TORONTO, Aug. 1, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda"
or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has received the permits required to proceed with the
extraction of the proposed 10,000-tonne underground bulk sample (the "Bulk Sample") at its 100%-owned Goldboro Gold Project
("Goldboro", or the "Project") in Nova Scotia, Canada. In connection with the Bulk Sample,
Anaconda has engaged Cementation Canada Inc. ("Cementation") as the mining contractor to assist in the underground development
and Bulk Sample extraction. Cementation is mobilizing to site today and will begin development work immediately. The Bulk Sample
process is expected to take approximately four months with results to follow thereafter.
"The Bulk Sample is a key milestone in the development of the Goldboro Gold Project, the results of which will enable us to
optimize the economics outlined in the Preliminary Economic Assessment, confirm mining and recovery methods and assess the
mineral resource around the Bulk Sample. This work will move us closer to demonstrating the feasibility of building a mine at
Goldboro. We are also extremely pleased to have Cementation, with its wealth of underground
mining knowledge and focus on safety, as a key partner in extracting the Bulk Sample. We believe this has the potential to be a
tremendous project for all stakeholders."
~ Dustin Angelo, President and CEO
The Bulk Sample will provide valuable geological, operational and processing information for design and optimization of the
overall project in a feasibility study planned to start in September. Bulk Sample activities will involve site preparation,
establishment of safe access underground and extraction of the Bulk Sample, which is expected to be approximately 10,000 tonnes.
Extraction of the Bulk Sample will utilize the existing decline developed in the late 1980's with minimal development needed to
access mineralized zones and planned mining stopes adjacent to existing workings.
Anaconda plans to hire local people and contractors to carry out security related duties, surface clearing, transportation and
other ancillary activities. In total, including employees of Cementation, approximately 50 people will be working on the Bulk
Sample at Goldboro.
A version of this news release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development and exploration company, focused in the prospective Atlantic Canadian
jurisdictions of Newfoundland and Nova Scotia The Company operates the Point Rousse Project
located in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight Mine,
the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, deep water
port, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in
Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing
infrastructure at the Company's Point Rousse Project. The Company also has a pipeline of organic growth opportunities, including
the Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte
Peninsula.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to,
disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in
sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is
based on assumptions about future economic conditions and courses of action; the timing and costs of future development and
exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and
requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and
planned expenditures and budgets and the execution thereof. Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and
phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be
achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made,
and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or
implied by such forward-looking information, including the risks outlined in this news release, risks associated with the
exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in
foreign exchange and interest rates, actual results of current production, development and exploration activities, government
regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or
technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration
and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and
changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual
information form for the year ended May 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that
could cause actual results to differ materially from those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
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