ANXGF - ANXGF STOCK NEWS

Signal Gold has announced a non-brokered private placement, offering premium flow-through units at $0.69 each and standard units at $0.49, aiming to raise up to $4 million. The proceeds will primarily support development and exploration at the Goldboro Gold Project in Nova Scotia. Each unit includes a share purchase warrant exercisable at $0.74 for 36 months. The offering is subject to TSX approval and insider participation will be reported as a related party transaction.

Signal Gold Inc., previously Anaconda Mining Inc., has officially changed its name following shareholder approval on May 12, 2022. Trading under the new ticker SGNL on the TSX will commence around May 17, 2022. All resolutions proposed at the annual meeting were passed, including the election of directors with significant support. PricewaterhouseCoopers LLP was reappointed as auditors. The Company continues to develop the Goldboro Gold Project in Nova Scotia, a key growth initiative, and operates in Newfoundland with extensive mineral properties.

Anaconda Mining Inc. (TSX:ANX) announces a US$8 million loan facility with Auramet International LLC. The proceeds will be used to repay an existing gold prepayment facility and for general working capital as the Company resumes normal mining operations at the Point Rousse operation. The loan, due on May 5, 2023, has an interest rate of 8% plus a premium based on the SOFR. It is secured by a guarantee from Orex Exploration Inc. and a general security agreement on the Guarantor's assets.

Anaconda Mining reported Q1 2022 results with gold sales of 3,491 ounces, yielding $8.0 million in revenue at an average price of C$2,296 per ounce. Production of 2,813 ounces marked an 11% increase year-over-year but fell short of targets due to water treatment issues that disrupted mining operations at the Argyle Pit. The company faced a net loss of $3.5 million, driven by higher depreciation costs. A working capital deficit of $6.5 million underscores liquidity challenges, while anticipated operating cash costs are projected between $1,225 and $1,325 per ounce for the year.

Anaconda Mining Inc. reported its Q1 2022 production results, yielding 2,813 ounces of gold, an 11% year-over-year increase. However, output fell short of expectations due to operational challenges at the Argyle mine caused by fluctuating temperatures and a water management issue involving elevated ammonia levels. The company achieved metal revenue of $8.0 million from 3,491 ounces sold at an average realized price of $2,296 per ounce. Following the resignation of Chairman Jonathan Fitzgerald, Mary-Lynn Oke has been appointed as interim Chair while a search for a permanent successor is underway.

Anaconda Mining Inc. has published promising exploration drill results from its Point Rousse operation in Newfoundland, totaling 4,684.6 meters from 36 drill holes. Significant findings include gold assays of 2.09 g/t over 5.7 meters and 6.86 g/t over 1 meter. The exploration has identified two new mineralized systems and suggests potential mineralization at the Corkscrew and Big Bear targets, extending hundreds of meters. This program aims to enhance the mine life at Point Rousse and follows a prior announcement regarding a 5,000-meter drill program.

Anaconda Mining Inc. plans to seek shareholder approval for a name change to Signal Gold Inc. during its annual general meeting on May 12, 2022. This change aims to better align the company’s identity with its focus on gold production in Atlantic Canada.

The Goldboro Gold Project demonstrates strong economic potential, featuring an after-tax NPV of $328 million at a C$2,000 gold price, with prospects for higher values as gold prices increase. The company also continues to develop the Point Rousse operation in Newfoundland.

Anaconda Mining has announced positive developments at its Goldboro Gold Project in Nova Scotia. A new 4,000-metre diamond drill program aims to convert Inferred Mineral Resources from the East Goldbrook Pit into Indicated Mineral Resources, potentially enhancing project economics. The recent exploration drill program produced significant assay results, including highlights of 335.0 g/t gold over 0.5 metres. These findings support the continuity of high-grade gold mineralization, indicating future growth opportunities and project longevity.

Anaconda Mining Inc. announced an independent socio-economic impact assessment for its Goldboro Gold Project in Nova Scotia, projected to generate $2.1 billion in provincial GDP and create 735 new jobs annually over 15 years. The project anticipates spending up to $1.7 billion on goods and services, generating $528 million in taxes. A total of 538 direct jobs will be created during the two-year construction phase. The project is characterized as the largest undeveloped private sector initiative in Nova Scotia.