GOLD PROCESSING: Anaconda signs agreements for Pine Cove

NEWFOUNDLAND - Toronto-based Anaconda Mining has signed an agreement to process ore from its Pine Cove gold mine ne...

NEWFOUNDLAND — Toronto-based Anaconda Mining has signed an agreement to process ore from its Pine Cove gold mine near Baie Verte at the Nugget Pond mill belonging to Crew Gold Canada. The arrangement will begin no later than July 1, 2009, and continue for 12 months.

 

The Pine Cove mine is a joint venture of Anaconda (60% and operator) and New Island Resources of St. John's. The partners have signed a side agreement to the custom milling deal that will allow Anaconda to recover up to $4.0 million in capital expenditures at the project.

 

The first gold from Pine Cove was poured in July 2008. Anaconda has restarting mining to create a stockpile ahead of the scheduled startup of the custom milling contract.

 

Additional information about Pine Cover and Anaconda's San Gabriel iron project in Chile are available in the February 2009 investor presentation posted at www.AnacondaMining.com.

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