into; or (c) in connection with or pursuant to any merger, business combination, exchange offer, take-over bid, arrangement, asset purchase transaction or other acquisition of assets or shares of a third party, provided, however, that Anaconda will be permitted to exercise its participation right in connection with the issuance of any shares or other securities of Magna Terra that may be delivered pursuant to the terms of any option agreement, earn-in agreement or similar agreement that Magna Terra or any of its subsidiaries may be party to that does not exist as of the date the Investor Rights Agreement was entered into;
the right to appoint two (2) directors on the Board of Directors of Magna Terra as long as Anaconda's ownership interest is above 20%, and one (1) director if Anaconda's ownership interest falls below 20%, it being agreed that such designated directors would be Mr. Lew Lawrick and Mr. Michael Byron for as long as such persons remained Directors of Anaconda.
All the above rights shall automatically terminate and be of no further force or effect at the later of (i) June 30, 2021, and (ii) Anaconda ceasing to beneficially own more than 10% of the issued and outstanding common shares of Magna Terra (on an undiluted basis).
The Investor Rights Agreement also provides that Anaconda will be subject, until June 30, 2021, to a standstill obligation pursuant to which, among other things, it will not without the prior authorization of the board of directors of Magna Terra, purchase, offer or agree to purchase or negotiate to purchase any securities or assets of Magna Terra other than in connection with acquisitions carried out by Anaconda or its affiliates where such securities, when added together with the securities held by Anaconda, its affiliates and any other person acting jointly or in concert would cause Anaconda's ownership percentage to exceed 35%. The Investor Rights Agreement further provides that Anaconda will vote or cause to be voted, all common shares of Magna Terra beneficially held or controlled by Anaconda, at all shareholder meetings of Magna Terra to be held until June 30, 2021, in favour of each matter recommended by the board of director of Magna Terra for approval by its shareholders at each such meeting.
About ExploreCo:
Great Northern and Viking Project Highlights:
Includes 9,775 hectares of highly prospective geology coincident with 20 kilometres of strike along a regional scale, gold related structure - the Doucer's Valley Fault;
Located adjacent to the Doucer's Valley Fault, part of the Long Range Fault system – a fertile gold bearing structure, similar to that associated with Marathon Gold's Valentine Lake project in central Newfoundland, which has been the focus of recent significant resource growth and discovery;
Host to several known deposits including Rattling Brook (Great Northern) and Thor (Viking) as well as high-grade prospects including Jackson's Arm (Great Northern) that present numerous drill ready targets and potential for near term discovery;
Mineral Resources - Magna Terra has commissioned a NI 43-101 Technical Report and Mineral Resource Estimate on the Rattling Brook Deposit, disclosure of which when finalized will be made public via press release, on SEDAR, and on the Company's website.
Details of the Great Northern and Viking Projects
The Great Northern and Viking Projects comprise 2 separate claim blocks (9,775 hectares) that are located 3 km north and 15 km south of the community of Jackson's Arm, NL, respectively (Exhibit A and Exhibit C).
The Great Northern Project is comprised of four mineral exploration licences that collectively encompass 167 mineral claims covering approximately 4,175 ha. Two mineral exploration licences are held 100% by ExploreCo. Two other licences, are held 100% by ExploreCo under terms of an option agreement with Metals Creek Resources Corp. ("Metals Creek") by making aggregate payments of $200,000 ($120,000 paid) and issuing a total of 125,000 ANX shares (75,000 issued) to Metals Creek.
One of the 100% owned licences is subject to a 3% net smelter return royalty ("NSR"). ExploreCo has a right to purchase a 1.5% portion of the NSR at a cost of $1.5 million. A portion of one licence is subject to a 0.5% NSR. The Metals Creek NSR includes 2% payable to Metals Creek and is capped at a total payment level of $1,500,000. Once $1,500,000 in NSR payments have been made to Metals Creek, the 2% NSR is reduced to a 1% NSR for the remaining production from the Property.
The Viking Project is comprised of 3 mineral exploration licences totalling 224 claims covering 5,600 hectares. Anaconda has the ability to earn a 100% interest in two of the licences, known as the Viking and Kramer Properties, via two option agreements by making aggregate payments of $432,500 ($117,500 paid), issuing 250,000 common shares of Anaconda shares (issued).
The Viking and Kramer option agreements include NSR obligations of 0.5% and 2%, respectively. The Kramer NSR is capped at $2,500,000, after which, the NSR will be reduced to 1%. A total of $750,000 in qualified exploration expenditures is also required on the Kramer Property during the option period.
Upon earning into the Viking and Kramer option agreements, a separate NSR obligation to a third party will be in effect and includes a 2.5% NSR on the Viking Property, a 1% NSR on the Kramer Property and a 1.5% NSR granted on an area of interest within 3 km of the combined Viking and Kramer Properties.
Geology and Mineralization
The Great Northern and Viking Projects are centered along the Doucer's Valley Fault, a regional splay of the Long Range Fault. The Doucer's Valley Fault is a significant geological control on, and host to, several gold deposits, including the Rattling Brook Deposit and the Thor Deposit.
Gold mineralization at Great Northern and Viking occurs either as disseminated gold, hosted in Precambrian or Ordovician granites or in the unconformably, overlying adjacent volcanic and sedimentary rocks. The sedimentary-hosted gold mineralization is typically higher grade. Rocks underlying each claim block show both styles of mineralization with granite-hosted gold mineralization in the Road and Incinerator Trail Zones and sedimentary-rock-hosted Beaver Dam Zone, or as a combination as in the Apsy Zone. The Thor Deposit is hosted in Precambrian granites and the adjacent Kramer Prospect shows mineralization hosted within the overlying Cambrian quartzites.
Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2- 5% total sulfides consisting of pyrite, galena, chalcopyrite or sphalerite, and locally show trace amounts of visible gold.
The Great Northern Project is host to several untested gold prospects and showings, including the Shrik, Stocker, Boot N' Hammer, 954 Prospects, and Incinerator Trail Zone. Surface grab samples assaying up to 20.2 grams per tonne ("g/t") gold and 1,232 g/t silver at the Boot N' Hammer Prospect; up to 56.7 g/t gold and 2.75 oz/t silver at the Stocker Prospect; up to 7.2 g/t gold at the Shrik Prospect; and 13.6 g/t gold at the 954 Prospect. The Incinerator Trail Zone has been tested by four reconnaissance-style diamond drill holes in the 1980's and returned assays of 1.78 g/t gold over 4.0 m (hole RB-35) and 2.30 g/t gold over 4.05 m (hole RB-41).
The Shrik, Stocker, Boot N' Hammer prospects are hosted within a 1.7 km long by 40 to 400 m wide continuous alteration zone, that is controlled by a north-south striking fault. The fault extends immediately to the north along strike with similar repeating fault zones to the east outlining a potential strike extent of an additional 4 km. Initially, exploration in this area will be a primary focus for Magna Terra.
The Viking Project is host to variably tested gold prospects and showings including the Viking, Asgard, Thor's Cross, Odin's Triangle and Kramer Prospects. Trenching along the Viking Trend has returned gold grades ranging between 0.10 and 0.40 g/t over continuously sampled intervals of up to 40 m, and high-grade results including a grab sample from a large boulder of altered granite from the northeast end of the Viking Trend which returned 12.0 g/t gold, and a channel sample grading 9.9 g/t gold and 52 g/t silver over 1.4 metres.
Cape Spencer Highlights
8 kilometres of highly prospective strike in the hanging wall of a regional scale structure with 10 known gold occurrences including the Emilio Zone (7.86 g/t over 7.4 m; AB-04-06) and drill ready targets;
Hosted within similar Proterozoic-aged rocks of the Avalon Zone that host multi-million ounce gold deposits such as Haile, Ridgeway, and Hope Brook gold deposit;
Past production (1985-1989) of 194,224 tonnes producing 4,832 ounces @~50% recovery through heap leach;
Two gold deposits open along strike - past drilling demonstrates broad zones of mineralization;
Project has been dormant since 2005, with most of the historic work conducted between 1982-1987.
Magna Terra has commissioned NI 43-101 Technical Report and Mineral Resource Estimate on the Cape Spencer Deposit, disclosure of which when finalized will be made public via press release, on SEDAR, and on the Company's website.
Details of the Cape Spencer Project
The Cape Spencer Project is an exploration stage project that has a history of past-production and the potential for near-term resource growth and discovery. Cape Spencer is located 15 kilometers southeast of Saint John, New Brunswick (Exhibit A and Exhibit B), comprising 104 mineral exploration claims covering 2,365 ha of land acquired via staking and through the Cape Spencer Option Agreement. Under the terms of the Cape Spencer Option Agreement, ExploreCo can earn a 100% interest in underlying mineral properties by making cash payments of $300,000 ($100,000 paid), further payments of $145,000 in cash or equivalent value shares over a five-year period ($10,000 paid), and undertaking $400,000 in exploration expenditures on Cape Spencer within four years. The option agreement also provides for a 2% NSR on earn-in, with a buy-back of 1% of the NSR for $1,000,000 and a right of first refusal on the remaining 1% of the NSR.
Geology and Mineralization
The Cape Spencer Project is centered along the Millican Lake Fault, a regional splay of the Caledonia and Cobequid Fault Zones. The Property is underlain by Precambrian Millican Lake granite, and Coldbrook and Cape Spencer volcanic and sedimentary rocks. The Precambrian stratigraphy is unconformably overlain by and in fault contact with younger Carboniferous sedimentary rocks of the Lancaster Formation.
Gold mineralization at Cape Spencer is hosted within Precambrian Millican Lake granite or bounding Coldbrook and Cape Spencer volcanic and sedimentary rocks, with mineralization and alteration focussed along strongly faulted and sheared contacts between the two lithologies. Alteration consists of pervasive and patchy illite + pyrite + quartz ± iron carbonate ± sulfide veins and stockworks with 2-5% total sulfides consisting of pyrite, galena, chalcopyrite or sphalerite, and locally show trace amounts of visible gold.
There are several gold prospects that warrant additional exploration over an 8-kilometre strike outside of the Pit and Northeast Zones particularly in the eastern half of the property that will initially be a primary focus for Magna Terra.
Highlights from historic exploration work outside of the main deposit areas from 1982 to 2004 include:
Emilio Zone – Prospect at Eastern end of Property
7.86 g/t gold over 7.4 m (AB-04-06; near surface);
12.00 g/t gold over 1.4 m (chip) and 2.77 g/t gold over 3.0 m (chip); and
Surface grab samples up to 168.00 g/t gold
Birches Zone – 300-metre-long gold-bearing alteration zone south of the Northeast Zone.
17.85 g/t gold over 1.0 metre within a zone grading 5.23 g/t gold over 4.0 metres (MR-150);
9.48 g/t gold over 1.0 metre within a zone grading 4.01 g/t gold over 4.0 metres (MR-149);
3.60 g/t gold over 5.0 metres (AB-04-08);
12.00 g/t gold over 1.4 metres (chip) and 2.77 g/t gold over 3.0 metres (chip); and
Surface grab samples up to 168.00 g/t gold
Zone A – *Grab samples up to 53.50 g/t gold.
Zone C – *Grab samples up to 8.92 g/t gold and chip sample of 2.77 g/t gold over 3.0 m.
Zone D – *Five occurrences of visible gold with grab samples up to 7.12 g/t gold.
*Grab samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property
Qualified Person
This news release has been reviewed and approved by David A. Copeland, P. Geo., Chief Geologist with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects. Widths from drill core intervals reported in this press release are presented as core lengths only. True widths are unknown. All quoted drill core sample intervals, grades and production statistics have been compiled from historic assessment reports obtained from either the Government of New Brunswick or Newfoundland and Labrador.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. With the closing of the ExploreCo Acquisition, Magna Terra will have 2 district scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. The Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.
About Anaconda
Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance disinterested shareholder approval by the shareholders of Magna Terra. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Magna Terra should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
singhinvestor16
6 years ago
Anaconda Mining Announces the Creation of Technical Advisory Committee for Mine Development
TORONTO, Sept. 6, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX; OTCQX: ANXGF) is pleased to announce the creation of a technical advisory committee to assist and provide technical guidance to the Anaconda management team regarding all aspects of the development of large mining and processing capital projects (the "Advisory Committee"). Anaconda welcomes Kevin Bullock, Glenn Dobby and Keith Bullock as founding members of the Advisory Committee. They collectively bring to the Company a wealth of experience in narrow vein underground mining, metallurgy and mineral processing, project management, construction and engineering.
"As Anaconda executes on its consolidation strategy in Atlantic Canada, it will be allocating significant capital and resources to developing mining projects and putting them into production, the first being the Goldboro Gold Project in Nova Scotia. Anaconda's management team will have access to experienced professionals who have expertise in various areas related to gold mine construction, development, and production. The Advisory Committee will add more depth to our team and be an effective resource that can assist in providing technical guidance on matters to Anaconda's management team during the mine development process."
~Dustin Angelo, President and CEO, Anaconda Mining Inc.
BIOS OF TECHNICAL ADVISORY COMMITTEE MEMBERS
Kevin Bullock:
Kevin Bullock is a registered Professional Mining Engineer in the province of Ontario. Kevin was Volta Resources Inc.'s President and CEO and was the founding President and CEO of Goldcrest (a Volta predecessor company) since its inception in 2002. Kevin was instrumental in the growth of Volta from a shell company through to the ultimate sale of the company to B2Gold at the end of 2013. Kevin has over 25 years of experience, at senior levels, in mining exploration, mine development and mine operations. Throughout his career, Kevin has been involved in projects from inception through exploration to development and production. Kevin is currently the CEO of Golden Reign Resources Ltd and director of B2Gold.
Glenn Dobby:
Glenn Dobby is co-founder and Vice President technical development for Woodgrove Technologies Inc. Woodgrove is a minerals technology company that develops energy efficient and space efficient flotation systems, as well as advanced process control systems. From 1991 to 2005 Glenn was co-owner and VP of MinnovEX Technologies Inc, where he was primarily responsible for the direction of technology development in flotation equipment, flotation modelling, comminution modelling and geometallurgy. Glenn holds a BEng and a PhD in metallurgical engineering from McGill University. He was with Vale Thompson for four years and with MIT for two years before becoming a Professor in the Metallurgy and Materials Science Department at the University of Toronto from 1984 to 1991.
Keith Bullock:
Keith has an extensive background in underground mining having received a Bachelor of Engineering Degree (Mining) from Laurentian University in 1986, followed by a Masters Degree in Science (Mining) from Queen's University in 1988. Since 1988, Keith was employed by Glencore (previously Falconbridge) in Sudbury holding various positions in production, engineering, supervision, major projects and mine management until his retirement in 2018. His focus has been on base metal mining, both bulk mining and narrow vein underground operations. Most recently he was the Mining Lead for Glencore Sudbury's Onaping Depth and Nickel Rim Depth projects - deep base metal mine projects. He was a member of the Board of Directors, followed by Chairman of the Board of CAMIRO, a mining research entity based in Sudbury, Ontario. He also spent 3 years as a Program Director at CEMI, a research entity based in Sudbury, Ontario. Keith is a registered Professional Engineer in the province of Ontario since 1989. He is also a certified 6 Sigma Black Belt.
A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, deep water port, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula of Newfoundland and the Tilt Cove Property on the Baie Verte Peninsula, also in Newfoundland.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, the Company's future exploration, development and operational plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the seven-month period ended December 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
For further information: Anaconda Mining Inc.: Dustin Angelo, President and CEO, (647) 260-1248, dangelo@anacondamining.com, www.AnacondaMining.com; Anaconda Mining Inc.: Lynn Hammond, VP Public Relations, (709) 330-1260, Lhammond@anacondamining.com; Reseau ProMarket Inc.: Dany Cenac Robert, Investor Relations, (514) 722-2276 x456, Dany.Cenac-Robert@ReseauProMarket.com
tomcutah
6 years ago
Anaconda Mining Registers the Goldboro Gold Project with Nova Scotia Department of Environment
TORONTO, Aug. 7, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that, on August 1, 2018, it registered its 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia, Canada, with the Nova Scotia Department of Environment, (the "Registration"). The Registration is a significant milestone in the continued development of the Goldboro Gold Project which is scheduled to start pre-production in 2020. The Registration document will be available for public viewing and comment for 30 days.
"The filing of the Registration document for the Goldboro Gold Project starts the clock on the permitting process and gets us one step closer to pre-production in 2020.We look forward to working with the Government of Nova Scotia, Mi'kmaq of Nova Scotia, Municipality of the District of Guysborough, and local communities on developing the next gold mine in the Province."
~ Dustin Angelo, President and CEO
A version of this news release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, deep water port, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula of Newfoundland and the Tilt Cove Property on the Baie Verte Peninsula, also in Newfoundland.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the annual information form for the fiscal year ended December 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
pennymanking
6 years ago
Anaconda Mining and College of North Atlantic to Partner In Innovative R&D Projects
TORONTO, Aug. 3, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce it is collaborating with the College of the North Atlantic ("CNA") on research and development ("R&D") projects to improve ore grade determination and mining control at Anaconda's Point Rousse Project (the "Projects").
Principal Investigator, Dr. Gary Thompson, CNA's Chair of Industrial Research will lead the Projects to (1) develop a more accurate, lower cost, quicker method for mine sample analysis by augmenting existing and/or creating new technology; (2) improve current methods for ore sorting to maximize what would otherwise be lost to mine waste; and (3) develop innovative techniques to identify and quantify small units of ore in both the primary production drilling and extraction phases of mining.
Anaconda Mining is investing $90,000 cash and $102,500 in-kind while the NL Innovation Council is contributing $250,000, and Natural Sciences and Engineering Research Council of Canada ("NSERC") College and Community Innovation Program – Applied Research and Development Grants is contributing $225,000 towards the project for a total committed funding amount of $667,500.
"Anaconda's core value of resourcefulness has created an environment where innovative thinking is encouraged and innovative ideas are allowed to flourish. Through the implementation of several projects in recent years we have found unique ways to reduce waste, reduce our environmental footprint, improve productivity and increase gold production. We are pleased to continue our relationship with the College of the North Atlantic with this latest initiative to explore opportunities to improve ore sorting and ore grade analysis."
~ Dustin Angelo, President & CEO, Anaconda Mining Inc.
To advance the Projects, the CNA will utilize its Laser Induced Breakdown Spectrometry facility (LIBS). The LIBS facility is supported by the federal government through the Natural Sciences and Engineering Research Council as well as Research Data Canada. It is the only one in Atlantic Canada, and is the same technology used on NASA's Curiosity rover on Mars. This is an innovative use of "space-age" technology with a practical application to rapidly determine mineral grade, and be used as a sensor in ore sorting.
"Developing new and innovative methods to reduce cost and improve productivity are vital to the success of mines in our province. Through this research project, exploration techniques will be developed, productivity will be enhanced and students will be supported and trained. Under the direction of the Innovation and Business Investment Corporation, innovation is evolving in our province, as we continue to grow the pool and capacity of Newfoundland and Labrador's innovative and growth-focused businesses as set in The Way Forward's Business Innovation Agenda."
~ Hon. Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation
"Innovation is critical for the future success of our mining industry. Collaboration among government, industry and academia is fundamental to driving that innovation, and is a cornerstone of our future mineral strategy for Newfoundland and Labrador."
~ Hon. Siobhan Coady, Minister of Natural Resources
"NSERC is proud to support collaborations that allow research results to be applied to industrial needs. The knowledge and innovative techniques developed from this research will be applicable to mines and service providers across the country and will help to ensure the growth of Canada's mining sector."
~ Dr. Marc Fortin, Vice-President, Research Partnerships, Natural Sciences and Engineering Research Council of Canada
"CNA is excited to explore new partnerships with the province's mining sector that engage the college's expertise, programs, students and graduates to support exploration and innovative processing technologies. We look forward to this collaboration with Anaconda Mining and the numerous mutual benefits this exciting project has to offer."
~ Dr. Michael Long, CNA's Associate Vice President Applied Research & Innovation
"Though partnerships and innovative practices, Anaconda Mining has become a global leader in the mining industry. The company is a significant contributor to the economy of the Baie Verte Peninsula and this latest R&D project demonstrate Anaconda's commitment to this region of the province. I am delighted that the provincial government is supporting this partnership between College of the North Atlantic, NSERC ARD and Anaconda which will improve productivity at the Point Rousse Project and provide valuable training for students."
~ Brian Warr, MHA for Baie Verte-Green Bay
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, deep water port, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula of Newfoundland and the Tilt Cove Property on the Baie Verte Peninsula, also in Newfoundland.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the annual information form for the fiscal year ended December 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, dangelo@anacondamining.com, www.AnacondaMining.com; Anaconda Mining Inc., Lynn Hammond, VP Public Relations, (709) 330-1260, Lhammond@anacondamining.com; Reseau ProMarket Inc., Dany Cenac Robert, Investor Relations, (514) 722-2276 x456, Dany.Cenac-Robert@ReseauProMarket.com
pennymanking
6 years ago
Anaconda Mining receives permits to proceed with bulk sample at the Goldboro Gold Project
TORONTO, Aug. 1, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has received the permits required to proceed with the extraction of the proposed 10,000-tonne underground bulk sample (the "Bulk Sample") at its 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia, Canada. In connection with the Bulk Sample, Anaconda has engaged Cementation Canada Inc. ("Cementation") as the mining contractor to assist in the underground development and Bulk Sample extraction. Cementation is mobilizing to site today and will begin development work immediately. The Bulk Sample process is expected to take approximately four months with results to follow thereafter.
"The Bulk Sample is a key milestone in the development of the Goldboro Gold Project, the results of which will enable us to optimize the economics outlined in the Preliminary Economic Assessment, confirm mining and recovery methods and assess the mineral resource around the Bulk Sample. This work will move us closer to demonstrating the feasibility of building a mine at Goldboro. We are also extremely pleased to have Cementation, with its wealth of underground mining knowledge and focus on safety, as a key partner in extracting the Bulk Sample. We believe this has the potential to be a tremendous project for all stakeholders."
~ Dustin Angelo, President and CEO
The Bulk Sample will provide valuable geological, operational and processing information for design and optimization of the overall project in a feasibility study planned to start in September. Bulk Sample activities will involve site preparation, establishment of safe access underground and extraction of the Bulk Sample, which is expected to be approximately 10,000 tonnes. Extraction of the Bulk Sample will utilize the existing decline developed in the late 1980's with minimal development needed to access mineralized zones and planned mining stopes adjacent to existing workings.
Anaconda plans to hire local people and contractors to carry out security related duties, surface clearing, transportation and other ancillary activities. In total, including employees of Cementation, approximately 50 people will be working on the Bulk Sample at Goldboro.
A version of this news release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, deep water port, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project. The Company also has a pipeline of organic growth opportunities, including the Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including the risks outlined in this news release, risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended May 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, dangelo@anacondamining.com, www.AnacondaMining.com; Anaconda Mining Inc., Lynn Hammond, VP Public Relations, (709) 330-1260, Lhammond@anacondamining.com; Reseau ProMarket Inc., Dany Cenac Robert, Investor Relations, (514) 722-2276 x456, Dany.Cenac-Robert@ReseauProMarket.com
Rcranga
11 years ago
As a reference to the post below, how can they operate a mine they haven't purchase yet?
Anaconda Mining Inc (ANX) Key Developments
Anaconda Mining Inc. Signs Letter of Intent to Acquire California Mining Property
Nov 7 12
Anaconda Mining Inc. announced that it has signed a letter of intent to acquire Horseshoe Mines Property in Inyo County, California. The 2240 aggregate acre Horseshoe Mines Property includes 108 lode claims which in 1990 included 28 patented and 80 unpatented claims, together with 8 five acre mill sites and approximately 155 acres fee land block. Located approximately 90 miles west of Las Vegas, Nevada in the Tecopa Mining District, in Inyo County, California, the property, operated by Anaconda Mining Company, has collectively produced 440,000 tons of ore averaging over 47k ounces of gold, 2.9 million ounces of silver, 115.7 million pounds of lead, and 54.5 million pounds of zinc. Although closed in 1957 due to labour strife, high production costs and relatively low prices, current technological advances and advantageous metal prices have greatly increased the prospects for the property. Since the Horseshoe property has been an important lead, zinc, silver, and gold producing property and little has been done to further mine these sites, the Horseshoe project may be a viable target for further development. It is suggested that an estimated 880,000 to 1.8 million tons of underground ore is still to be had from these mine sites. Research data collected by an independent research group suggests that the Oro Fino vein, south of the War Eagle mine, may be a deep-seated porphyry copper and gold system. These exploration reports show a potential of at least 330,000 tons of mine grade that is expected to contain generous copper and gold ore. Although copper was not produced from the ores mined in the past, the ores were known to contain copper minerals and small amounts of cadmium. Microscopic studies of some of the minerals found in the ore mined from the various mine sites show the various compositions of the following: //st Oxides: limonite, hematite, malachite, geothite, cerussite, plumbojarosite, &cuprite Sulfides: galena, argentite, pyrite, tetrahedrite, chalcopyrite, bornite, arsenopyrite, &covellite Native Materials: gold &copper Transparent Gangue: calcite, quartz, &barite.
Rcranga
11 years ago
Why does AUMY state that Anaconda operates the Horseshoe mine (wrong name) when ANX just put out a Bloomberg PR stating they intend to buy this mine.
Auric Mining Signs Letter of Intent to Acquire California Mining Property
Property Consists of 2,240 Aggregate Acres, 108 Lode Claims and 1.8 million Ton Potential
WILMINGTON, Del., Nov. 6, 2012 /PRNewswire via COMTEX/ -- Auric Mining Corp. (OTC: AUMY) today announced that it has signed a letter of intent to acquire Horseshoe Mines Property in Inyo County, California.
The 2240 aggregate acre Horseshoe Mines Property includes 108 lode claims which in 1990 included 28 patented and 80 unpatented claims, together with 8 five acre mill sites and approximately 155 acres fee land block.
Located approximately 90 miles west of Las Vegas, Nevada in the Tecopa Mining District, in Inyo County, California, the property, operated by Anaconda Mining Company, has collectively produced 440,000 tons of ore averaging over 47k ounces of gold, 2.9 million ounces of silver, 115.7 million pounds of lead, and 54.5 million pounds of zinc.
Although closed in 1957 due to labour strife, high production costs and relatively low prices, current technological advances and advantageous metal prices have greatly increased the prospects for the property. Since the Horseshoe property has been an important lead, zinc, silver, and gold producing property and little has been done to further mine these sites, the Horseshoe project may be a viable target for further development. It is suggested that an estimated 880,000 to 1.8 million tons of underground ore is still to be had from these mine sites.
Research data collected by an independent research group suggests that the Oro Fino vein, south of the War Eagle mine, may be a deep-seated porphyry copper and gold system. These exploration reports show a potential of at least 330,000 tons of mine grade that is expected to contain generous copper and gold ore.
Although copper was not produced from the ores mined in the past, the ores were known to contain copper minerals and small amounts of cadmium. Microscopic studies of some of the minerals found in the ore mined from the various mine sites show the various compositions of the following:
Oxides: limonite, hematite, malachite, geothite, cerussite, plumbojarosite, and cuprite
Sulfides: galena, argentite, pyrite, tetrahedrite, chalcopyrite, bornite, arsenopyrite, and covellite
Native Materials: gold and copper
Transparent Gangue: calcite, quartz, and barite
With additional research into the mine sites of the lower Noonday and Crystal Springs, these sites may prove to be comparable to the anomalies of the Oro Fina area and could serve as gold-copper lodes. Further mapping of these sites may provide a database for usable metal ratio comparisons.
The Company will provide updates as to the closing and future plans and developments on the property, as well as other initiatives
About Auric Mining Company
Auric Mining Company is as an investment and management company involved in mining and natural resources projects. The company focuses its resources by investing in on-going projects to establish immediate cash-flow for the company and to provide profitability for its shareholders. The company is currently focused on developing its properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario. In addition to its prolific history for gold mining, Wawa has shown promising signs of concentrated kimberlite indicators, a favorable geological formation for diamond exploration. The company has a number of claims strategically located in this historic mining district. For more information on the company, please go to www.auricminingcorp.com.
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Investor Relations: 302-351-4977 info@auricminingcorp.com
SOURCE Auric Mining Corp.
www.prnewswire.com
Copyright (C) 2012 PR Newswire. All rights reserved
-0-
KEYWORD: California
Delaware
INDUSTRY KEYWORD: MNG
MIN
PRM
OTC
SUBJECT CODE: TNM
RLE
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