Anaconda Mining Inc. (TSX: ANX) has reported their results for the first quarter as of August 31, 2009. The company posted an operating profit at Pine Cove which is significant for Anaconda and their partner, New Island Resources Inc.
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As of August 31, 2009 the company had a total of $19.4 million worth of assets. During the three months ending August 31, 2009 the company had quarterly profit of 3,075 ounces of gold at an average price of $948 per ounce. Their net income for the first quarter was about $406,000. The income included $3.2 million of precious metals sales offset by $2.2 million for the cost of goods sold. Administrative expenses of $550,000 and foreign exchange losses of $22,000 were al included in the net income.
About Anaconda
Anaconda is a Toronto, Canada based mining and exploration company focused on advancing its principal assets, the Pine Cove gold mine in Canada and the San Gabriel Iron Project in Chile. The Company is committed to bringing Pine Cove into full Commercial Production, as well as developing near-term production opportunities for San Gabriel.
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