Anaconda Mining Inc. reported earnings results for the first quarter ended August 31, 2017. For the quarter, the company reported revenue of CAD 7.6 million in the first quarter based on an average gold price of CAD 1,612 per ounce, a 55% increase in revenue over a year ago.

The company produced 158,857 tonnes of ore from the Pine Cove Pit in the first quarter of fiscal year 2018, at a significantly reduced strip ratio of 2.3:1 waste tonnes to ore tonnes. The company record mill throughput of 119,401 tonnes, a 20% increase over the first quarter of 2017. Total production was 523,237 tonnes against 998,425 tonnes a year ago. Waste production was 364,380 tonnes against 890,120 tonnes a year ago.

For the year 2018, after achieving 4,723 gold ounces sold in the first quarter of fiscal year 2018, the company are well on track to meet the company fiscal year 2018 guidance of 15,500 ounces.