"Anaconda Mining is extremely pleased to announce its Preliminary Economic Assessment for the Goldboro Gold Project. The PEA was initiated following the announcement of a significantly expanded Mineral Resource at Goldboro in February 2021, which represented a potential step change to the economic value of the Project. The PEA outlines the capacity for a long mine life with estimated average gold production of 112,000 ounces over more than 17 years, generating an after-tax NPV of $547 million and an after-tax IRR of 24.4% using a US$1,550 gold price. Based on the technical and financial merits demonstrated by the PEA, the Company is undertaking a phased development approach which will initially focus on the surface mining phase of the mine plan, which is subject to an ongoing Feasibility Study expected to be released in Q4 2021.
Importantly, the Goldboro Deposit is open in all directions and the Company is initiating exploration to the west of the deposit towards the past producing Dolliver Mountain gold mine. We believe Goldboro has potential to be a multi-generational gold mine, which can create significant value for our shareholders and Project stakeholders, including the community of Guysborough and the Mi'kmaq of Nova Scotia."
~ Kevin Bullock, President and CEO, Anaconda Mining Inc.