TORONTO, Feb. 25, 2019 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that the Company has been selected as one of three finalists to pitch to the distinguished panel of judges at the Goldcorp #DisruptMining 2019 live finale, during PDAC 2019.
Allan Cramm, Anaconda's Vice President of Innovation & Development will present a new drilling approach that has the potential to unlock value in narrow vein gold deposits. The technology, known as Sustainable Mining by Drilling (SMD), was developed in collaboration with Memorial University of Newfoundland. SMD has the potential to economically mine deposit types that would not be profitable using traditional underground or surface mining methods. The developers also expect this technology could extend the life of current operations by allowing safe excavation to occur beyond the limits of current designs.
"Our new method to mine narrow vein gold deposits is a great example of how collaboration between industry and academia can lead to the creation of globally important technologies. Anaconda's innovative culture and longstanding mining experience combined with Memorial University's research prowess is the winning combination that has brought the SMD idea to fruition. To be one of the finalists in #DisruptMining puts our company and the province of Newfoundland and Labrador on the international stage of mining innovation."
~ Allan Cramm, Vice President Innovation & Development, Anaconda Mining Inc.
"#DisruptMining continues to represent the best of innovation in the mining industry. These finalists demonstrate break-through thinking and help build digital momentum in mining. The industry needs to help accelerate the development of these kinds of technologies. We're thrilled to welcome each of them to the #DisruptMining community and look forward to learning more about each of these applications."
~ Todd White, Goldcorp Chief Operating Officer and Executive Vice President of Operations.
Goldcorp Announces Three Finalists to Make Their $1 Million Pitch at #DisruptMining Live Finale
SUSTAINABLE MINING BY DRILLING (SMD)
Anaconda has several steeply dipping narrow vein gold deposits within its asset portfolio on the island of Newfoundland. These deposits have limited economics using existing mining methods. However, preliminary economic analysis of SMD method indicates that the deposit could be mined with a net profit.
The implications for this are significant both from purely economic and sustainable mining perspectives. Just within Newfoundland and Labrador, there are millions of ounces of gold stranded in, currently uneconomic, steeply dipping veins. The economic impact of converting these resources to recoverable reserves by adopting the SMD method is significant. As these challenging deposits are present within every mining jurisdiction, Anaconda Mining expects that this innovative approach will ultimately provide the company with a significant advantage over other companies to develop these deposits throughout the world. The developed SMD technology also has the potential to be commercialized and introduced into the mining marketplace for purchase or lease by other mining companies and contractors.
From a sustainable mining perspective, the SMD method offers significant advantages compared to conventional mining methods including:
Improved safety, since all operations are conducted from surface, eliminating the risks associated with underground mining.
Minimizing environmental footprint since the method has a minimal surface footprint during mining operations which can be easily reclaimed. As well, the method utilizes backfilling of the vein as part of the mining cycle which can reduce surface tailings storage requirements (if tailings are used for backfill) and reduce the long-term hazards of ground subsidence.
Improving mining and energy efficiency since the method is highly selective with minimal dilution and the ore is retrieved as drill cuttings (reducing the need of primary crushing) thus minimizing energy consumption per unit of ore produced. As well, emissions are reduced since blasting is eliminated and the new mining method can operate most equipment by electricity. For the specific Anaconda test site, electricity is available from a nearby substation powering the mine plant and mill.
Anaconda Mining is partnered with Memorial University of Newfoundland for the development and optimization of the SMD mining method. Anaconda Mining holds the intellectual property generated during this partnership with Memorial University of Newfoundland receiving a royalty on commercial sales of the SMD technologies.
The three finalists pitching their disruptive technology to the distinguished panel of judges are: Anaconda Mining Inc, ANDRITZ, and Voith Turbo.
Deciding the fate of the three finalists will be Ian Telfer, Chair of Goldcorp and acclaimed mining industry titan; Katie Valentine, Partner at KPMG Australia and Global Head of Mining Consulting; Sue Paish, CEO of Canada's Digital Technology Supercluster; Jacob Yeung, University of British Columbia student and #DisruptMining UBC Captain; and returning #DisruptMining judge Wal van Lierop, President & CEO, Chrysalix Venture Capital.
The #DisruptMining live finale will take place on Sunday, March 3, 2019 at the Rebel Entertainment Complex in Toronto during the Prospectors and Developers Association of Canada (PDAC) convention. Each finalist will present a short pitch video followed by a Q&A with the judges, in front of a live audience of nearly 600 people, demonstrating how their concept or technology has the potential to #DisruptMining. Goldcorp has committed the opportunity to negotiate for $1 million* toward a proof of concept or direct investment in the winning technology.
#DisruptMining offers entrepreneurs a platform to bring disruptive and exponential technologies to the sector, whether it's unlocking exploration opportunities; finding operational and production efficiencies; reducing the environmental footprint and delivering on sustainability commitments; or developing alternative ways to finance mines and capital projects. #DisruptMining incentivizes people with exponential technologies and rogue ideas, with a $1 million opportunity to bring their disruption to mining. Approximately 90 submissions were received for #DisruptMining 2019. For more information please visit: www.disruptmining.com
Goldcorp is a senior gold producer focused on responsible mining practices with safe, low-cost production from a high-quality portfolio of mines. www.goldcorp.com
Anaconda Mining is a TSX and OTCQX-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, and approximately 9,150 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade Mineral Resource, subject to a 2018 a preliminary economic assessment which demonstrates strong project economics. The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick.
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.