Anaconda Mining Inc. announced production results for the fourth quarter and full year ended December 31, 2019. For the quarter, the company reported Ore production of 123,302 tonnes as compared to 99,998 tonnes for same period a year ago. Waste production was 518,698 tonnes as compared to 300,952 tonnes for same period a year ago. Total material moved was 642,000 tonnes as compared to 400,950 tonnes for same period a year ago. Dry tonnes processed was 110,474 tonnes as compared to 110,547 tonnes for same period a year ago.

For the year, the company reported Ore production of 413,139 tonnes as compared to 328,291 tonnes a year ago. Waste production was 1,771,408 tonnes as compared to 1,288,306 tonnes a year ago. Total material moved was 2,184,547 tonnes as compared to 1,616,597 tonnes a year ago. Dry tonnes processed was 401,499 tonnes as compared to 461,439 tonnes a year ago.

The company is projecting to produce and sell between 18,000 and 19,000 ounces of gold in 2020, which at a budgeted gold price of $1,800 (approximately USD 1,350) will generate approximately $33.3 million of revenue. Mill feed in 2020 will be exclusively from mining in the Pine Cove Pit, as the company has continued to successfully expand the mining operations at Pine Cove, which is well understood geologically and from a mining perspective, limiting technical risk. The company continues to progress the Argyle Project, where infill drilling is ongoing, with development expected to commence towards the middle of 2020. The Company has now received a Mining Lease for Argyle and has submitted the development and rehabilitation plan for review by the Department of Natural Resources in Newfoundland. Operating cash costs per ounce1 for the full year are expected to be between $1,050 and $1,100 per ounce of gold sold (USD 775 – USD 825 at an approximate exchange rate of 0.75), which is consistent with historical levels for the Point Rousse Complex, although expected to be higher earlier in 2020 due to the grade profile of the mine plan.