Anaconda Mining Announces Positive Preliminary Economic Assessment for the Goldboro Gold Project

Anaconda Mining (“Anaconda” or the “Company”) (ANX: TSX) is pleased to announce the positive result of an independent Preliminary Economic Assessment study (“PEA”) on the 100% owned Goldboro Gold Project (“Goldboro” or the “Project”) located in the Eastern Goldfields of Guysborough County, Nova Scotia, Canada.
The PEA provides a base case assessment of developing the Goldboro mineral resource by open pit and underground mining, on site concentration through gravity and flotation circuits and leaching of the concentrate and a gold recovery at Anaconda’s Pine Cove Mill in Newfoundland.
Goldboro Project PEA Highlights*
The base case scenario utilizes a long-term gold price of $1,550 and all dollar figures are presented in Canadian dollars unless otherwise noted. A summary of the certain assumptions and results from the PEA are indicated below:

• Undiscounted cash flow before income and mining taxes of $189 million;
• Pre-tax Net Present Value (“NPV”) at a 7% discount rate of $120 million and a pre-tax Internal Rate of Return (“IRR”) of 38% implying a pre-tax payback period of 2.9 years;
• Total capital expenditures of $89 million, including pre-production capital expenditures of $47 million

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