Anaconda Mining named 2016 Miner of the Year by CIM Newfoundland Branch

TORONTO, Nov. 7, 2016 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce that the Company has been selected as the 2016 Miner of the Year by the Newfoundland Branch of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). Anaconda was recognized for its achievements in advancing production at the Point Rousse Project, located on the Ming's Bight Peninsula in the Baie Verte Mining District, as well as for its contributions to the communities in which it operates.

In addition, Anaconda's VP of Exploration, Paul McNeill, was elected as Vice President of CIM's Newfoundland Branch.

President and CEO, Dustin Angelo, states, "It is truly an honour to have our team recognized by the Newfoundland Branch of the Canadian Institute of Mining, Metallurgy and Petroleum, as Miner of the Year for 2016. Through the cooperative efforts of our entire workforce and contractors, Anaconda has increased gold production and expanded its presence in the region. We are proud of our unique company culture dedicated to innovation, continuous improvement and building a better future for all of our stakeholders. Company representatives especially appreciated the reference at the awards banquet to our contributions over the past year in support of community organizations in the province, including the Baie Verte region."

Anaconda was previously named CIM's Developer/Miner of the Year in 2010.

ABOUT ANACONDA MINING

Anaconda Mining is a growth-oriented, gold mining and exploration company with a producing project called the Point Rousse Project and an exploration/development project called the Viking Project in Newfoundland.

The Point Rousse Project is approximately 6,300 hectares of property on the Ming's Bight Peninsula located in the Baie Verte Mining District in Newfoundland, Canada. Since 2012, Anaconda has increased its property control by ten-fold on the peninsula and gold production to nearly 16,000 ounces per year. In an effort to expand production, it is currently exploring three primary, prospective gold trends, which have approximately 20 km of cumulative strike length and include five deposits and numerous prospects and showings, all within 8 km of the Pine Cove Mill.

Anaconda also controls the Viking Project, which has approximately 6,225 hectares of property in White Bay, Newfoundland, approximately 100 km by water (180 km via road) from the Pine Cove Mill. The project contains the Thor Deposit and other gold prospects and showings. The company's plan is to discover and develop more resources within these project areas and substantially increase annual production at the Pine Cove Mill from its current rate of nearly 16,000 ounces. 

As the only pure play gold producer in Atlantic Canada, Anaconda Mining is turning the rock we live on into a growing and profitable resource. With a young and motivated workforce, innovative technology and the support of local suppliers, Anaconda is investing in the people of Newfoundland & Labrador and giving back to the communities in which we operate – building a better future for all our stakeholders, from the ground up.

FORWARD-LOOKING STATEMENTS

This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.

SOURCE Anaconda Mining Inc.