Tourism, Culture, Industry and Innovation
June 16, 2017

Anaconda Mining Receives More than $2 Million Investment for Innovation

An innovative approach to mining narrow vein type deposits will enable Anaconda Mining Inc. to maintain jobs at its Baie Verte Peninsula operation and create opportunities for local suppliers in the region. Anaconda Mining Inc. is partnering with Memorial University to develop the technology to mine these deposits in a more cost-effective manner.

The Honourable Cathy Bennett, Minister of Finance, on behalf of the Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, announced a Provincial Government investment of more than $520,000 for the initiative through the Research & Development Corporation. Seamus O�Regan, Member of Parliament for St. John�s South-Mount Pearl, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency, today announced more than $1.5 million for the project.

This funding will help the company to develop, prototype and optimize a new excavation system to access narrow vein type deposits that could not be mined cost-effectively with existing technologies. The company is a major employer on the Baie Verte Peninsula and this project is expected to result in significant economic benefits for the region. Anaconda intends to apply this technology at the Point Rousse Project and the recently acquired Goldboro property in Nova Scotia.

�The mining industry is a strong economic driver in rural Newfoundland and Labrador. Through this investment in new narrow vein mining methods, the Government of Newfoundland and Labrador is demonstrating a continued commitment to advancing technical solutions that will benefit the industry and contribute to economic growth in the Baie Verte region.�
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation and Minister Responsible for the Research & Development Corporation

�Innovation helps strengthen and grow the middle class and opens up more possibilities for improving quality of life through new employment and economic opportunities. Through our Innovation and Skills Plan, the Government of Canada is focused on investing in innovative ideas and processes such as the technology being developed by Anaconda Mining to increase productivity in the mining industry.�
Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development and Minister responsible for ACOA

�Anaconda Mining is an important part of the mining industry in our province, especially for those who live and work on the Baie Verte Peninsula. The Government of Canada recognizes the value of investing in companies like this one, which are developing new technologies to support employment and other economic benefits in this region.�
Scott Simms
Member of Parliament, Coast of Bays-Central-Notre Dame

�Innovation is something Newfoundlanders and Labradorians have specialized in for many years, and the province's economy has benefited tremendously from it. The investments being announced today will help to strengthen the economic outlook on the Baie Verte Peninsula and provide employment. I'm very pleased to see a commitment from both the provincial and federal governments to fostering innovation and rural development in this region.�
Brain Warr
MHA for Baie Verte - Green Bay

�This project fits with Anaconda�s objectives of optimizing mineral resources and maintaining sustainable employment at the Point Rousse Project in the Baie Verte region. Anaconda has many narrow vein hosted gold zones within our property boundaries that are not economic with today�s mining methods. We hope to leverage our culture of innovation, in partnership with Memorial University to ultimately adapt and create technology that will position Anaconda and this province as global leaders in narrow vein mining.�
Allan Cramm
VP Innovation & Development, Anaconda Mining Inc.

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Media contacts
Eric Humber
Tourism, Culture, Industry and Innovation
709-729-4819, 725-9655

Ashley Russell
Research & Development Corporation
709-758-0308, 730-4079

Paul McGrath

Lynn Hammond
Anaconda Mining Inc.

2017 06 16                              3:05 p.m.