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.
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.