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Friday, 20th February 2009 (2037 views)

Anaconda Mining has revealed that it has signed a non-binding letter of intent regarding a toll processing arrangement with Crew Gold.

The Toronto-based company stated that it is now in the process of negotiating a definitive arrangement with Crew Gold that will see Anaconda deliver ore from its Pine Cove gold mine to the Nugget Pond mill.

Commencing no later than June 1st 2009, the agreement will run for one year and 200,000 tonnes of ore will be processed by Crew Gold over this period.

Lewis Lawrick, Anaconda president and chief executive, stated: "The toll processing arrangement with Crew will be a mutually beneficial contract for all parties."

Crew Gold recently suspended operations at the Nalunaq gold mine, freeing up capacity at the Nugget Pond mill.

Canadian company Anaconda Mining has a portfolio of properties including the Pine Cove gold mine in Newfoundland and Labrador, which entered production in May 2008.

 

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