Anaconda Has Come a Long WayI must say, Anaconda has come a long way. Through trial and error in the first commissioning of the Pine Cove mine (2006-7), to the second commissioning of the mine in 2010, they have managed to acquire 100% ownership. In the process Anaconda's outstanding shares to present grew to approximatley 180 million. Their debt also grew to over 10 million dollars.
During this growth period they ventured out into a South American iron ore mine in Chile, which they have mainly sold and will be receiving the balance of monies owed to them upon commissioning of those mines. (approx, 2 million dollars). Royalties of that iron ore business would kick in upon distribution.
To Dustin Angelo's credit and also to the staff at the pine cove site, they have managed to pay off ALL Debt from their profit producing mine. Congratulations to all of them.
But, for some reason we still have not had the audited financial year end statements released which are due now. We also, still, have not had the results of the last drill holes at the western extension at Pine Cove and the first holes at Romeo & Juliet. These results also should be due shortly. With these results Dustin Angelo, we would hope, should be able to increase the gold reserves in the ground via an NI43-101.
My thinking! Is it because the sentiment in the mining industry is such at a low that he might be waiting for a more opportune time for a press release? If that's the case then maybe it would make sense.
What I don't understand is, Why the company information in the brokerage sites are Not up to date? Maybe the administration might be wise to update All information to the TSX Board so all brokerage and trading houses have this up to date information.
We no longer have any control in Chile and we most certainly have the rights to more than 659.7 hectares.
This is an example of the company information in TD Waterhouse Web Broker.
"Company Information
Anaconda Mining Inc. (Anaconda) is a Canada-based gold mining and exploration company. The Company's producing asset is located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine. Anaconda's major project is its Pine Cove project. Pine Cove is located on the Baie Verte Peninsula, in north central Newfoundland. The Company owns 100% of the Pine Cove open pit mine. The site comprises two contiguous mining leases totaling 659.7 hectares and contains a permitted tailings storage facility. The Chilean exploration properties are located in north central Chile, within the Chile-Peru iron ore belt. The Company has 50% interest in iron exploration concessions located in the area of the Company's San Gabriel iron project and a 20% interest in Inversiones Hierro Antofagasta S.A. (IHA). As of May 31, 2012, the Company sold 3,194 ounces of gold."
I believe in order for institutions and/or investment houses to become aware of the growth that Anaconda has made these past few years and the efforts to attract these investors. It would most certainly be wise to at least update the company information.
I'm Sure glad Anaconda has No Debt.
GLTA!!! Cheers!!!