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Anaconda Mining shares soar on record gold production at Pine Cove

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Toronto-based junior explorer Anaconda Mining (TSE:ANX) reported Thursday that it shipped a record amount of gold from a single pour at its Pine Cove mine, located on the Baie Verte Peninsula in Newfoundland, Canada.

The company’s stock shot up 17.65% on Thursday, trading at $0.100 as of 2 p.m. EST.

The record production of 344.2 troy ounces took place over seven days starting from April 25 and ending May 1.

In addition, recovery rates at the Pine Cove mill are improving quickly. In early May, the company stated that overall recovery reached the low to mid 70% range, while during the period from May 1 through May 15, recovery was already at approximately 80%.

"Following up the record shipments in April with our largest single gold pour in the first week of May demonstrates the continued progress at Pine Cove,” said president and CEO, Dustin Angelo.

Meanwhile, ore throughput capacity at the mine has been steady at 950 to 1,000 tonnes per day for several weeks now, with the overall mill recovery rate now reaching anticipated levels. As a result, the company said that shipments for May are expected to exceed April’s volume at this rate.

Aside from Pine Cove, Anaconda is also advancing the exploration of its iron ore portfolio in Chile, with its joint venture partner, Inversiones SBX Limitada.

Quick facts: Anaconda Mining Inc

Price: 0.58 CAD

TSX:ANX
Market: TSX
Market Cap: $84.9 m
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