TORONTO, Sept. 21 /CNW/ - Anaconda Mining Inc. ("Anaconda") (TSX: ANX) is pleased to announce a restructuring of its management and Board of Directors consistent with its growth strategy and newfound status as an operating gold mining company. Effective immediately, Mr. Dustin Angelo will assume the position of President and Chief Executive Officer. Former President and CEO, Mr. Lew Lawrick, will become the Chairman of the Board of Directors, replacing Mr. John McBride who will remain on the Board of Directors.
Mr. Angelo has been a director and member of the audit committee of Anaconda since November 2009. He has 14 years of experience in mergers and acquisitions, integrating target companies, establishing corporate infrastructure and operations protocol. In addition to Mr. Angelo's tenure at Anaconda, his recent experience includes founder and director of North American Limestone Corporation and Chief Financial Officer of TSX listed Elgin Mining Inc. (formerly Phoenix Coal Inc.). Consistent with Anaconda's growth strategy, Mr. Angelo will lead Anaconda through its next phase of development. Areas of immediate focus will include optimizing the operations at Pine Cove, evaluating strategies to unlock value in the company's Chilean iron ore assets, and building a strong, sustainable platform for growth through accretive acquisitions.
With day-to-day operations handed over to Mr. Angelo, Mr. Lawrick will continue to have an active role in the growth of Anaconda, focusing specifically on evaluating acquisition opportunities and leveraging his capital markets experience along with his relationships within the investment community.
Mr. Lawrick stated, "We are undertaking this change with a view to the future, having come through a very difficult period and having achieved our goal of bringing Pine Cove into Commercial Production. This transition will make us a much stronger company as we are transformed into a fully operational gold mining company. Dustin possesses the skills and experience required to move Anaconda into its next phase of growth. The platform is now in place and we have laid out an orderly succession plan that will ensure continuity and establish the foundation for future growth in shareholder value."
Mr. Angelo added, "I am looking forward to my new role and responsibilities. Thanks to Lew, John McBride and the rest of the members of the Board of Directors, Anaconda has made tremendous strides over the past year. We have a very experienced team in place that will be of great assistance to me as we roll out our strategy and I look forward to building on the successes already achieved."
About Anaconda --------------
Anaconda is a Toronto, Canada-based mining development and exploration company focused on advancing its principal assets, the Pine Cove Gold Mine in Canada and its portfolio of Chilean iron ore assets. Anaconda has reached full Commercial Production at Pine Cove and continues to evaluate ways to optimize the operation. Anaconda is working on strategies to 'unlock' value attributable to its Chilean iron portfolio for the benefit of its shareholders.
This news release contains certain "forward-looking information" under applicable Canadian securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information. Forward-looking information is often characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Assumptions upon which such forward-looking information is based include Anaconda's ability to acquire 100% of the New Island common shares and the benefits that may be obtained as a result of the business combination of the two companies. Many of these assumptions are based on factors and events that are not within the control of Anaconda and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, the business of New Island and Anaconda not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those risk factors discussed or referred to in the Annual Information Form for Anaconda filed with securities regulatory authorities and available at www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Anaconda undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, Email: firstname.lastname@example.org; or Anaconda Mining Inc., Greg DiTomaso, Investor Relations, (647) 436-2592, Email: email@example.com; Or visit Anaconda's website: www.anacondamining.com