Anaconda acquires more gold in White Bay

The operators of the only gold mine in Atlantic Canada haveexpanded theirreach in Newfoundland and Labrador byacquiringanother gold deposit in the province.

• Baie Verte gold mine a rare sparkle during economic turmoil

Toronto-based mining companyAnaconda has entered into an agreement with Spruce Ridge Resources Ltd. toacquire100 per centinterest in itsViking property,located near the communities ofPollards Pointand Sop's Arm in White Bay.

The property includes an areaknown as the Thor deposit.

Anaconda currently operates the Pine Cove pitgold mine on theBaieVertePeninsula, which officials estimatehas abouttwo-and-a-half years left forproduction.

Additional property

The company has also entered into a second agreement with Spruce Ridge acquiring itsKramer property, which is adjacent to the Viking property.

That will give Anaconda control of 6,200 hectares in the White Bay area.

President and CEO,Dustin Angelo, said in a statementthatit is an "exciting transaction" for the company and the plan is toprocess any ore mined from this property at the Pine Cove mill.

"We are encouraged by the overall gold bearing potential of the entire land package," said Angelo in a news release.

"Ultimately, we foresee simultaneously operating two large gold mining projects at PointRousseand Viking while processing their ore at the Pine Cove mill."