Anaconda Mining provides updates on Goldboro project; signs MOU

GOLDBORO: Over the past month, the company behind the proposed Goldboro Gold Project has reached a number of milestones, including providing an update on their bulk sample, purchasing additional land for exploration, and signing a Memorandum of Understanding (MOU) with Nova Scotia Mi’kmaq.

Anaconda Mining Inc., has shipped approximately 3,900 tonnes of the bulk sample material to the company’s Point Rousse Complex in Newfoundland, to be processed at the Pine Cove Mill.

Anaconda had engaged NIL Group Limited to ship the bulk sample, but they’re now reporting NIL has filed a statement of claim alleging that the company is responsible for certain additional costs in relation to the shipment.

As a result, NIL issued and served an arrest warrant with respect to approximately 800 tonnes of bulk sample; Anaconda considers the claim to be without merit and will vigorously defend all the allegations in court and are exploring legal options against NIL.

Currently, they’re reviewing other shipping options to transport the remaining bulk sample tonnes from Goldboro and will provide further updates as arrangements are finalized.

Additionally, Anaconda has entered into two option agreements to acquire 100 per cent of the Country Harbour and Lower Seal Harbour properties, which comprise approximately 1,150 hectares of prospective mineral land.

“We are pleased to have acquired these prospective properties that are proximal to our Goldboro Project,” said Kevin Bullock, Anaconda’s chief executive officer. “The geological setting and mineralization at these two properties are very similar to the high-grade gold Goldboro Deposit, and a review of the historic data indicate that there is ample room to grow these existing mineralized zones.”

Bullock advised as they continue to advance their feasibility study and expansion drilling in Goldboro, these past producing properties give Anaconda additional assets upon which to build future resources and continue to realize our vision of expansion in eastern Nova Scotia.

On July 2, Anaconda and the Assembly of Nova Scotia Mi’kmaq Chiefs signed a MOU that will govern the process by which the parties shall negotiate a Mutual Benefits Agreement (MBA).

Dustin Angelo, president of Anaconda Mining Inc., highlighted since acquiring the Goldboro Project over two-years-ago, they have forged a positive, working relationship with the Assembly of Nova Scotia Mi’kmaq Chiefs.

“Anaconda acknowledges that the Mi’kmaq of Nova Scotia are committed to protect and enhance the land and resource-based economy within its Traditional Territory,” Angelo said. “We feel that signing a memorandum of understanding is an important milestone that demonstrates our collective desire to pursue mutually beneficial social and economic opportunities while respecting the principles of environmental stewardship. We look forward to working through a Mutual Benefits Agreement.”

The MOU outlines the process for Anaconda and the Assembly to work together in good faith to resolve a Mutual Benefits Agreement in a way that reflects a desire to build a mutually beneficial relationship that will be sustained for the life of the Goldboro Gold Project.