Anaconda Mining Intersects 42.85 g/t Gold Over 3.8 Metres and 9.83 g/t Gold Over 3.5 Metres at Goldboro

TORONTO, April 4, 2019 - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce results from four diamond drill holes drilled as part of a metallurgical test program (the "Metallurgical Drill Program") to support the ongoing Feasibility Study for the Goldboro Gold Project in Nova Scotia ("Goldboro"). The Metallurgical Drill Program focused on an area of the East Goldbrook Gold System ("EG Gold System") over a strike-length of approximately 80 metres where numerous shallow, high-grade mineralized zones were previously intersected (Exhibit A). The Metallurgical Drill Program consisted of four HQ diameter diamond drill holes (BR-18-68 to -71) totaling 545 metres, which successfully intersected previously modelled mineralized zones, encountered five occurrences of visible gold, and confirmed the continuity of several high-grade zones up to 40 metres (Exhibit B).

Selected composited highlights from the Metallurgical Drill Program include:

• 42.85 grams per tonne ("g/t") gold over 3.8 metres (66.6 to 70.4 metres), including 316.76 g/t gold over 0.5 metres in hole BR-18-70;
• 9.83 g/t gold over 3.5 metres (81.1 to 84.6 metres) including 58.31 g/t gold over 0.5 metres in hole BR-18-69; 
• 7.48 g/t gold over 4.1 metres (125.0 to 129.1 metres) including 35.45 g/t gold over 0.8 metres in hole BR-18-68; 
• 7.69 g/t gold over 2.9 metres (34.0 to 36.9 metres) including 43.87 g/t gold over 0.5 metres in hole BR-18-69; and
• 16.54 g/t gold over 1.3 metres (105.0 to 106.3 metres) including 26.53 g/t gold over 0.8 metres in hole BR-18-69. 

A table of selected composited assays from both recent and previously reported drilling are shown in the table below.

"These drill results are important as they provide confidence in the existing resource and geological models of the EG Gold System, confirm the continuity of grade for several of the high-grade zones encountered in previous drilling, and provide the samples necessary to advance metallurgical testing to support a Feasibility Study at Goldboro. The results are consistent with those we have encountered in other areas of the EG Gold System and will be incorporated into an updated mineral resource estimate, which will include 10,000 metres of drilling conducted since July of 2018 and is expected to be released by the third quarter of 2019. In the meantime, we continue to work on an additional 5,000-metre drill program to better outline high-grade zones in the EG Gold System, expand the deposit, and infill specific portions of the EG and Boston-Richardson Gold Systems."

~Kevin Bullock, CEO, Anaconda Mining Inc. 

Selected composited highlights from previously reported drill results (see Anaconda press release of May 21, 2018 and Orex Exploration press releases of January 30 and March 24, 2009) in the immediate area of the Metallurgical Drill Program include:

• 151.42 g/t gold over 2.6 metres (33.1 to 35.7 metres) including 779.97 g/t gold over 0.5 metres in hole BR-17-04;
• 81.71 g/t gold over 2.5 metres (85.5 to 88.0 metres) including 800.00 g/t gold over 0.25 metres in hole BR08-22;
• 66.89 g/t gold over 3.0 metres (83.5 to 86.5 metres) including 709.00 g/t gold over 0.25 metres in hole BR08-23;
• 21.66 g/t gold over 3.25 metres (156.75 to 160.0 metres) including 262.00 g/t gold over 0.25 metres in hole BR08-25; and
• 9.54 g/t gold over 3.5 metres (50.0 to 53.5 metres) including 27.60 g/t gold over 0.5 metres in hole BR08-22.

Metallurgical Sample

Mineralized intervals from the Metallurgical Drill Program assaying greater than 0.5 g/t gold were composited and sent for analysis to BASE Metallurgical Laboratories Ltd. of Kamloops, British Columbia. A separate sample collected from the Boston-Richardson Gold System during the recent underground bulk sampling program was also composited as part of a larger metallurgical sample (the "Metallurgical Sample"). The Metallurgical Sample is being used in a suite of tests designed to better characterize the recovery and milling properties of mineralization and to optimize the process flow sheet as part of the ongoing Feasibility Study.

Table of selected composited assays from drill holes reported in this press release:

This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.

Samples analyzing greater than 0.5 g/t Au via 30 g fire assay were re-analyzed at Eastern via total pulp metallic. For the total pulp metallic analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Anaconda considers total pulp metallic analysis to be more representative than 30 g fire assay in coarse gold systems such as the Goldboro Deposit.

Reported mineralized intervals are measured from core lengths. Intervals are estimated to be approximately 80-100% of true widths.

A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-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 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 also developing the Goldboro Gold Project in Nova Scotia, a high-grade Mineral Resource, subject to a 2018 a preliminary economic assessment which demonstrates strong project economics. The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick.

FORWARD-LOOKING STATEMENTS

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 Anaconda's annual information form for the year ended December 31, 2018, 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.