Anaconda Mining Provides Progress Update for the Goldboro Gold Project Bulk Sample

TORONTO, Sept. 11, 2018 -  Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that the site set-up phase for the 10,000-tonne, underground bulk sample (the "Goldboro Bulk Sample") is nearing completion at its Goldboro Gold Project in Nova Scotia, Canada ("Goldboro" or the "Project"). Anaconda commenced site preparation towards the end of July (see press release issued on August 1, 2018) and to date has achieved the following milestones:

• Hired local engineering and support staff to execute the Goldboro Bulk Sample;
• Completed a nesting bird survey prior to the start of clearing;
• Implemented the Anaconda Health and Safety Program;
• Established a water monitoring program;
• Completed site clearing and surface preparation work, and continues to prepare the stockpile area;
• Established pumping set-up at the Boston-Richardson shaft;
• Started the dewatering of the existing Boston-Richardson shaft;
• Established survey control around the mine portal;
• Initiated ground control inspections (around portal excavation);

"We are extremely pleased with the progress that has been made thus far for the Goldboro Bulk Sample. We are very grateful for the support of our stakeholders including the local community, regulators, First Nations, and all service providers and suppliers that have helped us launch the Project. With the set-up and site preparation nearly complete, we are ready to begin decline dewatering and mine rehabilitation. We are looking forward to using the technical information collected during the Bulk Sample program including geological, operational and metallurgical data in designing and optimizing the Project during the feasibility study stage which is anticipated to start in September."

~ Dustin Angelo, President and CEO, Anaconda Mining Inc.

Anaconda's mining contractor, Cementation Canada Inc. ("Cementation" or the "Contractor"), has been sourcing people, equipment and materials for the Bulk Sample since required permits were received in July. Cementation is committed to hiring a qualified local workforce and sourcing materials and supplies from within the Province when possible. Delivery of the Contractor's materials and equipment began on August 30^th. Once power to the site has been commissioned, Cementation will begin the mine rehabilitation and decline dewatering phase of the Bulk Sample.

Mining activity is expected to begin in mid-October following the completion of decline dewatering and rehabilitation. The mining phase is anticipated to take up to two months to complete, with final processing results expected early in 2019. Demobilization and Bulk Sample closure activities are scheduled to be completed by late December.  

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, Nova Scotia and New Brunswick. The Company operates the Point Rousse and Tilt Cove Projects 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 9,150 hectares of prospective gold-bearing property. Anaconda is developing the Goldboro Gold Project in Nova Scotia, a high-grade Mineral Resource, which has a preliminary economic assessment and is in the feasibility stage. The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. 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 the annual information form for the fiscal year ended December 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.