TORONTO, ONTARIO--(Marketwire - March 1, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to announce that, on February 28, 2013, it made another principal payment against the outstanding Convertible Loan, Series I Debentures and Series II Debentures (collectively, the "Loans"). The principal payments totaled $750,000 and were divided pro rata across the Loans. Since March 28, 2012, the Company has made approximately $5,251,000 in principal payments against the Loans and reduced the outstanding balance from $6,900,000 to $1,649,280.
President and CEO, Dustin Angelo, stated, "Anaconda's third quarter payment of $750,000 is the largest quarterly principal payment for fiscal 2013. We had targeted to pay $900,000; however, the Company reallocated some cash to the current diamond drill program and cash reserves to manage through some difficult weather conditions we experienced during the third quarter, particularly February. We have made a total of $1,950,000 in payments on the Loans during the fiscal year, all from operating cash flow. The substantial amount of debt repaid year-to-date is a testament to the ability of Pine Cove to generate significant cash flow. It is also noteworthy that since November 2011, in just 15 months, the Company has paid down nearly $6.4 million in debt including the Loans, Series III Debentures and our government loans. We have approximately $2.0 million in debt left on the balance sheet and expect to have approximately 90% of it repaid by September 2013."
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.
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.