September 21, 2009 / 5:56 PM / in 9 years

Anaconda Mining shares up on Pine Cove gold mine update

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Sept 21 (Reuters) - Shares of Anaconda Mining Inc (ANX.TO) rose as much as 7 percent after the mining and exploration company gave an update on operations at its Pine Cove gold mine.

Gold recoveries averaged slightly better than 93 percent resulting in 4,000 ounces of gold recovered till date from Pine Cove ore in Canada, the company said in a statement.

Anaconda started mining at the mine in Crew Gold’s Nugget Pond mill on June 29.

“The lower average work index of the Pine Cove ore has contributed to average daily throughput and gold recoveries exceeding our targets,” Chief Executive Lew Lawrick said.

As a result, variable processing costs per ton are lower than forecast, he said.

Shares of the Toronto-based company were up 2 cents at 32 Canadian cents Monday afternoon on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair)

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