Anaconda Mining Retires Provincial Government Loan; No Longer has Interest Bearing Debt
TORONTO, ONTARIO--(Marketwired - Jun 19, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (ANX.TO) is pleased to announce that on June 13, 2013, the Company made its final payment on a 5.5% interest bearing loan, originally advanced in the amount of $500,000, from the Newfoundland and Labrador Government's Department of Innovation Business and Rural Development (formerly INTRD). The Company no longer has any interest bearing debt on its balance sheet. There is just one outstanding interest-free, federal government loan with approximately $230,000 in principal payments remaining. The maturity date of this loan is December 1, 2014.
President and CEO, Dustin Angelo, stated, "The partnership between Anaconda and the Newfoundland and Labrador government has been fruitful for both parties. We appreciate the government's commitment to both Anaconda and other local mining projects. We feel that our relationship with the government is a valued asset and we look forward to working with various departments like Innovation Business and Rural Development in the future as we execute on our growth plans. The elimination of the interest bearing debt frees up financial resources for other initiatives such as our ongoing exploration and capital programs."
ABOUT ANACONDA
Headquartered in Toronto, Canada, Anaconda is a growth oriented, gold mining and exploration company with a producing asset located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.
