Anaconda Mining files Point Rousse Project Technical Report

TORONTO, Feb. 26, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX:ANX) is pleased to announce the filing of a technical report for its Point Rousse Project (the "Technical Report") entitled "NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada". The Technical Report, which is effective December 31, 2017, was prepared in accordance with National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") and is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com.

The Technical Report was authored by independent qualified persons Michael Cullen, P.Geo. of Mercator Geological Services Inc. and Catherine Pitman, P.Geo. of Adiuvare Geology and Engineering Ltd and qualified persons David Copeland, P.Geo., Paul McNeill, P.Geo., and Gordana Slepcev, P.Eng., of Anaconda. 

The Technical Report demonstrates the significant advances Anaconda has made at the Point Rousse Project since 2015:

• The discovery and delineation of a maiden Mineral Resource at the Argyle Deposit;
• Mining at Stog'er Tight beginning in Q1 2018;
• Permitting of new tailings storage facilities including an in-pit tailings facility with 15+ years of capacity at current throughput rates;
• The construction of a deep-water port facility; and
• Generation of additional revenue by selling mine waste rock as a construction aggregates product.

"We are pleased to be able to add the Mineral Resource estimate at the Argyle Deposit to the Point Rousse Project and highlight several of the advances we have made at site. Over the last few years, we have built a substantial amount of operating infrastructure and added Mineral Resources with higher grade than what we have been mining from the Pine Cove pit. We have already begun the permitting and development process for Argyle and look forward to continuing to develop it towards production. In the meantime, we continue to explore around Argyle and are optimistic about our ability to expand the deposit. We have made great progress at Point Rousse and, along with the Goldboro Project in Nova Scotia, have built a platform for growth in Atlantic Canada. We will continue to focus on increasing Mineral Resources and growing production at our projects while creating value for all stakeholders."

~ Dustin Angelo, President and CEO

2018 Mineral Resources and Reserves

The following tables summarize the Mineral Resources and Mineral Reserves for the Point Rousse Project:

1 – Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
2 – The Pine Cove and Stog'er Tight Mineral Resource statement is inclusive of Mineral Reserves
3 – Grams per tonne
4 – Rounded tonnes
5 – Proven Mineral Reserves have not been defined at the Point Rousse Project

This news release has been reviewed and approved by Mr. Michael Cullen, P.Geo. of Mercator Geological Services Ltd., and Ms. Catherine Pitman P.Geo. of Adiuvare Geology and Engineering Inc., both Independent Qualified Persons, under 43-101 Standards. This news release has also been reviewed and approved by Mr. David Copeland, P.Geo, Chief Geologist with Anaconda; Mr. Paul McNeill, P.Geo., VP Exploration with Anaconda and Ms. Gordana Slepcev, P.Eng., Chief Operating Officer with Anaconda; all Qualified Persons under NI 43-101.

Diamond drilling at Argyle and the Mineral Resource estimate outlined within this news release, benefited from a JEA grant from the Department of Natural Resources, Government of Newfoundland and Labrador. Anaconda would like to thank the Government of Newfoundland and Labrador.

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 Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog'er Tight deposit, a new discovery deposit called the Argyle deposit, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the recently acquired 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, the Company's future exploration, development and operational plans. 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 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.