to earn up to a 60% interest in the Pine Cove Project. In 2003, Anaconda acquired an option from then-owner New Island Resources Ltd. The Pine Cove gold deposit was discovered in June 1987 by South Coast Resources Ltd. The conversion of the pit to a tailings facility has received approval from the Newfoundland and Labrador Department of Natural Resources. Upon completion of mining in the main Pine Cove Pit, the Company plans to convert the open pit into a 7 million-tonne in-pit storage facility, which will allow for the deposition of tailings into the facility in the first quarter of 2018. All the ore mined from Pine Cove Pit and Stog’er Tight Pit are processed at Pine Cove Mill. The Company’s metal merchant then sells gold having a purity of 99.995% on the open markets. Final product is a gold doré bar which is shipped to a refiner in Ottawa for further processing and final assay.
The plant site includes a 1280 tonnes per day (“tpd”) grinding and flotation mill with concentrate leaching (1280 tpd at 95% availability, operating 365 days per year), crusher and conveyors, ore stockpile, shops, warehouse, administration, water supply, sewage, on site diesel generated power, fuel storage, and other ancillary structures and roads. Mining was carried out by standard open pit methods a contract miner.
As at December 31, 2017, the Company maintained an ore stockpile of 145,000 tonnes, which will be processed over the first two quarters of 2018 as the mine operation transitions to the Stog'er Tight deposit. Anaconda expects to complete mining in the main pit at Pine Cove in the later part of the first quarter of 2018, and will commence planning for small pushbacks of the main pit in 2018. The Pine Cove Mine and Mill is located 4.5 kilometres northeast of the community of Baie Verte, NL.Ī total of 2,511,000 tonnes of ore and 118,028 ounces of gold have been mined and produced from the Pine Cove Mine since commencement of mining in 2011.
In keeping with our efforts to provide our maintenance support members with timely software updates, we are pleased to release a maintenance release of GEMS 6.8.2.