Anaconda Mining Initiates a 5,000-metre Diamond Drill Program at Point Rousse

Anaconda Mining Inc. (“Anaconda” or the “Company”) (ANX: TSX) is pleased to announce that it has initiated a 5,000-metre, diamond drill program at its Point Rousse Project in Newfoundland (the “Point Rousse Program”). The Point Rousse Program will be conducted over the next four months, is estimated to cost approximately $800,000 and will be funded by the recently announced flow-through financing (see press release dated October 31, 2017). The Company plans to drill along and adjacent to the Scrape Trend, a 6-kilometre strike length of fertile geology that includes the Pine Cove mine, Stog’er Tight deposit, the recent Argyle discovery (“Argyle”) and several other gold prospects. Anaconda is focused on four main targets – Argyle, the Connector Zone, Anoroc and Corkscrew Road, all of which are within 5 kilometres of the Pine Cove Mill (Exhibit A).
As quoted in the press release:

“The Scrape Trend has produced approximately 100,000 ounces of gold and generated over $40 million dollars in EBITDA over the past seven years. It has a pipeline of deposits, discoveries and future prospects that could sustain production for the coming years.  Through the current diamond drill program, we intend to demonstrate the potential to expand gold resources within the Scrape Trend. With ease of access to drill targets and the Pine Cove Mill already running, exploration is very cost effective and the duration from discovery to production is compressed because of our existing infrastructure and management team.  By investing capital from our recent financing, we believe we can accelerate resource growth at Point Rousse.”

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