Mission + Strategy


“To be valued highly by all stakeholders for our ethical, safe and responsible development and operation of gold mining projects in a cost-effective manner, becoming experts in all that we do.”


Our Values

Safety - We will maintain a safe workplace and foster the long term health of our organization.

Integrity - We will communicate and conduct ourselves in an open, honest and transparent manner.

Reliability - We will be accountable to ourselves and our stakeholders, and deliver on our commitments.

Responsibility - We will operate in a socially responsible manner to ensure that the environment and communities in which we work are protected.

Respect - We will be supportive of an environment of mutual respect, acceptance and trust amongst all with whom we work.

Resourcefulness - We will find ways to get things done in the face of any challenge, implement innovative ideas to solve problems and strive for continuous improvement.


Corporate Strategy

Anaconda Mining Inc. (“Anaconda” or the “Company”) is a TSX-listed gold mining, exploration and development 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 Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog'er Tight deposit, a new discovery called Argyle, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the recently acquired 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 Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.



In Atlantic Canada, gold mining projects and deposits have not had the scale generally seen in other parts of North America. From Anaconda’s perspective, it presents an opportunity because of the lack of competition for Atlantic Canada projects coupled with the fact that the regional geology and structures possess the characteristics necessary to form economic gold deposits.

Gold projects that contain less than one million ounces have typically been discounted in the market, regardless of geography, because of their size. However, these deposits have the potential to garner reasonable returns on investment and just have been overlooked because of a market perception. As a result, Anaconda has focused its attention on acquiring sub-one million-ounce deposits primarily in Atlantic Canada with a broader scope that includes all Eastern Canada. It believes that these types of deposits have the ability to grow larger with investment as demonstrated by the Valentine Lake Project in Newfoundland. Therefore, Anaconda can acquire undervalued projects and organically grow them to a size that gains the attention of the investor market and commands higher valuation multiples.

Anaconda plans to acquire additional projects, mainly in Atlantic Canada, and develop multiple mining operations each with average annual production levels between 30,000 and 50,000 ounces. Going forward, its focus is on high grade, low tonnage deposits as opposed to low grade, bulk mining scenarios. Given the size of the individual production profiles of potential projects, Anaconda is looking for high grade deposits (relative to its current mining operations) ranging from 4 grams per tonne (“g/t”) to greater than 7 g/t, depending on the mining and processing rates.

The Company’s goal is to create a substantial production base in geographically concentrated areas, aggregating sub-one million-ounce deposits, each with the potential to produce 30,000 to 50,000 ounces per year. Over the past several years, Anaconda has built a core competency in profitably mining approximately 15,000 to 16,000 ounces per year (historic grades of 1.5 to 2.0 grams per tonne) at its Point Rousse Project and it believes it has the skill set to effectively implement a small-scale mining strategy.  The Company will build clusters of operations within Newfoundland, Nova Scotia and even beyond to broader Eastern Canada if the opportunities present themselves. Where possible, Anaconda will leverage its infrastructure and technology to minimize capital outlays and time to production while maximizing profitability. With a seasoned management and an established operating system, the Company believes it can replicate its model in Atlantic Canada and other parts of Eastern Canada.

On a long-term basis, the Company’s strategy is dependent on a highly skilled and motivated workforce as well as advanced technology and innovative ideas to overcome the size disadvantage inherent in smaller gold mining projects. Anaconda will maintain high morale and attract and retain top talent by making its people its top priority. In addition, the Company will emphasize technology and research and development to maximize productivity as well as the profitability of all available natural resources. 

Anaconda believes that this strategy is the path to significantly building shareholder value. Ultimately, the Company could have a multi-million ounce portfolio and be producing approximately 100,000 ounces annually in a geographically concentrated area. Anaconda could expect to mature into a much larger, stable and profitable enterprise with a broad institutional and retail investor base, and more liquidity in its stock trading.



Anaconda has built a platform for growth in Atlantic Canada where it has several characteristics that give it a competitive advantage in the region. Chief among them is its people. The Company philosophy is that its success begins and ends with its people. Anaconda has developed a tremendous amount of experience, from top to bottom, in the gold mining sector in Atlantic Canada. Its senior managers have been a part of several projects in Atlantic Canada from the exploration stage all the way through production. Anaconda has the in-house experience to take a project into production and has already done it with the Point Rousse Project. In addition, the team has strong, established relationships in government, with suppliers and vendors. It has intimate knowledge of the regional geology and has the ability to attract talent. Anaconda knows how to do business in Atlantic Canada.

The Company’s corporate culture, processes and procedures have created, maintained and attracted “A” players in all areas of the business. The corporate culture is a strong one, anchored by a focus on safety, integrity, reliability, resourcefulness, respect and responsibility. These values are ingrained in the daily life at Anaconda and can be seen in its hiring practices as well as its rewards and recognition systems.

Anaconda is an established gold producer in Atlantic Canada and the only one in commercial production, on a consistent basis, for the last seven years. As such, it has created a meaningful identity and brand recognition locally and regionally. Also, the Company has built a significant amount of operating infrastructure at the Point Rousse Project and has become adept at small-scale mining.



Growth Potential in next 3 to 5 years:

Anaconda currently produces approximately 16,000 ounces per year from the Point Rousse Project and has about one million ounces of gold resources in the measured, indicated and inferred categories across all projects. Its two main projects are the Point Rousse Project on the Baie Verte Peninsula, Newfoundland and the Goldboro Project in Guysborough County, Nova Scotia. By extending the life of the Point Rousse Project and bringing Goldboro into production, Anaconda expects to reach an annual production level of 50,000 ounces by 2020. Ultimately, the Company is targeting 100,000 ounces per year of production if it can acquire other development projects in Atlantic Canada or other parts of Eastern Canada.

In addition to substantial production growth in the near term, Anaconda believes it can expand the mineral resources at Goldboro and Point Rousse. Goldboro has expansion potential along strike and down plunge, and could possibly double in size. At Point Resource, Anaconda has already established an internal mineral resource at Argyle and will publish an NI 43-101 compliant resource calculation in the coming months. In addition, there are four primary exploration targets within 500 metres to four kilometres of the Pine Cove Mill. Overall, Anaconda believes there is potential to increase its total mineral resource portfolio to approximately two million ounces in the next few years.


The current strike length of the Goldboro deposit is 1.6 kilometres. Coincident with the known mineralized area, there is an IP chargeability “high” along strike. The geophysical anomaly extends well beyond the deposit length, both east and west. In addition, there are historical drill holes beyond the known resource area with typical grades and widths as seen in the deposit. Anaconda believes with denser drilling, it can add mineral resources to the deposit area along strike.

The Goldboro deposit has only been drilled to a depth of 250 to 350 metres, depending on the zone. There is no geological reason why the deposit does not continue at depth. The type of mineralization, geology and setting is common in other parts of the world, like Australia, where similar deposits have been mined to a depth of approximately 1,200 metres. Historic drill-hole intercepts at the farthest lengths down hole still contained significant grade and widths, further indicating that there is potential for a down plunge extension.

In October, Anaconda completed the first diamond drill hole, which was designed to test the extension of the Boston Richardson system (the “BR System”), the most well-defined portion of the Goldboro deposit. The geological structure hosting the BR System was intersected between 400 to 475 vertical metres below the current resource model, extending the known structure by 75 vertical metres and by 125 metres in the plunge direction. In addition, the drill hole extended the southern limbs of the East Goldbrook system and BR System approximately 50 metres down dip from previous drill intercepts. In the long run, Anaconda would like to double the amount of mineral resources at the Goldboro deposit.

Point Rousse:

The Point Rousse Project is comprised of three gold bearing trends totaling approximately 20 kilometres of strike length. Anaconda has been mining, developing and exploring along the southernmost trend called the Scrape Trend. It hosts the Pine Cove and Stog’er Tight deposits as well as the Argyle discovery and several other exploration targets, all within 4.5 kilometres of the Pine Cove Mill.

The next area for mineral resource expansion at the Point Rousse Project is Argyle, a discovery made through soil anomalies and trenching in 2015. Follow-up diamond drilling in 2016 resulted in confirming the discovery of near surface mineralization with a currently established strike length of 600 metres and a down dip extent of up to 225 metres. Highlights from the Argyle diamond drilling program include:

  • 5.52 g/t gold over 15.0 metres (34.0 to 49.0 metres) in hole AE-16-40;
  • 6.09 g/t over 8.9 metres (35.0 to 43.9 metres) in hole AE-16-11;   
  • 2.09 g/t over 14.0 metres (18.0 to 32.0 metres) in hole AE-16-20;
  • 4.50 g/t over 6.3 metres (3.7 to 10.0 metres) in hole AE-16-06; and
  • 1.32 g/t over 12.0 metres (4.5 to 16.5 metres) in hole AE-16-03.  

Anaconda plans to release an NI 43-101 compliant resource calculation on the main Argyle zone in December. It has already begun the permitting process and established a pit shell, which contains approximately a year’s worth of mining at current processing rates. Furthermore, in the fall 2017 diamond drilling campaign, the Company is targeting coincident magnetic and IP chargeability anomalies adjacent to Argyle to potentially expand the deposit area.

Beyond Argyle, there are three other key exploration targets within 500 metres to four kilometres of the Pine Cove Mill. On the southwest side of the Pine Cove pit, Anaconda plans to drill a gold occurrence called Anoroc. In addition, it will test the connecting area between Argyle and Stog’er Tight, where the Company recently concluded that the geology is similar to both of those deposits. Lastly, northwest of Stog’er Tight, Anaconda plans to drill a prospect called Corkscrew Road, which sits in an ironstone formation similar to the Nugget Pond Horizon. Ultimately, the Company is looking to delineate an additional 200,000 ounces or more of mineral resources between Argyle and the other drill-ready targets.

Mergers and Acquisitions:

There are approximately 16 projects and greater than 11 million ounces of gold in Newfoundland, Nova Scotia and New Brunswick. With numerous companies controlling these projects, Atlantic Canada gold assets are ripe for consolidation. Many of these projects have NI 43-101 mineral resources but no adequate financial and human resources to advance them. They need a catalyst to renew interest in these projects and being acquired by Anaconda could be such a catalyst.

The Company believes it is in a strong position to be the consolidator of gold assets in Atlantic Canada. It is the only gold miner that has been consistently in production for the past seven years. Anaconda has established operating infrastructure and a management team that is experienced in developing gold projects and raising the necessary capital to get to production. At this juncture, the most important characteristic that the Company possesses is credibility. With the closing of the Orex Exploration transaction, Anaconda has proven that it can transact. Also, it has built an asset base of operating infrastructure and approximately a million ounces of gold, which makes it a more attractive candidate with which to combine. Consequently, it has had more productive and positive conversations with potential targets post Orex.

The Company is focused on the projects that have NI 43-101 compliant high-grade, mineral resources in the range of approximately 300,000 to 750,000 ounces. It would like to be in a position to transform a dormant or low activity project into a development project either at closing or within one to two years of closing. In addition, to the extent possible, Anaconda would leverage its existing infrastructure and management team to expedite the development phase and minimize the capital outlay. Between its existing projects and one or two more acquisitions, Anaconda’s goal is to reach approximately 100,000 ounces of annual production.



The greatest asset that Anaconda has is its people. As such, the Company has a strong commitment to employee education, training and mentoring. In addition to mandated training from regulatory bodies, Anaconda provides specialty in-house training as well as funding for employee education initiatives and professional certification. It also has formal and informal mentoring programs and makes a point of hiring people who have a goal of personal and professional advancement.

Anaconda believes it needs to increase the investment in its people to maximize its success. Consequently, Anaconda is creating an innovative and comprehensive corporate university training system – Anaconda University (“AU”). The vision for AU is to fully engage and develop employees while aligning their learning to the strategic objectives of the Company. It will be a platform to support innovation and the development of new ideas, provide motivation to the workforce, and retain and attract high quality talent.

The courses will include various disciplines and will be taught from both an industry perspective and within the context of Anaconda’s business structure, processes and procedures. They will cover technical subjects, management topics, safety, financial and innovation. Training courses will expand individual skills, improve critical thinking and decision making, and increase the confidence of employees, all of which will provide a long-term benefit to Anaconda’s operations and the individual employee.



Anaconda heavily emphasizes and promotes resourcefulness and innovative thinking in the workplace. Philosophically, the Company believes that innovation and technology are a vital part of its growth prospects to maximize the potential of its natural resource assets and be the most efficient mining company in the industry. Currently, it utilizes leading edge technology like GPS on shovels and blast movement monitoring to increase the productivity of its mining operations. The Company has also monetized the Pine Cove pit waste rock as a construction aggregates product.

Furthermore, it has initiated numerous research and development (“R&D”) projects in conjunction with Memorial University, College of the North Atlantic and government related to mining, mineral processing and exploration. The largest R&D project to date is a $3.5 million initiative to commercialize a technology to economically mine underground single, narrow mineralized veins. Anaconda is working with Memorial University and receiving partial funding from ACOA and RDC. If successful, the technology could enable Anaconda to successfully mine deposits on its existing properties and justify acquiring other small deposits.

As the R&D projects become more substantial, Anaconda is developing a strategy where R&D complements and supports its strategic plan. The Company has become adept at profitably mining small scale operations such as the Point Rousse Project. Given the relatively small size of the mineral resource projects in Atlantic Canada compared to other mining regions in Canada, effective small scale mining is a critical skill. In addition, it must be able to maximize the value of all natural resources associated with a project. Along with technology implementation, monetizing all available resources would help improve project profitability in smaller gold mining operations.

Consequently, Anaconda’s current and future R&D projects need to support its growth strategy of developing multiple small scale mining projects and creating a substantial production base in a geographically concentrated area. To date, Anaconda has invested in research and development to improve mining productivity (narrow vein mining project) so that small scale deposits could be economically mineable. It has also evaluated its waste products to see if it could repurpose tailings into a commercial product for the agriculture industry. Lastly, it has already been successful in monetizing its waste rock as a construction aggregates product.

To have the right support, Anaconda has been building its research and development ecosystem by forging partnerships between academia and industry. The ecosystem includes academic institutions like the College of the North Atlantic and Memorial University. These institutions can provide masters and PhD candidates with relevant expertise, laboratory facilities and administrative assistance. On the funding side, Anaconda has built relationships with ACOA, RDC and IRAP. Over the last few years, Anaconda has created very strong relationships with these parties and built a track record of credibility with them that serves as a strong foundation to work together well into the future. 



Anaconda has several characteristics that can make it a major player in the Atlantic Canada gold industry. It currently has approximately 1 million ounces of gold, with expansion potential at Goldboro and Point Rousse. The experience of the Company’s management team and existing infrastructure can add value to current projects and future acquisitions. Beyond its physical assets, Anaconda is built on a strong corporate culture and is committed to investing in its people and new ideas for long-term growth. The pieces are in place to take annual production to approximately 50,000 ounces in the near term. Anaconda also has a first mover advantage as a consolidator of gold assets in Atlantic Canada, which could take it to well over 100,000 ounces per year of production in the long run. 


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