NEWS: Anaconda Mining pours first gold at Pine Cove mine

Junior mining company active in the acquisition, exploration and development of resource properties in Newfoundland (Gold) and Labrador (Uranium)

Gold PRODUCER (40% JV): 240,000 oz Au deposit + expansion potential; 16 MILLION shares of PXR-v

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NEWS: Anaconda Mining pours first gold at Pine Cove mine

posted on Jul 23, 2008 05:28AM

Anaconda Mining pours first gold at Pine Cove mine

2008-07-23 09:14 ET - News Release

Mr. Lew Lawrick reports

ANACONDA ANNOUNCES FIRST GOLD POUR AT PINE COVE

Anaconda Mining Inc. has poured the first gold at its Pine Cove gold mine in Baie Verte, Nfld., on July 16, 2008. The pour yielded three gold dore bars with a collective weight of 140.43 ounces. As previously announced (see news release in Stockwatch dated July 3, 2008), mine and mill commissioning and optimization studies continue. Mill throughput is approaching engineered design specifications as gold recovery at each stage of the mill circuit reaches acceptable levels as per plant design. Currently, the inventory of broken ore, including the fine ore stockpile, coarse ore stockpile and broken ore in the pit, measures 26,141 tonnes at a calculated grade of 3.68 grams per tonne.

On achieving this milestone, Lewis Lawrick, president and chief executive officer, commented: "We are thrilled to be announcing our first gold pour at Pine Cove, and I congratulate the team under the leadership of general manager Allan Cramm for their commitment to this project. We look forward to ramping up to full production at this time of record high gold prices."

Construction at Pine Cove began in June, 2007, and was completed within established capital budget allocations, despite severe winter construction conditions. Pine Cove is designed to process 500 tonnes of ore per day and produce approximately 16,000 ounces of gold annually from probable reserves of 2.3 million tonnes of ore grading 2.8 grams of gold per tonne (207,000 ounces of contained gold). Inferred resources at Pine Cove total 0.067 million tonne of ore grading 2.4 grams of gold per tonne (5,200 ounces of contained gold).

John Cook, PEng, a director of the company and designated qualified person as defined by NI 43-101 of the Canadian Securities Administrators, is responsible for reviewing the contents of this news release.