Anaconda Mining announces Q4 and full year 2020 production results

[theminer]

Anaconda Mining announces Q4 and full year 2020 production results, achieves record metal revenue of $41.5 million

TORONTO, ON / ACCESSWIRE / January 14, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce production results and certain financial information for the three months and year ended December 31, 2020. All dollar amounts are in Canadian Dollars. The Company expects to file its full audited annual financial statements and management discussion and analysis by March 2, 2021.
2020 Highlights
 

• Anaconda produced 18,268 ounces of gold in 2020 from its Point Rousse operation, achieving its annual guidance of 18,000 to 19,000 ounces, predominantly from Pine Cove Pit mine production, with the processing of ore from the Argyle Gold Mine commencing in late Q4 2020.
• Anaconda sold 17,918 ounces of gold in 2020, generating record metal revenue of $41.5 million at an average sales price1 of C$2,316 (US$1,728) per ounce of gold. As at December 31, the Company also had over 525 ounces in gold doré inventory, which was subsequently sold in January.
• The Pine Cove Mill achieved annual throughput of 459,085 tonnes during 2020, just short of its annual record throughput, representing a 14% increase over 2019, when the mill was impacted by unplanned maintenance.
• Mine operations moved 512,028 tonnes of ore during the year, including 103,557 tonnes of ore from Argyle in Q4 2020, at an average grade of 1.50 grams per tonne ("g/t") and at a strip ratio of 3.8 waste tonnes per ore tonne.
• The Pine Cove Pit has now transitioned to a fully permitted in-pit tailings facility, with over 10 years of capacity at current throughput rates.
• The Company announced the full exercise of share purchase warrants expiring on January 10, 2021, resulting in proceeds of $3,526,895 and the issuance of 7,837,544 common shares.
• As of December 31, 2020, the Company had a cash balance of $14.6 million and preliminary working capital1 of $13.8 million. The Company's current loan balance as of December 31, 2020 was $1.9 million and the non-current portion was $0.8 million.

2021 Guidance
Anaconda is projecting to produce between 18,000 and 19,000 ounces of gold in 2021. Mill feed in 2021 will be predominantly from mining at the Argyle Gold Mine, with supplemental ore feed from Pine Cove and marginal stockpiles, although the Company continues to investigate opportunities to defer marginal ore feed. Operating cash costs per ounce1 for the full year are expected to be between $1,425 and $1,475 per ounce of gold sold (US$1,100 - US$1,145 at an approximate exchange rate of 0.775), reflecting the relatively lower grade profile of Argyle in the earlier part of the mine plan, the impact of processing lower grade marginal ore, and increased trucking costs to the Pine Cove Mill from Argyle. Mine grade will increase significantly towards the end of 2021 and into 2022 at Argyle which, along with a decrease in the stripping ratio, will lead to a marked decrease in operating cash costs per ounce sold. Furthermore, any opportunity to displace marginal ore will positively impact operating costs on a per ounce sold basis.
The Company expects to incur $6,600,000 of sustaining capital expenditures for the mine and mill operations in 2021, which includes approximately $3,800,000 of mine development for pushbacks at the Argyle Gold Mine, which will also support ongoing mining in 2022. Looking further ahead at Point Rousse, the Company continues to infill drill the Stog'er Tight extension and advance baseline permitting activities, given its strong potential to extend the life of mine of the Point Rousse operation.
In addition, milestones and catalysts for growth in 2021 include:
 

• Ongoing production and free cash flow generation from Argyle throughout 2021.
• Infill drilling at Stog'er Tight deposit to complete an updated Mineral Resource.
• Final drill results from the Goldboro Gold Project ("Goldboro") infill drill program in Q1 2021.
• An updated Mineral Resource for the Goldboro Gold Project in Q1 2021.
• Ongoing initial 10,000 metre drill program at the Tilt Cove Gold Project in Q1 and Q2 2021.
• Drill Program at the Lower Seal Harbour Property in Nova Scotia, proximal to Goldboro.
• Completion of the Goldboro Feasibility Study in Q4 2021.

Operating Statistics for the Three Months and Year Ended December 31, 2020
During the fourth quarter of 2019, the Company processed a bulk sample for Goldboro (the "Bulk Sample") at its Pine Cove Mill (see press release dated January 16, 2020). Fourth quarter and annual 2019 mill statistics are presented both including the Bulk Sample, and on a Point Rousse stand-alone basis.

 

Three months ended December 31, 2020	Three months ended December 31, 2019	Year ended December 31, 2020	Year ended December 31, 2019
Mine Statistics
Ore production (tonnes)	110,455	123,302	512,028	413,139
Waste production (tonnes)	453,859	518,698	1,964,689	1,771,408
Total material moved (tonnes)	564,314	642,000	2,476,717	2,184,547
Waste: Ore ratio	4.1	4.2	3.8	4.3
Mill Statistics (including Bulk Sample in 2019)
Availability (%)	91.5	97.1	96.3	89.6
Dry tonnes processed	107,257	110,474	459,085	401,499
Tonnes per day ("tpd")	1,274	1,236	1,302	1,228
Grade (grams per tonne)	1.39	1.49	1.42	1.52
Recovery (%)	86.8	83.1	87.4	82.3
Gold Ounces Recovered	4,171	4,411	18,268	16,181
Gold Ounces Sold	3,970	4,209	17,918	17,265

Excluding the operating results from the Bulk Sample, the Pine Cove Mill Statistics specifically for production from the Point Rousse operation are as follows:

Dry tonnes processed	107,257	100,689	459,085	391,714
Tonnes per day ("tpd")	1,274	1,318	1,302	1,248
Grade (grams per tonne)	1.39	1.27	1.42	1.46
Recovery (%)	86.8	84.0	87.4	82.8
Gold Ounces Produced	4,171	3,441	18,268	15,211
Gold Ounces Sold	3,970	3,306	17,918	16,362

Operations Overview for the Year Ended December 31, 2020
Anaconda sold 17,918 ounces of gold in 2020 to generate record metal revenue of $41.5 million at an average realized gold price¹ of C$2,316 (US$1,728) per ounce, representing a 41% increase in metal revenue compared to 2019 due to a combination of significantly higher gold prices and higher gold production. During the fourth quarter, the Company sold 3,970 ounces of gold from production from its Point Rousse operations, generating metal revenue of $10.0 million at an average realized gold price¹ of C$2,503 per ounce (US$1,921).

The Point Rousse operation produced 18,268 ounces of gold during 2020, achieving annual guidance of 18,000 to 19,000 ounces, and representing a 13% increase over 2019 as a result of higher throughput and stronger recoveries. Production was predominantly from the Pine Cove Pit, where mining ceased in early Q4 2020 and mill production was maintained from the established stockpile of 100,000 tonnes. In 2021, production will be focused exclusively at Argyle, with mill throughput supplemented with marginal ore from the Pine Cove Pit.

Point Rousse Mine Operations - During the fourth quarter, the mine operation produced 110,455 tonnes of ore (of which 103,557 tonnes were from Argyle), a 10% decrease from Q4 2019 when mining was focused exclusively in the Pine Cove Pit. For 2020, the mine operation produced 512,028 tonnes of ore, a significant increase over 2019 when the first half of the year was focused on the lower tonnage profile Stog'er Tight Mine. The strip ratio for 2020 was 3.8 waste tonnes to ore tonnes, a decrease from 4.3 in 2019, as the mine operation completed mining in the Pine Cove Pit throughout 2020 and the tonnes of waste moved decreased accordingly. The strip ratio of 4.1 waste tonnes to ore tonnes in Q4 2020 reflects the impact of the commencement of development at Argyle.

As at December 31, 2020, the mine operation had stockpiled over 102,300 tonnes of ore, which included approximately 72,000 tonnes from Argyle at an average grade of 1.79 g/t. Going forward into 2021, the mine operations will be exclusively focused on production from Argyle, which together with existing stockpiles will contribute approximately 70% of mill throughput in the upcoming year, with Pine Cove and marginal stockpiles providing the balance.

Point Rousse Mill Operations - The Pine Cove Mill processing facility milled 107,257 tonnes during the fourth quarter of 2020, a 3% decrease compared to Q4 2019, the result of lower mill availability due to a planned shutdown for a mill liner change. For the 2020 year, the mill processed 459,085 tonnes of ore, an increase of 14% compared to 2019 due to strong mill availability of 96.3% in the most recent year compared to only 89.6% in 2019. The Pine Cove Mill has returned to consistent and sustainable operations since the challenges encountered in the early half of 2019, when unplanned maintenance of the regrind mill impacted mill availability, which in turn impacted throughput and recovery. Anaconda took the opportunity to accelerate other planned maintenance programs, invest in critical spares, and bolster preventative maintenance programs, the result of which can be seen with the strong performance of the mill in 2020.

Average grade during the fourth quarter was 1.39 g/t, a 7% decrease compared to Q4 2019 due to the impact of the Goldboro Bulk Sample in the comparative period, however a 9% increase when compared to ore milled only from the Point Rousse operation. The fourth quarter of 2020 reflected the impact of processing of 30,324 tonnes of ore from the relatively higher-grade Argyle deposit. Average grade for 2020 was 1.42 g/t, down slightly from 1.46 g/t in 2019 when comparing only to Point Rousse results, as ore feed in the first half of the prior year was mainly from the higher grade Stog'er Tight Mine. The mill achieved an average recovery rate of 86.8% in Q4 2020 and 87.4% for the 2020 year, both representing strong increases over the comparative periods of 2019, further reflecting the strong improvements that have been implemented at the mill operation.

Qualified Person
Kevin Bullock, P. Eng., President and CEO, Anaconda Mining Inc., is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.

Check out full press release here.

[intern]

Here are some fresh news , just from today- as usual, they care for the environment andare keen on mentioning the efforts they are making to keep it clean. Nice to see that this stock went up smoothly, bought it just in time back then.

(for the full article, please read https://www.anacondamining.com/prviewer/release_only/id/4864282 ) 

• 1.81 grams per tonne ("g/t") gold over 30.0 metres (56.0 to 86.0 metres), including 10.00 g/t gold over 1.0 metre in diamond drill hole BN-21-496;
• 0.98 g/t gold over 6.0 metres (47.5 to 53.5 metres) in diamond drill hole BN-21-498; and
• 0.54 g/t gold over 10.0 metres (51.0 to 61.0 metres) in diamond drill hole BN-21-497.
  
   
• 5.72 g/t gold over 7.0 metres (30.0 to 37.0 metres) in diamond drill hole AE-21-184;
• 2.16 g/t gold over 13.0 metres (66.0 to 79.0 metres) in diamond drill hole AE-21-185;
• 5.25 g/t gold over 6.0 metres (28.0 to 34.0 metres) in diamond drill hole AE-21-169; and
• 1.04 g/t gold over 8.0 metres (29.0 to 37.0 metres) in diamond drill hole AE-21-174.

• Selected intersections from holes BN-21-496 to BN-21-507 from infill drilling at Stog'er Tight are shown in Table 1 below and selected intersection from holes AE-21-169 to AE-21-192 from delineation drilling at Argyle are shown in Table 2 below. The results of both the Stog'er Tight and Argyle Drill Programs will be used to update the Mineral Resources and Reserves at Point Rousse, anticipated in Q4 2021.

  "As we continue to mine at Argyle and move forward with development work at Stog'er Tight, we see an opportunity for optimization and continued mining operations at Point Rousse in the coming years. The advancement of geotechnical and environmental work at Stog'er Tight allows for the optimization of the Mineral Resource and open pit design. Similarly, the delineation drill results at Argyle have provided an opportunity to better optimize the pit design and mining techniques. With this information we have commenced preparing an updated Mineral Resource and Reserve estimate for our Point Rousse operation, that includes a new Mineral Resource for Stog'er Tight, supporting potential extended life of the mining operations. At the same time, we continue to develop other exploration targets throughout Point Rousse and Tilt Cove and are actively drilling a 6,000 metre diamond drill program and completing a 100-line kilometre geophysical survey to test the broader prospectivity of the Point Rousse Project."

  ~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

  The Stog'er Tight Deposit is located three (3) kilometres east of the Pine Cove Mill, adjacent to existing road networks, and has been defined over a strike length of 1,250 metres to date. Anaconda produced a total of 17,102 ounces of gold from 349,942 tonnes of ore from the Stog'er Tight Mine between June 2018 and January 2020. Gold from Stog'er Tight was recovered through the Pine Cove Mill with an average head grade of 1.75 g/t gold at an overall recovery of approximately 87%.

  Preliminary environmental studies have been initiated at the expanded Stog'er Tight Deposit, including environmental baseline work associated with Camp Pond, which is anticipated to be impacted by potential development west of the Stog'er Tight Mine. The Company also continues to gather baseline data, including the installation of water monitoring wells, to support the submission of an enhanced Environmental Registration document to regulators in the fourth quarter of 2021. In addition, fish and fish habitat data is being collected to support the development of a Fisheries Act Authorization application and a fish habitat offsetting plan, which is also expected to be submitted in the fourth quarter.
  
  

[intern]

Anaconda Mining Reports Q3 Production Results and Announces Updated Mineral Reserve and Resource for Argyle & Intersects 7.88 g/t Gold Over 7.9 Metres and 6.19 g/t Gold Over 2.6 Metres on Underground Targets at the Goldboro Gold Project

 

TORONTO, ON / ACCESSWIRE / October 13, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is today announcing production results and certain financial information from the three and nine months ended September 30, 2021 ("Q3 2021"). The Company is also pleased to announce an updated Mineral Reserve and Resource Estimate ("Mineral Reserve and Resource") for the Argyle Deposit prepared in accordance with National Instrument 43-101 ("NI 43-101") and 2019 CIM MRMR Best Practice Guidelines. The Mineral Reserve and Resource was prepared by Independent Qualified Persons Joanne Robinson, P.Eng., and Glen Kuntz, P.Geo., of Nordmin Engineering Ltd. ("Nordmin"), respectively. All dollar amounts are in Canadian dollars. The Company expects to file its third quarter financial statements and management discussion and analysis on or around November 4, 2021.

"With the focus of Q3 2021 on mine waste development to access ore at Argyle, which was impacted by drill availability, mill throughput during the quarter was mainly limited to lower grade Pine Cove ore stockpiles, resulting in gold production of 2,218 ounces. As a result of the delays in mine development, the Company is revising its guidance downward to approximately 12,000 ounces sold and produced for 2021. While the challenges in developing mine waste at Argyle are disappointing, ore delivery ramped up at the end of September and we are confident in the mine plan going forward. This mine plan is based on the independently updated Mineral Reserves prepared by Nordmin, where 2022 is shaping up to be a record year of production for the Company. Over the next 14 months, we expect to mine approximately 529,100 tonnes of ore at an average diluted grade of 1.99 grams per tonne, which at a recovery rate of 87% will result in production of approximately 29,500 ounces. The Company also anticipates announcing an expanded Mineral Resource for Stog'er Tight in the coming weeks, which we believe will demonstrate the continued ability to expand the life of mine of the Point Rousse operations."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

Q3 2021 Highlights

• Updated Probable Mineral Reserve for Argyle of 529,100 tonnes at an average diluted grade of 1.99 grams per tonne ("g/t") gold containing 33,850 ounces, using a base case gold price of $2,000 (US$1,550);
• Gold production over the next 14 months is expected to be approximately 29,500 ounces based on an 87% overall mill recovery, setting up Anaconda for a record year of production in 2022, at an average operating cash cost per ounce sold of $1,112 (US$878) ¹;
• Argyle demonstrates robust economics with undiscounted after-tax cash flows of $18.4M and an after-tax NPV (5%) of $17.4M with an IRR of 1,631%;
• Anaconda produced 2,218 ounces of gold in Q3 2021, a 61% decrease compared to Q3 2020 as throughput was predominantly from low-grade ore stockpiles while mine waste development was the focus at Argyle, with ore delivery ramping back up at the end of September;
• Due to slower mine waste development at Argyle during Q3 2021 which delayed access to higher-grade ore, the Company has revised its 2021 guidance downward to approximately 12,000 ounces of gold sold and produced;
• The Company sold 2,574 ounces of gold in Q3 2021, generating metal revenue of $5.8 million at an average realized gold price¹ of $2,242 (US$1,779) per ounce;
• The Pine Cove Mill processed 118,988 tonnes during Q3 2021 and achieved mill availability of 95.1%, achieving similar mill throughput as in Q3 2020. The mill achieved a strong average recovery rate of 86.2% during Q3 2021 despite throughput being comprised mainly of low-grade Pine Cove stockpiles;
• Mining operations achieved 802,087 tonnes of waste development during the third quarter, lower than plan due to drill availability which delayed access to ore, resulting in 18,047 tonnes of ore mined. Ore mining has been ramping up significantly since the end of September and mill throughput in Q4 is expected to be predominantly from Argyle;
• As of September 30, 2021, the Company had a cash balance of $10.6 million, preliminary working capital¹ of $6.5 million, and additional available liquidity of $3.0 million from an undrawn revolving line of credit facility.

¹ Refer to Non-IFRS Measures Section below.

Third Quarter Operating Statistics

		Three months ended September 30, 2021				Three months ended September 30, 2020				Nine months ended September 30, 2021				Nine months ended September 30, 2020
Mine Statistics
Ore production (tonnes)			18,047				187,185				106,762				401,573
Waste production (tonnes)			802,087				387,116				1,934,794				1,510,830
Total material moved (tonnes)			820,134				574,301				2,041,556				1,912,403
Waste: Ore ratio			44.4				2.1				18.1				3.8
Mill Statistics
Availability (%)			95.1				97.6				91.7				98.0
Dry tonnes processed			118,988				120,359				328,551				351,828
Tonnes per day ("tpd")			1,361				1,340				1,313				1,311
Grade (grams per tonne)			0.67				1.59				0.88				1.42
Recovery (%)			86.2				88.5				85.9				87.5
Gold Ounces Produced			2,218				5,444				7,959				14,098
Gold Ounces Sold			2,574				5,105				8,849				13,948

Operations Overview for the Three Months Ended September 30, 2021
Anaconda sold 2,574 ounces of gold during the third quarter of 2021, generating metal revenue of $5.8 million at an average realized gold price¹ of $2,242 (US$1,779) per ounce, and year-to-date has sold 8,849 ounces to generate metal revenue of $20.1 million. For the nine months ended September 30, 2021, the Company produced 7,959 ounces due to the heavy focus on mine waste development coupled with the processing of low-grade ore stockpiles. Accordingly, the Company has revised its 2021 guidance downward to approximately 12,000 ounces of gold sold and produced. The Company will update its operating cash costs per ounce sold¹ guidance when it releases its financial results for Q3 2021. The average operating costs per ounce sold over the 14 month mineral reserves for Argyle is expected to be $1,112 per ounce (US$878).

Mine operations in the third quarter were focused on mine waste development at Argyle with 802,087 tonnes of waste moved during the quarter. While the plan was to focus on waste development, the rate of waste development was impacted by drill availability delaying the access to ore in Q3 2021, resulting in a strip ratio of 44.4 waste tonnes to ore tonnes. Ore mining has been ramping up significantly since the end of September and mill throughput in Q4 is expected to be predominantly from Argyle.

The Pine Cove Mill processed 118,988 tonnes during Q3 2021 and achieved an availability rate of 95.1%, resulting in a throughput rate of 1,361 tonnes per day, similar to the corresponding period of 2021, with overall gold production impacted by the processing of low-grade Pine Cove ore stockpiles. Notwithstanding the low-grade throughput, the mill was able to achieve an average recovery rate of 86.2%, a decrease of only 2.6% compared to Q3 2020 despite grade being down 58% from the prior period.

¹ Refer to Non-IFRS Measures Section below.

Argyle Mineral Reserve
The Mineral Reserve was prepared by Independent Qualified Person, Joanne Robinson, P.Eng., of Nordmin. The updated Probable Mineral Reserve at Argyle, effective as of September 1, 2021, is 529,100 tonnes at an average diluted gold grade of 1.99 g/t and contains 33,850 ounces of gold at a strip ratio of 5.3 to 1, based on a cut?off grade of 0.56 g/t gold and gold price of CAD$2,000/oz (US$1,550/oz). This cut?off grade is the minimum ore grade required to process the ore economically.

Table 1: Argyle Mineral Reserve Estimate - Effective Date: September 1, 2021

Category	Tonnes	Gold (g/t)	Rounded Ounces
Probable	529,100	1.99	33,850

Footnotes:

See Gold Price, Capital, Operating and Tax Assumptions in Table 2 below.

1. The independent and qualified person for the mineral reserve estimate, as defined by NI 43-101 is Joanne Robinson, P.Eng., of Nordmin Engineering Ltd.

2. The effective date of the mineral reserve estimate is September 1, 2021.

3. The Mineral Reserve was derived from an ultimate pit shell design analysis based on parameters from the pit shell used to constrain the Indicated Mineral Resource. The ultimate pit design was created using Surpac 2021™ mining software and running a volumetric report between the pit design and the most recently surveyed topographic surface from August 30, 2021.

4. The reserve estimate includes an estimated 17% dilution and 3% metal loss as a result of regularizing the block model plus 15% external dilution and 5% mining loss.

Total gold ounces expected to be mined over the 14 month life of mine is expected to be 33,850 ounces resulting in gold produced of approximately 29,500 ounces based on an estimated average recovery rate of 87.0%. Argyle ore is being mined using conventional open pit mining methods with waste rock being stored locally at site and ore being transported by truck to the Pine Cove Mill. It is expected that Argyle ore will be batch-processed at approximately 1,200 tonnes per day with additional material from Pine Cove stockpiles continuing to supplement the mill capacity of 1,300 tonnes per day.

With mine waste development now on track and ore mining ramping up, Argyle demonstrates robust economics with undiscounted pre-tax cash flows of $21.2M, a pre-tax discounted NPV (5%) of $20.0M with an IRR of 1,667%, and an after-tax NPV (5%) of $17.4M with an IRR of 1,631%. Sustaining capital over the remaining 14 months of mine life is estimated to be $4.2M, relating mainly to ongoing mine waste development of which approximately $2.0M has already been invested as of September 30, 2021.

Table 2: Key Assumptions and Costs Used in the Mineral Reserve

Production Profile
Gold Price - Base Case	CAD$2,000/ounce
Total Tonnes Milled	529,100 tonnes
Diluted Head Grade	1.99 g/t gold
Reserve Cut-Off Grade	0.56 g/t gold
Total Waste Tonnes	2,818,500 tonnes
Strip Ratio	5.3:1
Gold Recovery	87%
Total Gold Production	29,500 ounces
Capital Requirements
Sustaining Capital	$4.2M
Unit Operating Costs
Mining Costs	$34.55/tonne milled
Processing Costs	$26.35/tonne milled
G&A	$5.10/tonne milled
LOM Operating Cash Costs(1)	CAD$1,112 per ounce sold (US$878)
LOM All-in Sustaining Cash Costs(1)	CAD$1,252 per ounce sold (US$989)
Project Economics
Royalties(2)	3% net smelter return
Income Tax/Mining Tax Rates	30%/15%
Pre-Tax
NPV (5% Discount Rate)	$20.0M
Internal Rate of Return	1,667%
Cumulative Cash Flows	$21.2M
After-Tax
NPV (5% Discount Rate)	$17.4M
Internal Rate of Return	1,631%
Cumulative Cash Flows	$18.4M

⁽¹⁾ Cash cost includes mining cost, mine-level G&A, mill and refining cost. This is a non-GAAP performance measure; please see "Non-GAAP Measures and Other Financial Measures" below.

⁽²⁾ A portion of the project is also subject to a 7.5% net profits interest ("NPI") with Royal Gold Inc. Depending on the price of gold in the future, operating and capital costs, the production profile of Argyle, the NPI could become payable at a future date.

Argyle Mineral Resource
The Mineral Resource was prepared by Independent Qualified Person, Glen Kuntz, P. Geo. of Nordmin. The Argyle Mineral Resource is based on validated results of 271 surface drill holes (171 diamond drill holes and 100 percussive drill holes), for a total of 16,231 metres of diamond drilling that was completed between 2016 and 2021 and the effective date of September 1, 2021. From these drill holes a total of 5,556 samples were analyzed for gold content. The Mineral Resource is defined at a 0.56 g/t gold cut-off and is based upon 1 metre assay composites using a variable gold grade cap. The Open pit constrained Mineral Resource uses the unit cost assumptions outlined in Table 2.

Table 3: Argyle Mineral Resource - Effective Date: September 1, 2021

Type	Au (g/t) Cut -off	Category	Tonnes	Au g/t	Rounded Ounces
Open Pit	0.56	Indicated	436,800	2.53	35,530
		Inferred	500	2.77	50

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Open pit Mineral Resources are reported at a cut-off grade of 0.56 g/t gold that is based on a gold price of CAD$2,000/oz (approximately US$1,550/oz) and a gold processing recovery factor of 87%.
3. Assays were capped on the basis of the three Domain types Flat, Steep and Background.
4. SG was applied on a lithological basis after calculating weighted averages based on lithological groups.
5. Mineral Resource effective date September 1st, 2021.
6. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
7. Reported from within a mineralization envelope accounting for mineral continuity.
8. Excludes unclassified mineralization located within mined out areas.

ANACONDA MINING INTERSECTS 7.88 G/T GOLD OVER 7.9 METRES AND 6.19 G/T GOLD OVER 2.6 METRES ON UNDERGROUND TARGETS AT THE GOLDBORO GOLD PROJECT

 

TORONTO, ON / ACCESSWIRE / October 12, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results from an infill diamond drilling program (the "Infill Drill Program") completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project"). The Infill Drill Program was designed to upgrade inferred mineral resources in an area of potential future underground development between the two open pits contemplated in the recently announced Preliminary Economic Analysis ("PEA"), comprising 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308). The Infill Drill Program will also contribute to the optimization of open pit designs as part of the Feasibility Study anticipated in Q4 2021, part of Phase I of the long-term mine development plan which will focus exclusively on surface mining. Assay results have been received for 10 drill holes to date (Exhibit A), with assays for the remaining drill holes to be presented in an upcoming news release as results are received.

Selected composited highlights (core length) from the Infill Drill Program include:

• 7.88 grams per tonne ("g/t") gold over 7.9 metres (364.3 to 372.2 metres), including 21.38 g/t gold over 1.5 metres and 17.32 g/t gold over 1.5 metres in diamond drill hole BR-21-291;
• 6.19 g/t gold over 2.6 metres (94.6 to 97.2 metres), including 24.80 g/t gold over 0.6 metres in diamond drill hole BR-21-299;
• 3.67 g/t gold over 4.2 metres and 14.10 g/t gold over 0.5 metres within a broader zone consisting of 1.91 g/t gold over 12.6 metres (279.4 to 292.0 metres), in diamond drill hole BR-21-295;
• 6.75 g/t gold over 2.7 metres and 19.90 g/t gold over 0.5 metres within a broader zone consisting of 2.59 g/t gold over 8.0 metres (279.8 to 287.8 metres), in diamond drill hole BR-21-296; and
• 33.00 g/t gold over 0.5 metres within a broader zone consisting of 2.54 g/t gold over 8.2 metres (120.5 to 128.7 metres), in diamond drill hole BR-21-299.

"The recently announced Goldboro PEA outlines the capacity for a long mine life with estimated average gold production of 112,000 ounces over more than 17 years, generating an after-tax NPV of $547 million and an after-tax IRR of 24.4% using a US$1,550 gold price. Based on the technical and financial merits demonstrated by the PEA, the Company is undertaking a phased development approach which will initially focus on the surface mining phase of the mine plan, which is subject to an ongoing Feasibility Study expected to be released in Q4 2021.

While we remain focused on the Feasibility Study and the development of two open pits, we were recently presented with an opportunity to upgrade a specific area of inferred mineral resources located between the two open pits where there was limited drilling. The results of infill drilling between the two pits demonstrate excellent geological continuity at depth and the results are consistent with previous drilling in this area. We continue to execute the current 20,000 metre diamond drill program with the aim of further upgrading mineral resources within or adjacent to the two open pits. Since the open pit mineral resource at Goldboro was constrained using only Measured and Indicated mineral resources, any additional conversion of inferred resources within or adjacent to the open pits creates further additional value to the Project."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc

Highlights of the Goldboro Gold Project PEA

• After-tax Net Present Value at a 5% discount rate ("NPV 5%") of $547 million and an after-tax Internal Rate of Return ("IRR") of 24.4%, with an after-tax payback of 3.2 years based on a gold price of $2,000 per ounce (US$1,550 at an exchange rate of 1.29 C$:US$);
• Pre-tax NPV 5% of $805 million and a pre-tax IRR of 29.0%, with a pre-tax payback period of 2.9 years;
• Total gold recovered of over 1,950,000 ounces over a 17.6-year life of mine, based on 15.0 Mt at 2.09 g/t gold from surface mining, 6.0 Mt at 4.89 g/t gold from underground mining, and 3.2 Mt at 0.63 g/t gold from a low-grade stockpile;
• Goldboro will generate approximately $3.9 billion of gross revenue, approximately $ 1.6 billion in undiscounted pre-tax net cash flow, and over $481 million in federal and provincial tax payments;
• Initial capital cost ("Capex") of $286 million resulting in an after-tax NPV 5% to Capex ratio of 1.9;
• Average gold production of over 89,500 ounces per year over the first 7 years of production from surface mining, increasing to average annual production of over 120,000 ounces in years 8 through 18;
• Life-of-Mine Operating Cash Costs¹ of $862 (US$668) per ounce sold and All-In Sustaining Costs ("AISC") of $1,031 (US$799) per ounce sold;
• Mill capacity of 4,000 tonnes per day ("tpd") based on combined gravity and leaching circuit, demonstrating an average gold recovery of 96.4%; and
• At a gold price of $2,200 (US$1,705), Goldboro could generate cumulative after-tax net cash flows of approximately $1.4 billion, an after-tax NPV 5% of over $700 million and an after-tax IRR of 29.2%.

¹ Refer to Non-IFRS Financial Measures below.

* Cautionary statement NI 43-101: The PEA was prepared in accordance with NI 43-101. Readers are cautioned that the PEA is preliminary in nature. It includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

Table 1. Table of selected composites from the Goldboro Underground Infill Drill Program

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Visible Gold
BR-21-291	55.4	55.9	0.5	5.42	VG
and	308.0	311.6	3.6	3.71
and	316.2	321.5	5.3	2.20	VG
including	316.2	316.7	0.5	6.33	VG
and	340.0	341.0	1.0	3.46
and	346.1	348.4	2.3	1.44
and	364.3	372.2	7.9	7.88	VG
including	366.3	367.8	1.5	21.39	VG
including	370.7	372.2	1.5	17.32	VG
BR-21-292	59.3	60.3	1.0	4.26
and	209.8	210.3	0.5	27.60	VG
and	264.5	265.5	1.0	2.74
BR-21-294	67.3	67.8	0.5	1.18	VG
and	71.5	72.0	0.5	0.52	VG
and	74.0	75.0	1.0	4.13
and	131.7	133.7	2.0	2.64
and	163.4	164.4	1.0	6.08	VG
BR-21-295	35.0	35.5	0.5	1.99	VG
and	60.2	61.3	1.1	3.39
and	279.4	292.0	12.6	1.91
including	285.8	290.0	4.2	3.67
including	285.8	286.3	0.5	14.10	VG
BR-21-296	149.5	151.0	1.5	5.57	VG
and	210.6	213.1	2.5	1.25
and	249.5	250.0	0.5	4.69
and	264.6	275.3	10.7	0.61
and	279.8	287.8	8.0	2.59	VG
including	285.1	287.8	2.7	6.75	VG
including	287.3	287.8	0.5	19.90	VG
and	304.8	305.3	0.5	25.20	VG
BR-21-297	96.7	97.2	0.5	6.53
BR-21-298	52.5	53.5	1.0	3.12
and	73.0	74.0	1.0	3.63
and	83.3	85.3	2.0	3.10
and	88.5	89.0	0.5	0.81	VG
and	144.4	145.4	1.0	5.03
and	243.5	246.5	3.0	1.73
and	259.9	260.4	0.5	3.68
BR-21-299	28.5	29.0	0.5	1.04
and	94.6	97.2	2.6	6.19
including	95.6	96.2	0.6	24.80
and	100.1	101.6	1.5	1.29
and	120.5	128.7	8.2	2.54	VG
including	123.4	123.9	0.5	33.00	VG
and	167.7	171.4	3.7	1.41
and	192.8	193.8	1.0	3.84
and	212.9	214.4	1.5	1.41

*Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length.

** All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.

Mineral Resource Statement for the Goldboro Gold Project (Previously Reported)

Resource Type	Gold Cut-off (g/t)	Category	Tonnes ('000)	Gold Grade (g/t)	Troy Ounces
Open Pit	0.44	Measured	6,137	2.73	538,500
		Indicated	5,743	2.99	551,300
		Measured + Indicated	11,880	2.86	1,089,900
		Inferred	1,580	1.75	89,000
Underground	2.60	Measured	1,384	7.36	327,700
		Indicated	2,772	5.93	528,600
		Measured + Indicated	4,156	6.41	856,200
		Inferred	3,726	5.92	709,100
Combined*	0.44/2.60	Measured	7,521	3.58	866,200
		Indicated	8,515	3.95	1,079,900
		Measured + Indicated	16,036	3.78	1,946,100
		Inferred	5,306	4.68	798,100

* Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.44 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.60 g/t gold cut-off grade.

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Open Pit Mineral Resources are reported at a cut-off grade of 0.44 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 96%.
3. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 97%.
4. Assays were variably capped on a wireframe-by-wireframe basis.
5. Specific gravity was applied using weighted averages to each individual wireframe.
6. Mineral Resource effective date February 7, 2021.
7. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
8. Excludes unclassified mineralization located within mined out areas.
9. Reported from within a mineralization envelope accounting for mineral continuity.

[intern]

Interesting news from this promising stock :D 

TORONTO, ON / ACCESSWIRE / October 19, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce an updated Mineral Resource Estimate ("Mineral Resource") for the Stog'er Tight Deposit, part of the Point Rousse Project ("Point Rousse"), prepared in accordance with National Instrument 43-101 ("NI 43-101") and 2019 CIM MRMR Best Practice Guidelines. The Mineral Resource was prepared by Independent Qualified Person Glen Kuntz, P.Geo., of Nordmin Engineering Ltd. ("Nordmin"). All dollar amounts are in Canadian dollars.

The Stog'er Tight Mineral Resource includes an Indicated Mineral Resource of 642,000 tonnes at a grade of 3.02 grams per tonne ("g/t") gold for 62,300 ounces and an Inferred Mineral Resource of 53,000 tonnes at a grade of 5.63 g/t gold for 9,600 ounces. These Mineral Resources are constrained within three open pits as well as adjacent to the past producing Stog'er Tight Mine. The Stog'er Tight deposit is located three kilometres from the Pine Cove mill along existing roads and was previously processed at the Pine Cove mill from June 2018 to January 2020, achieving an average recovery rate of 87%.

"The growth of the Stog'er Tight Deposit, now including 62,300 ounces of Indicated Mineral Resource and 9,600 ounces of Inferred Mineral Resource within constrained open pit shells, is a significant milestone in our strategy to expand the life of mine at our Point Rousse operations. Given the relative high grade nature of the Mineral Resource and its proximity to the Pine Cove mill and existing road networks, we have initiated development work required to enable us to convert these resources to reserves. We anticipate results from this work in the fourth quarter of 2021. Consequently, environmental baseline studies have been in progress throughout the 2021 field season and we anticipate the submission of an environmental registration document in the fourth quarter of 2021. We believe the Stog'er Tight resource combined with the recently announced Argyle Mineral Reserve demonstrate potential for an expanded mine life at the Point Rousse operation for several years. Given our history of discovery at Point Rousse and ongoing drill testing of additional targets at both the Point Rousse and Tilt Cove projects, we believe the Point Rousse Project has the potential for continued cash generation for several years and beyond."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

Stog'er Tight Development and Permitting
The Stog'er Tight Deposit is located three (3) kilometres east of the Pine Cove Mill and has been defined over a strike length of 1,250 metres to date. Anaconda produced a total of 17,102 ounces of gold from 349,942 tonnes of ore from the Stog'er Tight Mine between June 2018 and January 2020. Gold from Stog'er Tight was recovered through the Pine Cove Mill with an average head grade of 1.75 g/t gold at an overall recovery of approximately 87%.

Baseline studies to support an enhanced registration document were initiated in Spring 2021. These studies have included avifauna, bat, and rare plant surveys, as well as fish and fish habitat assessments and surface and groundwater monitoring Fish and fish habitat data will be used to support the development of a Fisheries Act Authorization application and a fish habitat offsetting plan, which are also expected to be submitted in Q1 of 2022.

Stog'er Tight Mineral Resource
The Mineral Resource was prepared by Independent Qualified Person, Glen Kuntz, P. Geo. of Nordmin. The Stog'er Tight Mineral Resource is based on validated results of 690 surface drill holes (506 diamond drill holes and 184 percussive drill holes), for a total of 37,584 metres of diamond drilling that was completed between 1988 and 2021 and the effective date of September 1, 2021. From these drill holes a total of 16,319 samples were analyzed for gold content. The Mineral Resource is defined at a 0.59 g/t gold cut-off and is based upon 1 metre assay composites using a variable gold grade cap. The Open pit constrained Mineral Resource (Table 1) uses the unit cost assumptions outlined in Table 2.

Table 1: Stog'er Tight Mineral Resource - Effective Date: September 1, 2021

Type	Au (g/t) Cut -off	Category	Tonnes	Au g/t	Rounded Ounces
Open Pit	0.59	Indicated	642,000	3.02	62,300
		Inferred	53,000	5.63	9,600

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Open pit Mineral Resources are reported at a cut-off grade of 0.59 g/t gold that is based on a gold price of CAD$2,000/oz (approximately US$1,550/oz) and a gold processing recovery factor of 87%.
3. Assays were capped on the basis of the three Domain types Flat, Steep and Background.
4. SG was applied on a lithological basis after calculating weighted averages based on lithological groups.
5. Mineral Resource effective date September 1st, 2021.
6. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
7. Reported from within a mineralization envelope accounting for mineral continuity.
8. Excludes unclassified mineralization located within mined out areas.

Input Parameters for the Stog'er Tight Mineral Resource Open Pit Calculation
For the open pit Mineral Resource (Table 1) a pit limit analysis was undertaken using the Lerchs-Grossmann algorithm in Geovia's Whittle™ 4.7 software to determine physical limits for a pit shell constrained Mineral Resource. The parameters used to generate a pit shell are shown in Table 2.

Table 2: Physical Pit Limit Analysis Parameters

PARAMETER	VALUE
Currency Used for Evaluation	CA$
Block Size	3m x 3m x 3m
Overall Slope Angle	Rock: Varied by Sector - Range 42o - 44o
	Overburden: 25o
Mining Cost	4.66$/tmined
Process Cost	31.85/tprocessed
includes assumptions for Milling, G&A, tailings, additional haulage to mill
Selling Cost	68.19$/oz.
includes dore transportation, refining, and royalty
Metal Price	1550 US$/oz.
	1US$ : 1.3CA$
	2000 CA$/oz.
Process Recovery	87%
Mining Loss & Dilution	5% each
Resources Used for Pit Shell Generation	Indicated + Inferred
Pit Shell Selection	Revenue Factor RF 1.00 for Resource Pit Shell

The milling cut-off grade is used to classify the material contained within the pit shell limits as open pit resource material. This break-even cut-off grade is calculated to cover the Process and Selling Costs. The open pit Mineral Resource cut-off grade is estimated to be 0.59 g/t gold. For resource cut-off calculation purposes, a mining recovery of 87% and 5% mining dilution were applied.

Geological Domaining Stog'er Tight Deposit
Nordmin undertook a full re-examination of the mineralogical, lithological, and structural correlations influencing the gold bearing structures present at the Stog'er Tight deposit. Detailed wireframing was carried out based on vertical 15 m spaced cross-sections and subsequently joined section to section. Each wireframe was given an individual numeric identifier, from there a domain type was assigned within based on the location and nature of the intercept (1=Flat, 2=Steep) Figure 1. A cut-off grade of 0.50 g/t Au was utilized in the creation of the wireframes at the Stog'er Tight deposit.

Explicit modelling was used to create the Mineral Resource, which allows for mineralization to better reflect the Deposit geology and associated geochemistry. Nordmin's opinion is that the explicit modelling approach minimizes risks compared to using implicit modelling for the Project.

Figure 1: Geological domains (Flat and Steep structures).

Exploratory Data Analysis
The exploratory data analysis was conducted on raw drill hole data to determine the nature of the gold distribution within the flat-steep mineralized trends, correlation of grades within individual domains, and the identification of high-grade outlier samples. Nordmin used a geostatistical package (X10 Geo) to complete various descriptive statistics, histograms, probability plots, and XY scatter plots to analyze the grade population data. The findings of the exploratory data analysis were used to help define modelling procedures and parameters used in the Mineral Resource Estimate.

Data received from the Company had been cleaned and edited prior to use in the resource estimate. No significant issues were noted in drill hole collar locations, survey, assay, and lithology data supplied to Nordmin.

Individual drill hole tables (collar, survey, assay, etc.) were merged to create one single master drill hole file. The process splits assay intervals to allow for all records in all tables to be included.

Stog'er Tight Compositing
The raw sample data was found to have a very consistent range of sample lengths. Samples captured within all wireframes were composited to 1.0 m regular intervals based on the observed modal distribution of sample lengths, which supports a 3.0 m x 3.0 m x 3.0 m block model (Northing x Easting x Elevation) with three sub-blocking levels (a minimum size of Northing = 0.375 m x Easting = 0.375 m x Variable Elevation). An option to use a slightly variable composite length was chosen to allow for backstitching shorter composites located along the edges of the composited interval. All composite samples were generated within each background low-grade, northwest-southeast, and east-west wireframe. There are no overlaps along boundaries. The composite samples were statistically validated to ensure no material loss of data or change to each sample population's mean grade.

Nordmin reviewed the previous historical estimate capping method and determined that a more appropriate method would be to assign capping values based on the geological and structural features present on site. Therefore, the assays were variably capped by domain type (flat, steep and background) Table 3.

Table 3: Stog'er Tight Deposit Cap Values

				Capped							Uncapped
Domain	Metal	Cap	# of Samples	Min	Max	Mean	# Capped	% Capped	% Metal Lost	CV	Min	Max	Mean	CV
		(g/t)
Flat	Au	19.0	1050	0.003	19	2.73	19	1.80%	7.2	1.43	0.003	74.4	2.94	1.82
Steep	Au	30.0	1357	0.003	30	2.76	15	1.10%	3.7	1.69	0.003	147.6	2.87	2.05
Background	Au	1.0	13262	0.003	1	0.035	131	1.00%	15	3.35	0.003	21.4	0.041	6.05

Stog'er Tight Assessment of Spatial Grade Continuity
Datamine and Sage 2001 was used to determine the geostatistical relationships for each deposit. Independent variography was performed on composite data for each domain. Experimental grade variograms were calculated from the capped/composited sample gold data to determine the approximate search ellipse dimensions and orientations.

The analyses considered the following:

• Downhole variograms were created and modelled to define the nugget effect;
• Experimental pairwise-relative correlogram variograms were calculated to determine directional variograms for the strike and down dip orientations;
• Variograms were modelled using an exponential with practical range;
• Directional variograms were modelled using the nugget defined in the downhole variography and the ranges for the along strike, perpendicular to strike, and down dip directions;
• Variograms outputs were re-oriented to reflect the orientation of the mineralization; and
• The analysis demonstrated that gold continuity could be appropriately defined by one main variogram across all domains.

A Technical Report prepared in accordance with NI 43-101 for the Point Rousse Project will be filed on SEDAR (www.sedar.com) within 40 days of this news release and will include updated Argyle Mineral Reserves (as announced on October 13, 2021) and the Stog'er Tight Mineral Resources for the Point Rousse Project. For readers to fully understand the information in this news release, they should read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Reserves. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

[intern]

Here are 2021's Third quarter results. Looks promising. 


Read the entire article @ 
https://www.anacondamining.com/prviewer/release_only/id/4921467

 

ANACONDA MINING ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS

 

TORONTO, ON / ACCESSWIRE / November 4, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to report its financial and operating results for the three months ended September 30, 2021 ("Q3 2021"). The consolidated interim financial statements and management discussion and analysis documents can be found at www.sedar.com and the Company's website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted.
 

"With mining at Argyle focused on waste development and throughput largely limited to lower-grade Pine Cove ore stockpiles, Anaconda sold 2,574 ounces of gold, generating metal revenue of $5.8 million, with operating cash costs* of $2,087 (US$1,656) per ounce of gold sold. Challenges in mine development during the quarter delayed access to Argyle ore and as a result the Company revised its production guidance for 2021 to approximately 12,000 ounces of gold sold and produced and is also revising its operating cash cost* guidance upward to between $2,150 and $2,200 per ounce of gold sold (US$1,720 - US$1,760). We are confident with the changes we have made at Argyle over the second and third quarter, including an independently prepared updated Mineral Resource, and 2022 is shaping up to be a record year of production for the Company. Furthermore, with the growth of the Stog'er Tight Deposit, now including 62,300 ounces of Indicated Mineral Resource and 9,600 ounces of Inferred Mineral Resource within constrained open pit shells, and ongoing drill testing of additional targets at both the Point Rousse and Tilt Cove projects, we believe the Point Rouse Project has the potential for continued cash generation for several years."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Third Quarter 2021 Highlights

• Anaconda sold 2,574 ounces of gold in Q3 2021, generating metal revenue of $5.8 million at an average realized gold price* of $2,242 (US$1,779) per ounce sold;
• Due to slower mine waste development at Argyle during Q3 2021 which delayed access to higher-grade ore, the Company has revised its 2021 guidance downward to approximately 12,000 ounces of gold sold and produced;
• Gold production from the updated Argyle Mineral Reserve (effective September 1, 2021) is expected to be approximately 29,500 ounces based on an 87% overall mill recovery, setting up Anaconda for a record year of production in 2022, at an average operating cash cost per ounce sold of $1,112 (US$878)*;
• Operating cash costs per ounce sold* at Point Rousse in Q3 2021 were $2,087 (US$1,656), driven by lower production from lower milled grade from low-grade ore stockpiles coupled with higher operating costs. Operating cash costs per ounce sold* for the full year are now expected to be between $2,150 and $2,200 per ounce of gold sold (US$1,720 - US$1,760 based on an exchange rate of 0.80);
• All-in sustaining cash costs per ounce sold*, including corporate administration and sustaining capital expenditures, was $3,979 (US$3,158) for Q3 2021, which reflects increased mine waste development and sustaining capital to advance Stog'er Tight;
• The Company invested $2.2 million to advance its growth programs in Q3 2021, including $1.4 million on the Goldboro Gold Project relating to the Feasibility Study and permitting to support the advancement of the significantly expanded Mineral Resource;
• Net loss for the three months ended September 30, 2021 was $1.1 million, or $0.01 per share, compared to net income of $4.0 million or $0.03 per share, for the three months ended September 30, 2020, driven predominantly by lower production;
• On October 19, 2021, the Company announced an expanded Mineral Resource for Stog'er Tight, including Indicated Mineral Resources of 642,000 tonnes at a grade of 3.02 g/t gold (62,300 ounces of gold) and Inferred Mineral Resources of 53,000 tonnes at a grade of 5.63 g/t gold (9,600 ounces of gold), increasing the potential for a mine life extension at Point Rousse;
• As of September 30, 2021, the Company had a cash balance of $10.6 million and working capital* of $6.3 million and additional available liquidity of $3.0 million from and undrawn revolving line credit facility with the Royal Bank of Canada.

*Refer to Non-IFRS Measures section below for reconciliation.

Consolidated Results Summary

Financial Results		Three months ended September 30, 2021				Three months ended September 30, 2020								Nine months ended September 30, 2021								Nine months ended September 30, 2020
Revenue ($)			5,855,453				12,703,630 12,703,630								20,155,365								31,594,739
Cost of operations, including depletion and depreciation ($)			6,245,043				5,540,360								23,123,227								18,368,320
Mine operating (loss) income ($)			(389,590	)			7,163,270								(2,967,862					)			13,226,419
Net (loss) income ($)			(1,078,899	)			3,982,777								(5,778,000					)			7,436,040
Net (loss) income per share ($/share) - basic and diluted ($)			(0.01	)			0.03								(0.03					)			0.05
Cash generated from operating activities ($)			251,303				6,183,727								(1,030,618					)			12,007,716
Capital investment in property, mill and equipment ($)			3,125,994				387,383								5,431,463								1,577,708
Capital investment in exploration and evaluation assets ($)			2,227,982				2,150,374								9,195,864								4,638,061
Average realized gold price per ounce*		US$1,779				US$1,866								US$1,812								US$1,672
Operating cash costs per ounce sold*		US$1,656				US$677								US$1,828								US$830
All-in sustaining cash costs per ounce sold*		US$3,158				US$947								US$2,799								US$1,121
										September 30, 2021								December 31, 2020
Working capital (*)											6,340,306								13,938,471
Total assets ($)											89,145,317								81,396,971
Non-current liabilities ($)											7,644,639								7,529,640

*Refer to Non-IFRS Measures section for reconciliation

Third Quarter Operating Statistics

Operational Results		Three months ended September 30, 2021				Three months ended September 30, 2020				Nine months ended September 30, 2021				Nine months ended September 30, 2020
Ore mined (t)			18,047				187,185				106,762				401,573
Waste mined (t)			802,087				387,116				1,934,794				1,510,830
Strip ratio			44.4				2.1				18.1				3.8
Ore milled (t)			118,988				120,359				328,551				351,828
Grade (g/t Au)			0.67				1.59				0.88				1.42
Recovery (%)			86.2				88.5				85.9				87.5
Gold ounces produced			2,218				5,444				7,959				14,098
Gold ounces sold			2,574				5,105				8,849				13,948

2021 Guidance

Due to slower mine development at Argyle during Q3 2021 which delayed access to higher-grade ore, Anaconda revised its 2021 guidance downward to approximately 12,000 ounces of gold, from 16,000 and 17,000 ounces of gold in 2021. Operating cash costs per ounce for the full year are expected to be between $2,150 and $2,200 per ounce of gold sold (US$1,720 - US$1,760 at an approximate exchange rate of 0.80), up from $1,625 and $1,675 per ounce of gold sold, reflecting the impact of operating cash costs per ounce sold in the first nine months of 2021 and the expected grade profile from Argyle over the remainder of the year. The average operating costs per ounce sold over the remaining Mineral Reserves for Argyle is expected to be $1,112 per ounce (US$878) and all-in sustaining cash costs per ounce sold is expected to be $1,252 per ounce (US$989) based on a strip ratio of 5.3 waste tonnes to ore tonnes. Sustaining capital over the remaining Argyle mine life is estimated to be $2.1 million from September 30, 2021.

Third Quarter 2021 Review

Operational Overview

Anaconda produced 2,218 ounces of gold in Q3 2021, a 61% decrease compared to Q3 2020 as throughput was predominantly from low-grade ore stockpiles while mine waste development was the focus at Argyle. For the nine months ended September 30, 2021, the Company produced 7,959 ounces due to the heavy focus on mine waste development coupled with the processing of low-grade ore stockpiles.

Mine operations in the third quarter were focused on mine waste development at Argyle with 802,087 tonnes of waste moved during the quarter. However, the rate of waste development was impacted by drill availability delaying the access to ore in Q3 2021, resulting in a strip ratio of 44.4 waste tonnes to ore tonnes. Ore mining has been ramping up significantly since the end of September and mill throughput in Q4 is expected to be predominantly from Argyle.

The Pine Cove Mill processed 118,988 tonnes during Q3 2021 and achieved an availability rate of 95.1%, resulting in a throughput rate of 1,361 tonnes per day, similar to the corresponding period of 2020, with overall gold production impacted by the processing of low-grade Pine Cove ore stockpiles. Notwithstanding the low-grade throughput, the mill was able to achieve an average recovery rate of 86.2%, a decrease of only 2.6% compared to Q3 2020 despite grade being down 58% from the prior period.

Financial Results

Anaconda sold 2,574 ounces of gold during the third quarter of 2021, generating gold revenue of $5.8 million at an average realized gold price of C$2,242 per ounce (US$1,779).

Operating expenses for the three months ended September 30, 2021 were $5,402,512 compared to $4,616,353 in the comparative period of 2020. Operating expenses for Q3 2021 included mining costs of $1,918,128 which were 21% lower than the comparative period, primarily due to significantly lower tonnes mined as well as the impact of the capitalization of $2,553,947 in deferred stripping costs at Argyle. Argyle has higher blasting and haulage unit costs and a higher strip ratio in comparison to Pine Cove, which was being mined in the previous year. Processing costs of $2,539,275 in Q3 2021 were higher than the comparative period primarily due to higher maintenance costs. Operating cash costs per ounce sold in the three months ended September 30, 2021 were C$2,087 (US$1,656), which were impacted by lower mine grade and higher processing costs.

The royalty expense for Q3 2021 was $53,434, reflecting the 3% net smelter return royalty that applies to Argyle. There were no royalty expenses in Q3 2020, as the Company was processing Pine Cove ore which was not subject to a net smelter return royalty. Depletion and depreciation for Q3 2021 was $789,097 a decrease from $924,007 in Q3 2020 reflecting the 59% decrease in gold ounces produced, offset by the ongoing capitalization of Argyle development since Q3 2020.

Mine operating loss for the three months ended September 30, 2021 was $389,590, compared to mine operating income of $7,163,270 in the corresponding period of 2020, the result of lower revenue and higher comparable operating costs during Q3 2021.

Corporate administration costs were $905,089 for Q3 2021, a decrease of 10% from Q3 2020.

In July 2021, Novamera completed an equity financing in which the Company did not participate, diluting its interests in Novamera to 19%. Consequently, the Company ceased to account for its investment on a significant control basis and at that time recorded a gain of $1,020,432 based on the implied valuation of the financing, which represents the excess of the fair value of the investment on that date as compared to the investment's carrying value under the equity method.

Net comprehensive loss for the three months ended September 30, 2021, was $1,078,899, or $0.01 per share, compared to net comprehensive income of $3,982,777, or $0.03 per share, for the three months ended September 30, 2020. The decline compared to the comparative period of 2020 was the result of lower production and higher operating costs, which was partially offset by the gain on the loss of significant influence over Novamera and by a lower net income tax expense, as the Company did not record any current income tax expense in the recent period while also recording a deferred income tax expense of $617,000 during Q3 2021.

Financial Position and Cash Flow Analysis

As of September 30, 2021, the Company had working capital of $6,340,306, which included cash and cash equivalents of $10,567,042. The increase in trade and other payables reflects the higher operating costs incurred in Q3 2021 and was also impacted by the timing of exploration activities at Goldboro and Point Rousse. Current taxes payable reflects the Newfoundland mining taxes payable for year ended December 31, 2020, which was paid in the first half of 2021. The increase in other current liabilities is a result of the flow-through premium recorded during Q2 2021 in relation to the flow-through private placement completed in May 2021, representing the difference between the market price of the Company's shares upon closing and the cash consideration received in exchange for the flow-through common shares, less the proportion of the transaction costs associated with the flow-through portion of the private placement.

Anaconda generated $251,303 in operating cash flows during the three months ended September 30, 2021, which included corporate administration costs of $905,089. The Point Rousse Project generated EBITDA of $388,185 (refer to Non-IFRS Measures section), based on gold sales of 2,574 ounces at an average gold price of C$2,242 per ounce sold and operating cash costs of C$2,087 per ounce sold. Operating cash flows were also impacted by changes in working capital, namely the increase in accounts payable and a decrease in stockpiled inventory.

The Company continued to invest in its key growth projects in Newfoundland and Nova Scotia in Q3 2021, spending $2,227,982 on exploration and evaluation assets (adjusted for amounts included in trade payables and accruals as of September 30, 2021), primarily on the continued advancement of the Goldboro Project ($1,350,359). The Company also invested $3,125,994 into the property, mill and equipment at the Point Rousse operation, with capital investment focused on development activity at Argyle during Q3 2021.

Non-IFRS Measures

Anaconda has included in this press release certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however, excludes depletion and depreciation and rehabilitation costs.

All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations.

The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant, and the Company uses the average foreign exchange rate for the period.

Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold.

Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") - EBITDA is earnings before finance expense, deferred income tax expense and depletion and depreciation.

Point Rousse Project EBITDA is EBITDA before corporate administration and other expenses (income).

Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project with Measured and Indicated Mineral Resources of 1.9 million ounces (16.0 million tonnes at 3.78 g/t) and Inferred Mineral Resources of 0.8 million ounces (5.3 million tonnes at 4.68 g/t) (Please see The Goldboro Gold Project Technical Report dated March 30, 2021), which is subject to an ongoing Feasibility Study. Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

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, risks related to the COVID-19 pandemic, 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, 2020, 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.

 

[intern]

Second director appointed in a month to the Board of this nice junior miner company. 
 

Anaconda Mining Appoints Ted Kavanagh to the Board of Director.

 

TORONTO, ON / ACCESSWIRE / November 16, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the appointment of P.E. ("Ted") Kavanagh to the Board of Directors. Mr. Kavanagh brings over forty years of significant exploration and mine finance experience, including the origination and execution of project finance transactions during his employment with a series of international banking institutions.

"On behalf of Anaconda, I am delighted to welcome Ted Kavanagh to our Board of Directors. Mr. Kavanagh brings significant mining sector experience in corporate and project finance, a critical skill set as we advance the Goldboro Gold Project and execute our growth strategy."

~Jonathan Fitzgerald, Chairman of the Board of Directors, Anaconda Mining Inc.

Mr. Kavanagh is an accomplished executive who most recently was Director of Metals & Mining Finance, Americas for Société Générale where he originated and executed corporate and project finance facilities, marketed metals and foreign exchange hedging and trading lines, and provided related advisory services. From 1991 until joining Société Générale in 2013, he acted in a similar capacity for a series of banks including Standard Bank of South Africa, HSBC Securities (USA) Inc., HSBC Securities (Canada) Inc., Republic National Bank of New York, and Mase Westpac Inc.

Prior to 1991, Ted held senior geological and business development positions with companies including FMC Gold Company, Meridian Minerals Corporation and Denison Mines (US) Inc.

Ted holds a Master's degree in Geology from Dartmouth College where his thesis in 1981 explored the origin of copper mineralization at the Carr Fork deposit (a satellite deposit last mined by Kennecott Copper Corporation, a subsidiary of Rio Tinto plc, as part of its Bingham Canyon operations in Utah). He is also a graduate of Western University where he completed his Honours Bachelor of Science thesis on porphyry copper-type mineralization in the Chibougamau Complex, Quebec.

 

 

 

Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXF) is pleased to announce the appointment of Rick Howes to the Board of Directors. Mr. Howes brings almost 40 years of mining experience, which includes progressive technical, operating, management and project roles in many of the largest underground mines and mining companies throughout Canada and internationally. Dr. Michael Byron has concurrently resigned his position from the Board but will continue to provide critical geological insight as a member of the Company's Technical Advisory Committee.

"On behalf of Anaconda, I am pleased to announce the appointment of Rick Howes to our Board of Directors. Mr. Howes brings extensive mining sector experience, and his technical and operating expertise will be an asset as we advance the Goldboro Gold Project in Nova Scotia and continue to operate at the Point Rousse operation in Newfoundland.

I would like to thank Dr. Michael Byron for his valuable guidance as a member of the Board, as the Company built significant shareholder value through acquisition and investment. I look forward to his continued involvement as a member of the Technical Advisory Committee."

~Jonathan Fitzgerald, Chairman of the Board of Directors, Anaconda Mining Inc.

Mr. Howes recently retired as President and Chief Executive Officer of Dundee Precious Metals Inc. having served in the role since April 2013, and serves as the Chair of Torex Gold and a Board member for Hudbay Minerals Inc. He is a visionary leader in mining, organizational innovation and transformation to create competitive advantage and was recognized as the Outstanding Innovator of 2016 by the International Mining Technology Hall of Fame. Throughout his career, Mr. Howes has been closely associated with the practices that make for world-class mining operations, including Inco's North Mine which won the 2006 Ryan Award as the safest mine in Canada.

Mr. Howes holds a Bachelor of Applied Science with Honours in Mining Engineering from Queen's University, Kingston, Ontario and he is a member of the Institute of Corporate Directors.

[intern]

Nice news from eastern canada, in times of crisis, gold is always a winning value, this stock has been steady for a few years already.

Anaconda Mining Reports Positive Phase I Open Pit Feasibility Study for the Goldboro Gold Project

https://www.anacondamining.com/prviewer/release_only/id/4975225
 

re-tax Net Present Value (5%) of $484M with a pre-tax IRR of 31.2%

After-tax Net Present Value (5%) of $328M with an after-tax IRR of 25.5%

TORONTO, ON / ACCESSWIRE / December 16, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to report the results of the Phase I Open Pit Feasibility Study ("Feasibility Study" or the "Study") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for its 100% owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia, Canada. All currency is presented in Canadian dollars (C$) and referenced as "C$" or "$", unless otherwise stated. Mineral Resources, Mineral Reserves, and the financial analysis for the Project were completed using base case assumptions of US$1,600 per ounce of gold and an exchange rate of US$1.00 to C$1.25.

Anaconda Mining welcomes investors and analysts to join President & CEO Kevin Bullock for a webinar hosted by Adelaide Capital today, December 16, 2021, at 2PM EST, to discuss the results of the Feasibility Study. Please see registration details below.

Highlights of the Feasibility Study

• Total gold recovered of over 1.10 million ounces over an approximately 11-year open pit life of mine ("LOM") with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne ("g/t") gold;
• Pre-tax Net Present Value at a 5% discount rate ("NPV 5%") of $484 million and a pre-tax Internal Rate of Return ("IRR") of 31.2%, with a projected pre-tax payback of 2.7 years;
• After-tax NPV 5% of $328 million and an after-tax IRR of 25.5%, projected after-tax payback of 2.9 years;
• Maiden Open Pit Probable Mineral Reserves of 1,150,200 ounces of gold (15.8 Mt at 2.26 g/t gold);
• Open pit Measured and Indicated Mineral Resources of 1,422,000 ounces (15.7 Mt at 2.82 g/t gold) and Underground Measured and Indicated Mineral resources of 1,159,000 ounces (5.9 Mt at 6.09 g/t gold);
• Open Pit Inferred Mineral Resources of 66,000 (0.98 Mt at 2.11 g/t gold) and Underground Inferred Mineral Resources of 418,000 ounces (2.2 Mt at 5.89 g/t gold);
• Initial capital cost ("Capex") of $271 million and LOM sustaining capital of $63.1 million;
• Life-of-Mine Operating Cash Costs of $966 (US$773) per ounce ¹ and All-In Sustaining Costs ("AISC") of $1,062 (US$849) per ounce ¹ ;
• Projected creation of approximately 345 direct full-time jobs during construction and 215 direct full-time jobs during operations, while generating in excess of $226 million in federal and provincial tax payments;
• Mill capacity of 4,000 tonnes per day ("tpd") based on a combined gravity and leaching circuit, yielding an average gold recovery of 95.8%; and
• At a gold price of $2,200 (~US$1,760), Goldboro could generate cumulative after-tax net cash flows of approximately $684 million, an after-tax NPV 5% of over $442 million and an after-tax IRR of 31.7%.

With Strong Opportunity for Further Value Creation

• Ongoing infill drilling has the potential to reduce the strip ratio and positively impact NPV and IRR by upgrading Inferred Mineral Resources coincident with the current open pit designs based on Measured and Indicated Mineral Resources only;
• Potential for Mineral Resource expansion, particularly towards the west with further exploration of a 1.5 kilometre long area along strike of the existing Goldboro Deposit ("Deposit") towards the past producing gold mine at Dolliver Mountain;
• The Goldboro Deposit has been drill tested to only 500 metres and remains open at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.

¹ Refer to Non-IFRS Financial Measures below.

"Anaconda is extremely pleased to report its Phase 1 Open Pit Feasibility Study for the Goldboro Gold Project, encompassing the surface mining portion of the longer-term operating plan, which demonstrates almost 11 years of open pit mine life at an average annual gold production of 100,000 ounces. The Study demonstrates robust economics at a C$2,000 gold price (US$1,600) with an after-tax NPV 5% of $328 million, an after-tax IRR of 25.5% with a payback of 2.9 years, all in a top tier Canadian jurisdiction. The Project is expected to have significant social and economic impacts on the Municipality of the District of Guysborough with direct employment expected to reach 215 persons during operations and 345 during construction. The Project will contribute directly to Provincial and National economic growth by potentially generating over $226 million in taxes.

The Feasibility Study is a critical first step of our long-term development plan, which in the future will consider further technical studies to incorporate the high-grade underground mineral resource into the operation. Importantly, there continues to be tremendous upside potential at the Goldboro Deposit, which remains open in all directions. We believe near-term infill drill programs could further positively impact the value of the Project and the Company will be exploring along strike to the west of the Deposit towards the past producing Dolliver Mountain gold mine. We believe Goldboro has potential to be a long-life gold mine which can create significant value for our shareholders, Project rightsholders and stakeholders, including the Mi'kmaq of Nova Scotia and the Municipality of the District of Guysborough."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Investor and Analyst Webinar

Anaconda Mining welcomes investors and analysts to join President & CEO Kevin Bullock for a webinar today, December 16, 2021, at 2 PM EST, to discuss the results of the Feasibility Study. Please register at: https://us02web.zoom.us/webinar/register/WN_fbeTlLjcTLmfJ6CDMGZcfQ .The webinar will also be live-streamed on the Adelaide Capital YouTube channel here: https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw . A replay will be made available afterwards.

Feasibility Study Overview and Next Steps

The results of the Phase 1 Feasibility Study for the Goldboro Gold Project demonstrate strong economics with a mine life of approximately 11 years and average annual gold production of 100,000 ounces. The open pit design in the Study contemplates two distinct open pits, a West Pit and East Pit, separated by Gold Brook Lake (see Figure 1 below). The Study outlines a conventional open pit mining operation and a 4,000 tpd processing facility based on a combined gravity and leaching circuit using carbon-in-pulp technology, achieving strong metallurgical recoveries of 95.8%. The Study represents Phase I of a longer-term mine development plan whereby, once open pit mining has commenced, the Company will consider further opportunities with respect to the underground Mineral Resource. This may include infill and expansion drilling, possibly from drifts off benches within the open pits, allowing for more effective and less expensive diamond drilling. Pending positive results of that work, the Company would then initiate a study to consider incorporating an underground mining operation to the Project.

The Company continues to work on an Environmental Assessment Registration Document ("EARD"), which is expected to be filed in Q2 2022. Throughout 2022, the Company will continue work to support Environmental Assessment and permitting activities, including Mi'kmaq engagement and public consultation, additional surface and groundwater modelling, detailed engineering, and ongoing baseline studies to support an Industrial Approval.

Importantly, the Goldboro Deposit continues to be open in all directions and the Company believes there is further potential to expand the Goldboro Deposit along strike and at depth. The Company is planning a 50 line-kilometre Induced Polarization geophysical survey over the area west and along strike of the Goldboro Deposit for approximately 1.5 kilometres up to the past-producing Dolliver Mountain gold mine, which will guide future exploration drilling.

The Goldboro Gold Project Feasibility Study

The Feasibility Study was completed by Nordmin Engineering Ltd. ("Nordmin") as Lead Mining and Geological Consultant. Ausenco Engineering Canada Inc. ("Ausenco") acted as Metallurgical and Processing Consultant, Knight Piésold Ltd. ("Knight Piésold") as Tailings Consultant, GHD Ltd. ("GHD") as Site Water Management and Environmental Consultant, Lorax Environmental Services Limited ("Lorax") as Geochemistry Consultant, and McCallum Environmental Ltd. ("McCallum") as Consultation and Permitting Consultant.

Table 1: Summary of Key Estimated Results and Assumptions in the Feasibility Study

Production Data	Values	Units
Life of Mine	10.9	Years
Processing Rate	4,000 / 1.46	tpd / Mtpa
Recovered Gold	1.1	Moz
Average Gold Recovery	95.8	%
Pre-production Tonnes Mined	4.1	Mt
Total Material Mined (including pre-production)	142.6	Mt
Total Ore Tonnes Mined	15.8	Mt
Overall Strip Ratio	8	waste: ore
Total Tonnes Milled	15.8	Mt
Average Annual Gold Production	100	koz
Average Mill Feed Grade	2.26	g/t gold

Capital Costs	Values	Units
Initial Capital, Direct Cost Estimate	193.9	C$M
Initial Capital, Indirect Costs and Contingency	77.1	C$M
Total Initial Capital Costs	271	C$M
LOM Sustaining Capital Costs, including Indirect Costs and Contingency	63.1	C$M
Total Reclamation and Other Costs334.0pt334.0pt	50.3	C$M
Total LOM Capital Costs	384.5	C$M
NPV to Total Initial Capital Costs	1.2

Operating Costs	Values	Units
Open Pit Mining	4.99	C$/t mined
Processing	13.45	C$/t milled
Refining and Transport	4.23	C$/oz
Water Management and Treatment	1.16	C$/t milled
Site Support Costs	8.7	C$/t milled
Total Operating Cost	67.05	C$/t milled
Average Operating Cash Cost per Ounce 1	966 (US$773)	C$/oz
Average All-In Sustaining Cost per Ounce 1	1,062 (US$849)	C$/oz

Financial Analysis	Values	Units
Gold Price Assumption	$1,600	US$/oz
Exchange Rate	01:01.3	US$:C$
Gold Price Assumption	$2,000	C$/oz
Pre-Tax Unlevered Free Cash Flow	755	C$M
Pre-Tax NPV 5%	484	C$M
Pre-Tax IRR	31.2	%
Pre-Tax Payback	2.7	years
After-Tax Unlevered Free Cash Flow	529	C$M
After-Tax NPV 5%	328	C$M
After-Tax IRR	25.5	%
After-Tax Payback	2.9	years
LOM Direct Income and Provincial Mining Taxes	226	C$M

Notes:

1. Refer to "Non-IFRS Financial Measures" below.

Mineral Resource Estimate

The Mineral Resource Estimate presented in Table 2 was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda.

Table 2: Mineral Resource Estimate for the Goldboro Gold Project - Effective Date November 15, 2021

Resource Type	Gold Cut-off (g/t gold)	Category	Tonnes	Grade (g/t gold)	Gold Troy Ounces
Open Pit	0.45	Measured	7,680,000	2.76	681,000
		Indicated	7,988,000	2.89	741,000
		Measured + Indicated	15,668,000	2.82	1,422,000
		Inferred	975,000	2.11	66,000
Underground	2.40	Measured	1,576,000	7.45	377,000
		Indicated	4,350,000	5.59	782,000
		Measured + Indicated	5,925,000	6.09	1,159,000
		Inferred	2,206,000	5.89	418,000
Combined Open Pit and Underground*	0.45 and 2.40	Measured	9,255,000	3.56	1,058,000
		Indicated	12,338,000	3.84	1,523,000
		Measured + Indicated	21,593,000	3.72	2,581,000
		Inferred	3,181,000	4.73	484,000

* Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off grade.

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083.
4. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%.
5. Assays were variably capped on a wireframe-by-wireframe basis.
6. Specific gravity was applied using weighted averages to each individual wireframe.
7. Effective date of the Mineral Resource Estimate is November 15, 2021.
8. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
9. Excludes unclassified mineralization located within mined out areas.
10. Reported from within a mineralization envelope accounting for mineral continuity.

Mining and Mine Design

The Feasibility Study utilizes the Mineral Resource Estimate (see Table 2 ) that is conceptually mineable with open pit mining methods. Only portions of the Mineral Resource Estimate that fall within the constraints defined by the open pit parameters of the Study listed below (the "Mining Inventory") are used to inform the Study economics.

Economic limits for the two open pits were determined using Geovia's Whittle™ 4.7 software that uses the Lerchs-Grossmann ("LG") algorithm. The LG algorithm progressively identifies economic blocks, taking into account waste stripping, which results in a highest possible total value mined within the open pit shell subject to the specified pit slope constraints. The Pit Limit Analysis was performed on the Goldboro resource block model.

A 3D geological block model and other economic and operational variables were used as inputs into the LG algorithm. These variables include overall pit slope angle, mining costs, processing costs, selling costs, metal prices, and other variables. The economic parameters used for the pit limit analysis are listed in Table 3 .

Table 3: Pit Limit Analysis Parameters

Parameter	Value
Currency Used for Evaluation	C$
Reblocked / Regularized Block Size	In-Situ model regularized to 2 m x 2 m x 4 m
Overall Slope Angle	Rock: Varied by Sector - Range 42 o - 46 o
	Overburden: 25 o
Mining Cost	0.8 Mining Cost Adjustment Factor (MCAF) for Overburden
	$5.10/t mined Rock
	+ $0.016/t per 8 m
Process Cost, including milling, site support costs, tailings, rehabilitation	$25.75/t processed
Selling Cost, including transportation of doré and refining costs	$5/oz
% Payable	99.95%
Metal Price	US$1,600 per ounce of gold
	US$1: C$1.25
	C$2,000 per ounce of gold
Process Recovery	Based on Grade - Recovery Curve
	(GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100-0.083
Mining Loss & Dilution	Included within Re-blocked / Regularized Block Model Plus 5% factor for Mining Loss within optimization program Overall effect of ~26% additional tonnes and ~8% reduction in Metal
Resources Used for Pit Shell Generation	Measured and Indicated
Pit Shell Selection	Revenue Factor ("RF") 0.80 for Mine Planning

Three boundary constraints were used in the pit limit analysis for the Goldboro Deposit:

• A 40 metre (X-Y) offset from the Natural Gas pipeline easement, on the west side of the property;
• A 50 metre (X-Y) offset from the edges of the Gold Brook Lake; and
• A 20 metre (X-Y) offset from the centerline of Gold Brook.

The block models were created in Datamine using 2 metre x 2 metre x 2 metre parent cell and variable sub-celling to 1 metre. For the open pit evaluation, the resource block model in Datamine format was reblocked to a regularized block model in Datamine format using Deswik.CAD. Default waste blocks and overburden blocks were added to the model. The envisioned selective mining excavator, at the onset of the analysis, will likely have a bucket width of approximately two metres. Mining is planned at an eight metre operating bench height.

To classify the material contained within the open pit limits as material for processing or material for waste, the milling cut-off grade is used. This break-even cut-off grade is calculated to cover the costs of processing, general and administrative costs, and selling costs using the economic and technical parameters listed in Table 3 . Mineral Resource material contained within the pit and above the cut-off grade is classified as potential mill feed ("PMF"), while resource material below the cut-off grade is classified as waste.

The cut-off grade has been estimated to be 0.45 g/t gold for the Open Pit. Table 4 provides the Mining Inventory for the Open Pits.

Table 4: Planned OP Mining Inventory - Tonnes and Grade by Category

Pit Area	Category	Diluted Tonnes	Diluted Grade (g/t gold)	Contained Gold (Troy ounces)
West Pit	Probable Mineral Reserve	10,331,000	2.12	704,000
	Overburden	5,196,000
	Waste Rock	73,681,000
	Total Waste Rock	78,877,000
	Total Rock Mined	89,208,000
East Pit	Probable Mineral Reserve	5,468,000	2.54	446,000
	Overburden	3,061,000
	Waste Rock	44,813,000
	Total Waste Rock	47,874,000
	Total Rock Mined	53,342,000

Mine Operations

The operating scenario outlined in the Feasibility Study involves open pit mining at an average mining rate of 12.7 Mt per year and a gold processing plant with a capacity of 1.46 Mt per year (4,000 tpd). The Study contemplates a conventional truck-shovel open pit mining operation within two pits ( Figures 1 and 2 ). The open pit production period is approximately 11 years with one year of pre-production development. The open pit analysis results in two distinct open pits separated by Gold Brook Lake. The dimensions of the West Pit are approximately 1,025 metres long x 520 metres wide x 250 metres deep. The dimensions of the East Pit are approximately 775 metres long x 410 metres wide x 190 metres deep.

The Open Pit LOM plan proposes to mine approximately 15.8 Mt of PMF at a cut-off grade of 0.45 g/t gold, 8.3 Mt of overburden material and 118.5 Mt of waste rock material. The average stripping ratio is 8.0:1 waste tonnes to ore tonnes.

The Goldboro open pits were designed with the following preliminary assumptions:

• Nine (9) geotechnical sectors with bench face angles ranging from 70o to 85o, inter-ramp angles ranging from 49 ^o to 59 ^o ;
• Operational bench height of 8 metres and a final bench height of 16 metres;
• Berm width of 8.0 metres; and
• Ramp width of 25 metres, including 3x truck width (6.1 metres) for double lane traffic running surfaces, and allowances for safety berm and drainage ditch.

The Study open pit deign is outlined in Figures 1 and 2 below. The East Pit is currently planned to be developed in two stages, while the West Pit is planned to be developed in three phases. The East Pit would be completed in Year 8 of production and the West Pit is completed in Year 11 of production. Therefore, the East Pit will be available for the placement of waste rock from the West Pit, reducing haulage distances and related costs.

Figure 1: Goldboro Open Pit, Plan View

Figure 2: Goldboro Open Pit, Long Section View (looking North-Northeast)

The Study assumes contract mining will be used for the open pit mining activities. The main production fleet, although dependent on the Mining Contractor, is envisioned to consist of up to four drills (165 mm), one backhoe excavator (4.5 cubic metres), up to three hydraulic waste excavators (8 cubic metres), up to 14 haul trucks (90 tonne) and five (5) articulated haul trucks (40 tonne), up to four tracked dozers, one wheel dozer, and two graders.

Waste rock mined from the open pit is planned to be used for road and pad construction purposes and for the TMF embankment. When not used for those purposes, waste rock will be hauled and stored within four on-land waste rock storage areas and within the East Pit.

The presence of historical mining operation infrastructure, including several historical tailings sites associated with the past operation of the historical Boston Richardson Mine and location within the Gold Brook Lake-Seal Harbour Lake watershed are recognized as important environmental site factors. Based on available mapping, four areas of historic tailings were identified within the limits of planned Project infrastructure. A Historic Tailings Management Plan will be developed in consultation with Nova Scotia Environment and Climate Change (NSECC) to manage the areas that will be directly disturbed by the Project.

Mineral Reserve Estimate

The Mineral Reserve Estimate presented in Table 5 was prepared by Independent Qualified Person Joanne Robinson, P.Eng., of Nordmin.

Table 5: Mineral Reserve Statement for the Goldboro Gold Project - Effective Date of December 15, 2021

Category	Area	Cut-off Grade (g/t gold)	Tonnes (t)	Diluted Grade (g/t gold)	Contained Gold Metal (Troy ounces)
Probable Mineral Reserve	East Pit	0.45 g/t	5,468,300	2.54	446,000
Probable Mineral Reserve	West Pit	0.45 g/t	10,330,600	2.12	704,200
	Total	0.45 g/t	15,798,900	2.26	1,150,200

Mineral Reserve Estimate Notes

1. Mineral Reserves were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). This estimate of Mineral Reserves may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. The Effective Date of the Mineral Reserves Estimate is December 15, 2021.
3. The Mineral Reserve Estimate is based metallurgical recovery algorithms which result in an overall average recovery of 95.8%.
4. Metal prices are set at US$ 1,600/oz gold with an exchange rate assumption of 1US$:1.25C$ resulting in C$2,000/oz
5. The Mineral Reserve was derived from a pit limit analysis and detailed pit design. A cut-off grade of 0.45 g/t gold was based on parameters described in Table 3.
6. The Mineral Reserve Estimate incorporates mining dilution and mining loss assumptions through regularization of block size to 2mx2mx4m. An additional 5% mining loss assumption was incorporated. The overall impact is approximately 26% additional tonnes and approximately 8% reduction in contained gold.

Processing and Recovery

The process plant contemplated by the Study is expected to treat 1.46 Mt of potential mill feed per year at an average throughput rate of 4,000 tpd with a design availability of 92%. The process plant includes a three-stage crushing circuit, ball mill, gravity concentration and hydro-cyclone classification system, achieving a grind size of 100 µm. Ground ore is then treated by conventional cyanidation leach and carbon-in-pulp technology followed by cyanide destruction and arsenic precipitation before thickening and deposition into the Tailings Management Facility ("TMF").

The process plant design is similar to that outlined in the June 2021 Preliminary Economic Assessment ("PEA"). The previous carbon-in-leach technology has been modified to carbon-in-pulp, which is more suited to the leach kinetics and in turn will improve gold recovery. Additional minor refinements have also been made in the crusher sizing to provide additional operational flexibility, and in cyanide detoxification residence time to satisfy Metals and Diamond Effluent Regulations ("MDMER") regulatory levels for cyanide leaving the process plant. Process design has been supported by metallurgical testwork performed in 2020 and 2021 by Base Metallurgical Laboratories in Kamloops, BC ("Base Labs").

The process plant has been designed for an average gold recovery of 95.8% over the life of the project, an increase from the 95.2% open pit recovery estimated during the PEA. Of the 95.8% overall recovery, the gravity circuit is expected to recover an average of 40% of the gold delivered to the process plant, with the remaining 55.8% recovered through the leaching-adsorption-stripping circuit.

Capital and Operating Costs for Processing - Processing capital costs have a basis of estimate at Class 3 (FEL3) with a stated +/-15% accuracy and are stated in Q4 2021 Canadian dollars. Contingencies within the process capital costs are estimated on all capital items at an average 15%.

Growth factors of up to 4% have been applied on an input commodity by input commodity basis. More than 85% of equipment supply costs, bulk construction materials and contractor labour rates are estimated from quotes received from vendors/suppliers in Q3 and Q4 of 2021. The remaining 15% of costs are estimated from internal databases on recent Canadian gold projects.

Process-related costs over the life of mine, including pre-production, are estimated at $13.50 per tonne milled, and $13.45 per tonne milled over the operating period.

Capital and Operating Costs

Capital and operating cost estimates are stated in Canadian dollars and are estimated with an expected accuracy range of +/-15% weighted average accuracy of actual costs and were derived from various sources including consultant databases on analogous projects, indicative budget quotes, and from factoring.

The estimate of Initial Capital Costs is $271.0 million including indirect costs and contingency assumptions, as outlined in Table 6 below (note that columns may not sum exactly due to rounding). A contingency of $31.7 million has been included in the estimate of Initial Capital Costs, which amounts to approximately 16% of Direct Initial Capital Costs.

Sustaining capital, including rehabilitation and closure costs, fisheries and wetland compensation and the reversal of upfront working capital, is estimated at $106 million over the life of the mine. Details of the estimate are shown in Table 7 below (note that columns may not sum exactly due to rounding).

Table 6: Initial Capital Cost Estimate

Cost Item / Description	Pre-Production Period C$ Million	% Of Total
Open Pit Mining, Pre-production Mining	25.5	10
Process Plant	70.5	26
Tailings Management	20.6	7
Site Development, Power, Electrical	63	23
Water Management and Treatment	14.4	5
Direct Initial Capital Estimate	193.9	72
Indirect Costs	45.4	17
Contingency	31.7	12
Total Capital Estimate	271	100

Table 7: Sustaining Capital Cost Estimate

Cost Item / Description	Production Period
	C$ Million
Open Pit Mining	1.6
Tailings Management (excludes closure)	42.4
Site Development	7.4
Water Management and Treatment	11.7
Subtotal Sustaining Capital Estimate	63.1
Mine Rehabilitation and Closure	41
Fisheries and Wetland Compensation	9.3
Total Estimate	113.4

Operating Costs, detailed in Table 8 , are estimated at $67.05/t of material processed, which is composed of:

• Open pit mining costs of $43.74/t of open pit material processed, which includes stockpile rehandling (equivalent to $4.99 per tonne mined)
• Processing cost of $13.45/t processed
• Site Support costs of $8.70/t processed
• Water Treatment cost of $1.16/t processed

Table 8: Operating Cost Estimate

Cost Item / Description	Total C$ M	$/t mined	$/t milled	$/ounce gold
Mining (incl. stockpile rehandle)	691.0	4.99	43.74	627
Processing	212.5		13.45	193
General and Administration	137.5		8.70	125
Water Treatment	18.4		1.16	17
Total Operating Costs	1,060.0		67.05	961
Note: Columns may not sum exactly due to rounding

Notable unit rates include $0.97/L for diesel, $0.102/kWh for electricity, and $0.70/L for propane.

Financial Analysis

The Study included an economic analysis which determined undiscounted and discounted net cash flows before and after tax. At a $2,000 price of gold per ounce (US$1,600 at a US$:C$ exchange of 1:1.25), the Project generates an after-tax NPV 5% of $328 million, an after-tax IRR of 25.5% and an after-tax payback on initial capital of 2.9 years. After-tax net free cash flow on an unlevered basis is estimated at $529 million.

On a pre-tax basis, the Project generates NPV 5% of $484 million, and IRR of 31.1%, and payback of 2.7 years. Pre-tax net cash flow for the Project is estimated at $755 million.

The gold price sensitivity on an after-tax basis is presented in Table 9 . Sensitivities to changes in other parameters are shown in Table 10 , on an after-tax basis.

Table 9: After-Tax Valuation Sensitivities to the Gold Price

Description		Unit	Net Present Value (C$ M)
% Variation		%	-20%	-10%	0%	+10%	+20%
Au Price 2		US$/oz	US$1,280	US$1,440	US$1,600	US$1,760	US$1,860
		C$/oz	C$1,600	C$1,800	C$2,000	C$2,200	C$1,920
Discount Rate	0%	C$M	219	274	529	684	839
	3%	C$M	140	269	398	526	654
	5%	C$M	98	214	328	442	556
	8%	C$M	47	146	243	340	437
	10%	C$M	20	110	197	285	372
IRR		%	11.7%	18.9%	25.5%	31.7%	37.5%
Payback Period 3		years	6.1	4.7	2.9	2.5	2.2

Table 10: After-Tax Valuation Sensitivity to Certain Parameters

Factor		20%	10%	0%	-10%	-20%
Operating Cost	C$M	1,271.2	1,165.3	1,060	953.4	847.5
	IRR	19.0%	22.3%	25.5%	28.7%	31.7%
	NPV5%	216	272	328	384	440
	Payback (yrs) 3	5.0	3.4	2.9	2.7	2.5
Initial Capital Cost 4	C$M	325.3	298.2	271.1	244.9	216.8
	IRR	20.5%	22.8%	25.5%	28.7%	32.6%
	NPV5%	288	308	328	348	368
	Payback (yrs) 3	3.9	3.4	2.9	2.7	2.4
Sustaining Capital Cost	C$M	75.7	69.4	63.1	56.8	50.5
	IRR	24.8%	25.2%	25.5%	25.9%	26.3%
	NPV5%	315	321	328	335	342
	Payback (yrs) 3	3.0	3.0	2.9	2.9	2.9

Notes for Table 9 and Table 10 :

1. Refer to "Non-IFRS Financial Measures" below.
2. Exchange rate of C$1.25:US$1 was used for the Canadian dollar gold price.
3. Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining capital costs and is counted from the start of production.
4. Excludes initial working capital requirement s.

The Feasibility Study and the Goldboro Gold Project may be subject to legal, political, environmental or other risks that could materially affect the development of the Project which are unknown at this time but could materialize in the future.

Infrastructure and Facilities

The main Project infrastructure components include mine and process plant supporting infrastructure, site accommodation facilities, TMF, external and internal access roads, power supply and distribution, freshwater supply and distribution, and a water treatment plant. The infrastructure for the feasibility study is situated within the locations shown in Figure 3 . It should be noted that the figure shows the maximum extents of the pit and various stockpiles and not a specific phase of the project.

Figure 3: General Site Plan (see Figure 1 for Legend)

The assumptions for mine and processing facilities included in the Study include the following:

• A truck shop / wash facility
• A process plant and laboratory
• Fuel storage facility
• Propane storage facility
• An explosive storage magazine
• Emulsion Transfer Tank
• Warehouse and laydown areas
• General Office Building
• Plant Office Building
• Mine Dry Building
• Core storage and a core yard
• ERT Facility
• Helipad
• Hazardous Waste Storage
• Employee Accommodations
• Water Treatment Facilities
• Main Switchyard

In total, approximately 5,300 m ² of ancillary buildings (not including employee accommodations and process plant buildings) have been accounted for in the estimate of capital costs.

The main operational and support buildings are located on a prepared granular pad to the northwest of the West Pit, outside of the 500-metre buffer zone for blasting. This section of land slopes gently uphill to the west. The process plant, specifically the conveyor next to the Run of Mine ("ROM") stockpile are closest to the open pit. Further studies are required to determine the materials and method of construction that will be most cost-effective, efficient in construction, and appropriate to the local conditions.

The location of the new buildings and infrastructure areas were selected to maximize the use of the existing Goldbrook Road and other access roads on the mine site. As it is currently situated, Goldbrook Road will intercept the proposed open pit and will therefore need to be realigned and offset at least 30 metres from the open pits. Realignment of the road will require approximately 510 metres of deforestation, grading, and granular refilling. An estimated 2,900 metres of site roads will also be required in and around the mine site. In addition, an estimated 4,300 metres of public access roads will be required as the existing access road crosses the proposed TMF location. Clearing work is also included for an existing road, just east of Gold Brook Lake, to locate the explosives storage buildings.

With respect to communications, cellular service is currently available at the site, as is Wi-Fi, but will need to be extended to the office and process plant area. UHF radio will be used in the pits and TMF, with a base station at the guardhouse.

Power for the site is anticipated to be provided from a nearby Nova Scotia Power 25 kV distribution line installed along Highway 316. A 1.6 kilometre tap line would be installed along a new right of way to the mine site main substation. Nova Scotia Power would upgrade its existing distribution system as necessary to be able to provide the additional power required. Peak power demand for the site is estimated to be 10 MW, with the average demand estimated to be 7.5 MW. A network of 13.8 kV overhead distribution lines would be installed at site to provide power sourced from the main substation for the mine and surface infrastructure.

Tailings Management Facility (TMF)

The TMF will be constructed as a paddock style, single cell facility located on a side hill northeast of the proposed process plant. The TMF will contain 16.4 million tonnes of potentially acid generating ("PAG") tailings and 4.8 million tonnes of PAG1 waste rock. PAG1 waste rock has been identified as high-sulphur PAG and metal leaching ("ML"). A geomembrane lining system will be installed along the TMF basin floor and on the upstream face of the perimeter embankments to minimize seepage exiting the facility. The TMF development will include an initial starter embankment (Stage 1) followed by subsequent stages. Stages 2 through to 5 of the TMF will be expanded using downstream construction methods throughout the approximately 11-year mine life. The TMF embankments will be constructed using non-potentially acid generating ("PNAG") waste rock from open pit mining operations.

Both tailings and PAG1 waste rock will be managed by co-disposal in the TMF. Tailings and PAG1 waste rock would be transported to the TMF independently and placed in separate locations within the lined basin (i.e., co-placement). Following placement, the PAG1 waste rock will be inundated with ongoing thickened tailings slurry deposition and tailings supernatant water to maintain the materials in a saturated state. Maintaining the PAG1 material below the long-term phreatic surface within the TMF will prevent the onset of acid rock drainage ("ARD") conditions and help reduce ML from the PAG1 material.

Tailings will be pumped as a conventional thickened tailings slurry (typically 60% solids content by weight) from the process plant to the TMF via pipelines. Tailings will be deposited sub-aqueously (below the water surface) from the upstream face of the TMF embankments at multiple locations around the perimeter of the TMF basin and from the co-placed PAG1 waste rock in the central portion of the TMF. The tailings deposition strategy will allow for even filling of the basin to maintain a water cover over the tailings and maximize tailings storage within the impoundment.

Meteoric and supernatant inflows to the TMF basin will be temporarily stored prior to reclaim by a floating pump barge in the basin to the process plant. Water reclaim, treatment and release will be conducted so as to always maintain a minimum water cover of two (2) metres above the deposited tailings surface. Adequate freeboard allowances for temporary storage of the Environmental Design Storm ("EDS") have been included in the proposed staging plan. Based on the water balance, the TMF will operate in a net water surplus and excess water beyond the storage of the required water cover level and allowable operating range will be transferred to the TMF water treatment plant as required for treatment prior to release to the environment. The TMF will be equipped with an overflow spillway in each embankment stage to accommodate flows above the EDS and up to the Inflow Design Flood ("IDF").

For closure of the TMF, the water cover will be removed and a NAG rockfill cover with a surficial veneer of till and topsoil will be placed over the final TMF surface and revegetated

Water Management and Treatment

The Mine Water Management Plan and associated design measures were developed for the construction, operations and closure of the Project. All site contact water will be managed to meet the regulatory discharge requirements prior to discharge into the natural environment. The Mine Water Management Plan consists of a series of surface water ditches, culverts and settling ponds to collect stormwater runoff. Clean water ditching will direct non-contact water away from the site. Water Treatment units will be installed at the discharge of the TMF and waste rock storage areas where necessary. Surface water and groundwater monitoring programs will be implemented for all phases of the Project.

Environment, Permitting, Mi'kmaq Engagement and Public Consultation

The Goldboro Gold Project is subject to regulation under the Nova Scotia Environmental Act, Part IV. An Environmental Assessment Registration Document ("EARD") for the proposed project will be submitted for Class 1 Environmental Assessment in Q2 2022. The EARD will be authored by Anaconda and GHD, utilizing extensive baseline data collected at the Project site by Anaconda and its consultants since 2017, when Anaconda acquired the Project, augmented by ongoing studies which are outlined below.

Baseline scientific studies, combined with modelling efforts, shall inform project planning and provide the required information for various authorizations and permits. The following studies are in progress:

• Wetland delineation
• Archaeological resource impact assessment
• Mi'kmaq Ecological Knowledge Study ("MEKS")
• Aquatic biology and fisheries
• Aquatic effects
• Climate and hydrology
• Mine rock and water geochemistry
• Ground water and surface water modelling
• Water quality
• Air quality
• Noise and light
• Species at risk habitat suitability
• Human Health and Ecological Risk Assessment
• Phase I/II Environmental Site Assessment
• Country foods
• Wildlife

Anaconda shall also apply for a provincial Industrial Approval to Operate, planned for early 2023, and make applications for various permits associated with Mining and Crown Land access, mining, and milling permits, water use, watercourse/wetland alteration, and sewage treatment to support authorization for the construction and operation of the Project. Applications to federal authorities are also required, including but not limited to a Fisheries Act Authorization through Fisheries and Oceans Canada ("DFO") for alteration and destruction of fish habitat, as well as an amendment to Schedule 2 of the Metal and Diamond Mining Effluent Regulations associated with tailings placement. These applications will be made in early 2023, as regulations, and associated timelines dictate.

Anaconda recognizes the asserted Aboriginal & Treaty Rights and Title of Nova Scotia Mi'kmaq. The Company maintains an active information sharing relationship with Kwilmu'kw Maw-klusuaqn Negotiation Office ("KMKNO") and representatives of Paqtnkek Mi'kmaw Nation. On June 2, 2019, the Company and the Assembly of Nova Scotia Mi'kmaw Chiefs signed a Memorandum of Understanding ("MOU") that outlines a process that the parties may use to develop a Mutual Benefits Agreement ("MBA") that reflects a desire to build a mutually beneficial relationship with respect to the Project. This process is ongoing. Anaconda maintains its commitment to work collaboratively with Nova Scotia Mi'kmaq regarding environmental and cultural priorities, as well as social and economic opportunities throughout the life of the project. Information shared through ongoing Mi'kmaq engagement as well as completion of a Mi'kmaq Ecological Knowledge Study in 2017, has been reflected in the development of the project. A new MEKS is in progress that will reflect any new information or considerations related to the current footprint. The Company welcomes the opportunity to engage with any Mi'kmaw community's Council or organization that has an interest in the Project.

Public engagement has been ongoing with the Municipality of the District of Guysborough ("MODG"), as well as residents and property owners in the region since 2017. This includes regular meetings of Company senior executives and project consultants with the MODG Council. A Community Liaison Committee ("CLC") was established to foster environmental stewardship, and act as a conduit for transparent and ongoing communications between community, stakeholders, and Anaconda on all matters pertaining to potential development. Anaconda has held three open house meetings in Goldboro and will seek additional opportunities for community engagement prior to the submission of the EARD.

Technical Report and Qualified Persons

A Technical Report prepared in accordance with NI 43-101 for the Goldboro Gold Project Feasibility Study will be filed on SEDAR ( www.sedar.com ) before the end of January 2022. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource and Mineral Reserve and Feasibility Study. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Kevin Bullock, P.Eng., President and Chief Executive Officer of Anaconda, and Paul McNeill, P. Geo., VP Exploration of Anaconda, are "Qualified Person(s)" as such term is defined under NI 43-101 and have each reviewed and approved the scientific and technical information and data included in this press release.

The Qualified Person responsible for the preparation of the Goldboro Gold Project Mineral Resource Estimate contained in this press release is Glen Kuntz, P. Geo. (Ontario, Nova Scotia) of Nordmin Engineering Ltd. The Qualified Person responsible for the preparation of the of the Goldboro Gold Project Mineral Reserve Estimate and mine plan contained in this press release is Joanne Robinson, P.Eng. of Nordmin Engineering Ltd. Tommaso Raponi, P.Eng., of Ausenco Engineering Canada Inc. is the Qualified Person responsible for processing and metallurgy. Timo Kirchner, P.Geo., of Lorax Environmental is the Qualified Person responsible for geochemistry. Steve Pumphrey, P.Eng. of Nordmin Engineering Ltd. is the Qualified Person responsible for Surface Infrastructure (excluding process plant). Reagan McIsaac, Ph.D., P.Eng., of Knight Piésold Ltd. is the Qualified Person responsible for design of the TMF and its water management infrastructure. Andrew Betts, P.Eng. (ON, Nova Scotia), of GHD is the Qualified Person responsible for surface water management.

Each of Mr. Kuntz, Ms. Robinson, Mr. Raponi, Mr. Kirchner, Mr. Pumphrey, Mr. McIsaac and Mr. Betts are considered to be an "Independent" of Anaconda and a "Qualified Person" under NI 43-101.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see above). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

NON-IFRS MEASURES

Anaconda has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses, net of by-product revenue, by payable gold ounces. Operating expenses include mine site operating costs such as mining, processing and administration as well as selling costs and royalties, however, excludes depletion and depreciation and rehabilitation costs.

All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost ("AISC") performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), sustaining exploration, and rehabilitation and reclamation costs. All-in sustaining costs excludes initial capital expenditures, financing costs, corporate general and administrative costs and salvage value, and taxes. AISC per Ounce is calculated as AISC divided by payable gold ounces.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the Feasibility Study, including, without limitation, Mineral Resource and Mineral Reserve Estimates, IRR, operating cash costs, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. 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 the risks outlined in this news release, risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, risks related to pandemics, including COVID-19, 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, 2020, 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc.
Kevin Bullock
President and CEO
(647) 388-1842
[email protected]

Reseau ProMarket Inc.

Dany Cenac Robert
Investor Relations
(514) 722-2276 x456
[email protected]

SOURCE: Anaconda Mining Inc.

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https://www.accesswire.com/681936/Anaconda-Mining-and-the-Municipality-of-the-District-of-Guysborough-Sign-Community-Benefits-Agreement

TORONTO, ON / ACCESSWIRE / January 11, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce that it has signed a Community Benefits Agreement (the "Agreement") with the Municipality of the District of Guysborough (the "Municipality" or "MODG") to support sustainable social and economic benefits within the Municipality with respect to the Company's Goldboro Gold Project in Nova Scotia (the "Project' or "Goldboro"). The Municipality, home to the Project, is located on the Eastern Shore of Nova Scotia and has a strong history of significant natural resource development, including mining, natural gas, and wind energy. It is well established as "open for business" for sustainable commercial and industrial development.

Anaconda has maintained continuous public engagement with the Municipality as well as residents and property owners in the region since it acquired the Project in 2017. A liaison committee was established to foster environmental stewardship and act as a conduit for transparent and ongoing communications between the Company and the community and all stakeholders, on all matters pertaining to potential development. This Community Benefits Agreement confirms each party's commitment to generate sustainable social and economic benefits for the Municipality.

"Anaconda strives to achieve the highest standards of social, ethical and environmental practices in all aspects of our operations, as evidenced by our over 10 years of operations in Newfoundland. We are proud to formally establish this commitment in this Agreement with the Municipality of the District of Guysborough. We believe that our strong commitment to corporate social responsibility is critical to the success of our Company, which includes our commitment to bring sustainable social and economic benefits to the communities in which we operate. Since 2017, Anaconda and the Municipality of the District of Guysborough have maintained a collaborative relationship based on mutual respect and we look forward to building on that relationship throughout the life of the Goldboro Gold Project."

~Kevin Bullock, President & CEO, Anaconda Mining Inc.

"The MODG welcomes and encourages responsible commercial and industrial development. We take pride in effective land use plans, achieved through broad consultation, thus creating clear expectations for future land use. This approach sends a clear signal to prospective investors and positions the MODG to offer an advanced level of public services that are unparalleled for a small rural municipality. We have enjoyed open dialogue and communications with Anaconda and have confidence that the Goldboro Gold Project will be operated in an environmentally sustainable manner that meets or exceeds all regulatory standards, while bringing significant social and economic opportunities".

~ Vernon Pitts, Warden, Municipality of the District of Guysborough

The Agreement establishes a framework for a long-term relationship between Anaconda Mining and the Municipality of the District of Guysborough over the life of the Goldboro Gold Project, confirming the Municipality's support for the Project and Anaconda's commitment to bring sustainable social and economic benefits to the members of the Guysborough community. Such benefits include:

• Targeted measures for local recruitment and employment at both at the construction and operational stages of the Project by collaborating to assess local labour market training and employment opportunities.
• Working with contractors and suppliers to identify opportunities to hire locally and support businesses activities in the Municipality, including procurement and service opportunities with the Project.
• Contribution of annual grants for community groups, organizations, and community projects within the Municipality.
• Establishment of bursaries for local high school students and the development of co-op work term opportunities students and apprenticeship placements.
• Maintenance of a local operational office within the Municipality and provision of financial incentives for Project personnel to relocate to the region.

Anaconda also remains steadfast in its commitment toward the development of a Mutual Benefits Agreement with the Nova Scotia Mi'kmaq. The Company recognizes the asserted Aboriginal & Treaty Rights and Title of Nova Scotia Mi'kmaq and maintains ongoing engagement with Kwilmu'kw Maw-klusuaqn Negotiation Office (KMKNO) and representatives of Paqtnkek Mi'kmaw Nation. In 2019, the Company and the Assembly of Nova Scotia Mi'kmaw Chiefs signed a Memorandum of Understanding that outlines a process that the parties may use to develop a Mutual Benefits Agreement that reflects a desire to build a mutually beneficial relationship with respect to the Project. This process is ongoing, and the Company maintains its commitment to work collaboratively with Nova Scotia Mi'kmaq regarding environmental and cultural priorities, as well as social and economic opportunities throughout the life of the Project.

https://www.accesswire.com/681936/Anaconda-Mining-and-the-Municipality-of-the-District-of-Guysborough-Sign-Community-Benefits-Agreement

 

 https://www.accesswire.com/683296/Anaconda-Mining-Intersects-273-gt-Gold-over-65-metres-and-457-gt-Gold-over-30-metres-and-Identifies-New-Shallow-Mineralization-at-Goldboro
TORONTO, ON / ACCESSWIRE / January 13, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce final results from an infill diamond drill program (the "Infill Drill Program") completed at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") located in the Municipality of the District of Guysborough, Nova Scotia. The Infill Drill Program was designed to upgrade both near-surface and underground Inferred Mineral Resources in an area between the two open pits outlined in the Feasibility Study for Goldboro announced on December 16, 2021. The drill program comprised 19 drill holes totaling 2,585.0 metres (BR-21-290 to 308). Assay results have been received for the final 9 drill holes (BR-21-300 to 308) (Exhibit A) of the Infill Drill Program, with assays for the first 10 drill holes (BR-21-290 to 299) reported in a news release dated October 12, 2021.

The Infill Drill Program successfully intersected several new zones of near-surface gold mineralization on the northern side of the Goldboro Deposit between the two proposed open pits, over a strike length of 200 metres, as well as infilled deeper sections of the Goldboro Deposit (Exhibits A, B, C). The new near-surface mineralized zones were not included within the Mineral Resource Estimate announced on December 16, 2021, and present near-term potential to upgrade both near surface and underground Inferred Mineral Resources, further optimize the pit design outlined in the Feasibility Study, reduce the strip ratio, and positively impact the value of the Project. Successful intersection and infill drilling of deeper, underground Inferred Mineral Resource further highlights the potential for an underground mining phase for the Project. Only 5 of the 19 drill holes completed in this program were included in the recent Mineral Resource Estimate update with the remainder to contribute to future updates.

Selected composited highlights (core length) from the drill program include:

• 26.10 grams per tonne ("g/t") over 0.5 metres within a broader zone consisting of 2.73 g/t gold over 6.5 metres (94.5 to 101.0 metres) in diamond drill hole BR-21-300;
• 17.20 g/t gold over 0.5 metres within a broader zone consisting of 3.91 g/t gold over 2.5 metres (137.5 to 140.0 metres) in diamond drill hole BR-21-301;
• 20.60 g/t gold over 0.5 metres within a broader zone consisting of 4.57 g/t gold over 3.0 metres (148.1 to 151.1 metres) in diamond drill hole BR-21-305;
• 13.30 g/t gold over 0.6 metres within a broader zone consisting of 1.49 g/t gold over 7.0 metres (157.5 to 164.5 metres) in diamond drill hole BR-21-305;
• 11.00 g/t gold over 0.5 metres (94.7 to 95.2 metres) in diamond drill hole BR-21-306;
• 31.30 g/t gold over 0.5 metres (126.2 to 126.7 metres) in diamond drill hole BR-21-307;
• 10.40 g/t gold over 1.0 metre (38.0 to 39.0 metres) in diamond drill hole BR-21-308;
• 34.80 g/t gold over 0.5 metres (145.7 to 146.2 metres) in diamond drill hole BR-21-308; and
• 24.50 g/t gold over 0.6 metres (235.6 to 236.2 metres) in diamond drill hole BR-21-308.

"This infill drill program and the related results highlight the tremendous potential that continues to exist for the Goldboro Gold Project. Since acquiring the Project in 2017, we have grown the deposit significantly, culminating in the recent Mineral Resource Estimate update which demonstrates a combined open pit and underground Measured and Indicated Mineral Resource of 2,581,000 ounces and a combined open pit and underground Inferred Mineral Resource of 484,000 ounces. In the fall 2021 we recognized an opportunity to target and potentially upgrade inferred near-surface and underground mineral resources in the area between the two open pits outlined in the Goldboro Feasibility Study. Several new zones of near surface mineralization were encountered within and between the two open pits over a strike length of 200 metres, demonstrating the potential to upgrade near-surface Inferred Resources and reduce the strip ratio. The assay results from the drill program also show continuity of high-grade gold within broader mineralized envelopes within the underground resource, indicating the potential to further upgrade underground Mineral Resources. Looking ahead to the new year, we are excited to commence further drill programs to both upgrade and expand the Goldboro Mineral Resource, which has the near-term potential to further increase value to what is already a robust, economically valuable Project."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc

Highlights of the Goldboro Project Feasibility Study*

• Total gold recovered of over 1.10 million ounces over an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum, at an average diluted grade of 2.26 g/t gold;
• Pre-tax Net Present Value at a 5% discount rate ("NPV 5%") of $484 million and a pre-tax Internal Rate of Return ("IRR") of 31.2%, with a projected pre-tax payback of 2.7 years;
• After-tax NPV 5% of $328 million and an after-tax IRR of 25.5%, projected after-tax payback of 2.9 years;
• Maiden Probable Mineral Reserves of 1,150,200 ounces of gold (15.8 Mt at 2.26 g/t gold)
• Combined open pit and underground Measured and Indicated Mineral Resources of 2,581,000 ounces (21.5 Mt at 3.72 g/t gold) and Inferred Mineral Resources of 484,000 ounces (3.19 Mt at 4.73 g/t gold);
• Initial capital cost ("Capex") of $271 million, resulting in an after-tax NPV 5% to Capex ratio of 1.3, and LOM sustaining capital of $63.1 million;
• Life-of-Mine Operating Cash Costs of $966 (US$772) per ounce sold¹ and All-In Sustaining Costs ("AISC") of $1,062 (US$850) per ounce sold¹;
• Projected creation of approximately 345 direct full-time jobs during construction and 215 direct full-time jobs during operations, while generating in excess of $226 million in federal and provincial tax payments;
• Mill capacity of 4,000 tonnes per day ("tpd") based on a combined gravity and leaching circuit, yielding an average gold recovery of 95.8%; and
• At a gold price of $2,200 (~US$1,760), Goldboro could generate cumulative after-tax net cash flows of approximately $684 million, an after-tax NPV 5% of over $442 million and an after-tax IRR of 31.7%.

* Please refer to Press Release dated December 16, 2021 at www.anacondamining.com

¹ Refer to Non-IFRS Financial Measures below.

Goldboro Gold Project - Mineral Resource Estimate

The Mineral Resource Estimate presented was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin Engineering Ltd. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda.

Mineral Resource Estimate for the Goldboro Gold Project - Effective Date November 15, 2021

Resource Type	Gold Cut-off (g/t gold)	Category	Tonnes	Grade (g/t gold)	Gold Troy Ounces
Open Pit	0.45	Measured	7,680,000	2.76	681,000
		Indicated	7,988,000	2.89	741,000
		Measured + Indicated	15,668,000	2.82	1,422,000
		Inferred	975,000	2.11	66,000
Underground	2.40	Measured	1,576,000	7.45	377,000
		Indicated	4,350,000	5.59	782,000
		Measured + Indicated	5,925,000	6.09	1,159,000
		Inferred	2,206,000	5.89	418,000
Combined Open Pit and Underground*	0.45 and 2.40	Measured	9,255,000	3.56	1,058,000
		Indicated	12,338,000	3.84	1,523,000
		Measured + Indicated	21,593,000	3.72	2,581,000
		Inferred	3,181,000	4.73	484,000

* Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off grade.

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083.
4. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%.
5. Assays were variably capped on a wireframe-by-wireframe basis.
6. Specific gravity was applied using weighted averages to each individual wireframe.
7. Effective date of the Mineral Resource Estimate is November 15, 2021.
8. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
9. Excludes unclassified mineralization located within mined out areas.
10. Reported from within a mineralization envelope accounting for mineral continuity.

Table of selected composites from the Goldboro Drill Program

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Visible Gold
BR-21-300	20.2	21.2	1.0	1.91
and	65.6	66.6	1.0	1.21
and	94.5	101.0	6.5	2.73	VG
including	99.0	99.5	0.5	26.10	VG
and	150.4	158.5	8.1	1.26
including	151.4	152.4	1.0	5.87
and	170.4	175.5	5.1	0.86
and	248.8	249.8	1.0	24.90
BR-21-301	137.5	140.0	2.5	3.91	VG
including	138.5	139.0	0.5	17.20	VG
and	178.8	179.7	0.9	3.19
and	205.1	206.1	1.0	3.64
BR-21-302	101.4	104.3	2.9	0.86
and	110.8	111.3	0.5	3.09	VG
and	200.2	200.7	0.5	7.52	VG
BR-21-303	14.9	15.6	0.7	1.03
and	63.9	67.0	3.1	2.07
and	71.7	72.7	1.0	2.53
and	97.2	100.2	3.0	0.68
BR-21-304	94.3	97.2	2.9	1.55
and	114.0	116.7	2.7	2.92
including	114.0	114.7	0.7	9.45
and	128.0	128.5	0.5	32.30	VG
and	214.2	214.7	0.5	0.79	VG
and	259.4	261.6	2.2	1.10
BR-21-305	82.4	84.1	1.7	1.28
and	94.5	97.8	3.3	1.37	VG
and	148.1	151.1	3.0	4.57	VG
including	148.6	149.1	0.5	20.60
and	157.5	164.5	7.0	1.49	VG
including	162.9	163.5	0.6	13.30	VG
and	176.8	177.3	0.5	1.92	VG
BR-21-306	51.0	51.5	0.5	1.29	VG
and	94.7	95.2	0.5	11.00	VG
and	122.6	123.1	0.5	3.07	VG
BR-21-307	12.3	13.3	1.0	1.37
and	71.0	72.0	1.0	1.18
and	79.5	80.0	0.5	4.29	VG
and	126.2	126.7	0.5	31.30	VG
BR-21-308	31.2	31.7	0.5	5.66	VG
and	38.0	39.0	1.0	10.40	VG
including	38.5	39.0	0.5	17.80	VG
and	94.6	95.6	1.0	3.94
and	107.1	108.9	1.8	0.86
and	123.0	123.5	0.5	2.19	VG
and	130.0	130.5	0.5	1.42	VG
and	145.7	146.2	0.5	34.80	VG
and	183.2	183.7	0.5	2.69
and	235.6	236.2	0.6	24.50
and	259.4	261.4	2.0	1.86	VG

• Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.

The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.

Qualified Person and Technical Report Notes

A Technical Report prepared in accordance with NI 43-101 for the Goldboro Gold Project Feasibility Study will be filed on SEDAR (www.sedar.com) before the end of January 2022. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource and Mineral Reserve and Feasibility Study. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

^ Composited assays shown in Exhibit A and B from the October 12, 2021 press release may vary from those presented in the original press release due to the inclusion of assays obtained using total pulp metallic analysis (see below) obtained since October 12, 2021.

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.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics 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. Total pulp metallics assays for drillholes sited within this press release may be updated in a future news release.

The Drill Program is funded using existing flow through funds but has also benefited from a grant received from the Government of Nova Scotia through a Mineral Resources Development Fund, shared funding exploration grant MRDF-2021-SF-11.

 

https://www.accesswire.com/684769/Anaconda-Mining-Files-The-Positive-Phase-I-Open-Pit-Feasibility-Study-For-The-Goldboro-Gold-Project


TORONTO, ON / ACCESSWIRE / January 20, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce the filing of a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") with respect to a Feasibility Study ("FS") for its 100%-owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro", or the "Project"). The technical report, entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" (the "Technical Report"), follows the previous announcement on December 16, 2021. All currency is presented in Canadian dollars (C$) and referenced as "C$" or "$", unless otherwise stated.

The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com.

Highlights of the Feasibility Study

• Total gold recovered of over 1.10 million ounces over an approximately 11-year open pit life of mine ("LOM") with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne ("g/t") gold;
• Pre-tax Net Present Value at a 5% discount rate ("NPV 5%") of $484 million and a pre-tax Internal Rate of Return ("IRR") of 31.2%, with a projected pre-tax payback of 2.7 years;
• After-tax NPV 5% of $328 million and an after-tax IRR of 25.5%, projected after-tax payback of 2.9 years;
• Maiden Open Pit Probable Mineral Reserves of 1,150,200 ounces of gold (15.8 million tonnes ("Mt") at 2.26 g/t gold);
• Open pit Measured and Indicated Mineral Resources of 1,422,000 ounces (15.7 Mt at 2.82 g/t gold) and Underground Measured and Indicated Mineral resources of 1,159,000 ounces (5.9 Mt at 6.09 g/t gold);
• Open pit Inferred Mineral Resources of 66,000 (0.98 Mt at 2.11 g/t gold) and Underground Inferred Mineral Resources of 418,000 ounces (2.2 Mt at 5.89 g/t gold);
• Initial capital cost ("Capex") of $271 million and LOM sustaining capital of $63.1 million;
• LOM Operating Cash Costs of $966 (US$773) per ounce¹ and All-In Sustaining Costs ("AISC") of $1,062 (US$849) per ounce¹;
• Projected creation of approximately 345 direct full-time jobs during construction and 215 direct full-time jobs during operations, while generating in excess of $226 million in federal and provincial tax payments;
• Mill capacity of 4,000 tonnes per day ("tpd") based on a combined gravity and leaching circuit, yielding an average gold recovery of 95.8%; and
• At a gold price of $2,200 (~US$1,760), Goldboro could generate cumulative after-tax net cash flows of approximately $684 million, an after-tax NPV 5% of over $442 million and an after-tax IRR of 31.7%.

With Strong Opportunity for Further Value Creation

• Ongoing infill drilling has the potential to reduce the strip ratio and positively impact NPV and IRR by upgrading Inferred Mineral Resources coincident with the current open pit designs based on Measured and Indicated Mineral Resources only;
• Potential for Mineral Resource expansion, particularly towards the west with further exploration of a 1.5-kilometre-long area along strike of the existing Goldboro Deposit ("Deposit") towards the past producing gold mine at Dolliver Mountain;
• The Goldboro Deposit has been drill tested to only 500 metres and remains open at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.

¹ Refer to Non-IFRS Financial Measures below.

The Goldboro Gold Project Feasibility Study

The Feasibility Study, with a report date of January 11, 2022, was completed by Nordmin Engineering Ltd. ("Nordmin") as Lead Mining and Geological Consultant. Ausenco Engineering Canada Inc. ("Ausenco") acted as Metallurgical and Processing Consultant, Knight Piésold Ltd. ("Knight Piésold") as Tailings Consultant, GHD Ltd. ("GHD") as Site Water Management and Environmental Consultant, Lorax Environmental Services Limited ("Lorax") as Geochemistry Consultant, and McCallum Environmental Ltd. ("McCallum") as Consultation and Permitting Consultant.

Table 1: Summary of Key Estimated Results and Assumptions in the Feasibility Study

Production Data	Values	Units
Life of Mine	10.9	Years
Processing Rate	4,000 / 1.46	tpd / Mtpa
Recovered Gold	1.10	Moz
Average Gold Recovery	95.8	%
Pre-production Tonnes Mined	4.1	Mt
Total Material Mined (including pre-production)	142.6	Mt
Total Ore Tonnes Mined	15.8	Mt
Overall Strip Ratio	8.0	waste: ore
Total Tonnes Milled	15.8	Mt
Average Annual Gold Production	100	koz
Average Mill Feed Grade	2.26	g/t gold

Capital Costs	Values	Units
Initial Capital, Direct Cost Estimate	193.9	C$M
Initial Capital, Indirect Costs and Contingency	77.1	C$M
Total Initial Capital Costs	271.0	C$M
LOM Sustaining Capital Costs, including Indirect Costs and Contingency	63.1	C$M
Total Reclamation and Other Costs	50.3	C$M
Total LOM Capital Costs	384.5	C$M

Operating Costs	Values	Units
Open Pit Mining	4.99	C$/t mined
Processing	13.45	C$/t milled
Refining and Transport	4.23	C$/oz
Water Management and Treatment	1.16	C$/t milled
Site Support Costs	8.70	C$/t milled
Total Operating Cost	67.05	C$/t milled
Average Operating Cash Cost per Ounce 1	966 (US$773)	C$/oz
Average All-In Sustaining Cost per Ounce 1	1,062 (US$849)	C$/oz

Financial Analysis	Values	Units
Gold Price Assumption	$1,600	US$/oz
Exchange Rate	1:1.25	US$:C$
Gold Price Assumption	$2,000	C$/oz
Pre-Tax Unlevered Free Cash Flow	755	C$M
Pre-Tax NPV 5%	484	C$M
Pre-Tax IRR	31.2	%
Pre-Tax Payback	2.7	years
After-Tax Unlevered Free Cash Flow	529	C$M
After-Tax NPV 5%	328	C$M
After-Tax IRR	25.5	%
After-Tax Payback	2.9	years
LOM Direct Income and Provincial Mining Taxes	226	C$M

Notes:

1. Refer to "Non-IFRS Financial Measures" below.

Mineral Reserve Estimate

The Mineral Reserve Estimate presented in Table 2 was prepared by Independent Qualified Person Joanne Robinson, P.Eng., of Nordmin.

Table 2: Mineral Reserve Statement for the Goldboro Gold Project - Effective Date of December 15, 2021

Category	Area	Cut-off Grade (g/t gold)	Tonnes (t)	Diluted Grade (g/t gold)	Contained Gold Metal (Troy ounces)
Probable Mineral Reserve	East Pit	0.45 g/t	5,468,300	2.54	446,000
Probable Mineral Reserve	West Pit	0.45 g/t	10,330,600	2.12	704,200
	Total	0.45 g/t	15,798,900	2.26	1,150,200

Mineral Reserve Estimate Notes

1. Mineral Reserves were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). This estimate of Mineral Reserves may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. The Effective Date of the Mineral Reserves Estimate is December 15, 2021.
3. The Mineral Reserve Estimate is based metallurgical recovery algorithms which result in an overall average recovery of 95.8%.
4. Metal prices are set at US$ 1,600/oz gold with an exchange rate assumption of 1US$:1.25C$ resulting in C$2,000/oz
5. The Mineral Reserve was derived from a pit limit analysis and detailed pit design. A cut-off grade of 0.45 g/t gold was based on parameters described in Table 3.
6. The Mineral Reserve Estimate incorporates mining dilution and mining loss assumptions through regularization of block size to 2mx2mx4m. An additional 5% mining loss assumption was incorporated. The overall impact is approximately 26% additional tonnes and approximately 8% reduction in contained gold.

Mineral Resource Estimate

The Mineral Resource Estimate presented in Table 3 was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda.

Table 3: Mineral Resource Estimate for the Goldboro Gold Project - Effective Date November 15, 2021

Resource Type	Gold Cut-off (g/t gold)	Category	Tonnes	Grade (g/t gold)	Gold Troy Ounces
Open Pit	0.45	Measured	7,680,000	2.76	681,000
		Indicated	7,988,000	2.89	741,000
		Measured + Indicated	15,668,000	2.82	1,422,000
		Inferred	975,000	2.11	66,000
Underground	2.40	Measured	1,576,000	7.45	377,000
		Indicated	4,350,000	5.59	782,000
		Measured + Indicated	5,925,000	6.09	1,159,000
		Inferred	2,206,000	5.89	418,000
Combined Open Pit and Underground*	0.45 and 2.40	Measured	9,255,000	3.56	1,058,000
		Indicated	12,338,000	3.84	1,523,000
		Measured + Indicated	21,593,000	3.72	2,581,000
		Inferred	3,181,000	4.73	484,000

* Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off grade.

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083.
4. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%.
5. Assays were variably capped on a wireframe-by-wireframe basis.
6. Specific gravity was applied using weighted averages to each individual wireframe.
7. Effective date of the Mineral Resource Estimate is November 15, 2021.
8. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
9. Excludes unclassified mineralization located within mined out areas.
10. Reported from within a mineralization envelope accounting for mineral continuity.

    Table of selected composites from the Goldboro Drill Program

    Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Visible Gold
    BR-21-300	20.2	21.2	1.0	1.91
    and	65.6	66.6	1.0	1.21
    and	94.5	101.0	6.5	2.73	VG
    including	99.0	99.5	0.5	26.10	VG
    and	150.4	158.5	8.1	1.26
    including	151.4	152.4	1.0	5.87
    and	170.4	175.5	5.1	0.86
    and	248.8	249.8	1.0	24.90
    BR-21-301	137.5	140.0	2.5	3.91	VG
    including	138.5	139.0	0.5	17.20	VG
    and	178.8	179.7	0.9	3.19
    and	205.1	206.1	1.0	3.64
    BR-21-302	101.4	104.3	2.9	0.86
    and	110.8	111.3	0.5	3.09	VG
    and	200.2	200.7	0.5	7.52	VG
    BR-21-303	14.9	15.6	0.7	1.03
    and	63.9	67.0	3.1	2.07
    and	71.7	72.7	1.0	2.53
    and	97.2	100.2	3.0	0.68
    BR-21-304	94.3	97.2	2.9	1.55
    and	114.0	116.7	2.7	2.92
    including	114.0	114.7	0.7	9.45
    and	128.0	128.5	0.5	32.30	VG
    and	214.2	214.7	0.5	0.79	VG
    and	259.4	261.6	2.2	1.10
    BR-21-305	82.4	84.1	1.7	1.28
    and	94.5	97.8	3.3	1.37	VG
    and	148.1	151.1	3.0	4.57	VG
    including	148.6	149.1	0.5	20.60
    and	157.5	164.5	7.0	1.49	VG
    including	162.9	163.5	0.6	13.30	VG
    and	176.8	177.3	0.5	1.92	VG
    BR-21-306	51.0	51.5	0.5	1.29	VG
    and	94.7	95.2	0.5	11.00	VG
    and	122.6	123.1	0.5	3.07	VG
    BR-21-307	12.3	13.3	1.0	1.37
    and	71.0	72.0	1.0	1.18
    and	79.5	80.0	0.5	4.29	VG
    and	126.2	126.7	0.5	31.30	VG
    BR-21-308	31.2	31.7	0.5	5.66	VG
    and	38.0	39.0	1.0	10.40	VG
    including	38.5	39.0	0.5	17.80	VG
    and	94.6	95.6	1.0	3.94
    and	107.1	108.9	1.8	0.86
    and	123.0	123.5	0.5	2.19	VG
    and	130.0	130.5	0.5	1.42	VG
    and	145.7	146.2	0.5	34.80	VG
    and	183.2	183.7	0.5	2.69
    and	235.6	236.2	0.6	24.50
    and	259.4	261.4	2.0	1.86	VG

11. Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length.
12. All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.

13. The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.

    
    

    Exhibit A The location of the drill holes and selected assay composites reported from the full nineteen-hole drill program conducted between the western and eastern pit shells and showing the new mineralized zones intersected during the drill program.

    

    Exhibit B. Cross Section 9150E showing drill holes and selected assay composites reported from the drill program between the western and eastern pit shells.

    

    Exhibit C. Cross Section 9350E showing drill holes and selected assay composites reported from the drill program between the western and eastern pit shells and showing the areas of new mineralization.
    
     

 

[intern]

https://www.accesswire.com/685268/Anaconda-Mining-Initiates-5000-metre-Exploration-Drill-Campaign-at-Point-Rousse-in-Newfoundland

ANACONDA MINING INITIATES 5,000 METRE EXPLORATION DRILL CAMPAIGN AT POINT ROUSSE IN NEWFOUNDLAND

 

TORONTO, ON / ACCESSWIRE / January 25, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the initiation of a 5,000 metre diamond drill program ("Winter Drill Program") at its Point Rousse operation in Newfoundland. The Winter Drill Program is based on targets developed from a ground Induced Polarization ("IP") geophysical survey conducted in 2021 which was designed to locate anomalies at depths down to 250 metres not previously investigated at Point Rousse. The initial results from the IP survey have been received and used to develop five (5) new drill targets all within four (4) kilometres of the Pine Cove mill and in-pit tailings facility (Exhibit A). Several of these targets are associated with the Goldenville Horizon, a suite of rocks that are equivalent to the Nugget Pond Horizon which hosted the historical Nugget Pond Mine and produced approximately 168,000 ounces at an average mill grade of 9.8 grams per tonne ("g/t"). These targets have the potential to host high-grade gold systems analogous to Nugget Pond and demonstrate the continued potential to extend the mine life of the Point Rousse operation.

Highlights of the prospective targets include:

• Pumbly Point - Hosted within the Goldenville Horizon where recent drilling by Anaconda intersected 1.89 g/t gold over 7.8 metres (as announced on May 28th, 2021). A drill program of 500 metres will target along strike of existing mineralization.
• Penny Cove - This target consists of a 500 metre long north striking IP chargeability anomaly that sits immediately north of the Corkscrew gold zone. This geophysical target coincides with iron-rich sediments of the Goldeville Horizon and has not been previously tested by drilling.
• Green Cove - Green Cove consists of a 2.0 kilometre long east-west striking IP chargeability anomaly that coincides with iron-rich sedimentary rocks of the Goldenville Horizon. The target is located to the immediate north of the Big Bear gold occurrence and is associated locally with anomalous soil samples assaying up to 745 ppb gold and grab samples assaying up to 6.44 g/t gold.
• Iron Formation -This target is 700 metres in strike and is defined by a north-northeast trending IP chargeability anomaly and several parallel fault zones, and anomalous soils assaying up to 893 ppb gold. Historical trenching and grab samples from the target area include assays up to 22.93 g/t gold.
• Corkscrew Road - This target consists of a 1.0 kilometre long, west-northwest trending IP chargeability high that is flanked to the south by a large gold soil anomaly. This area has not been previously drill tested.

"We are keen to start our Winter Drill Program with the goal of discovering a high-grade gold deposit in the area proximal to our Point Rousse operation. The first five targets are characterized by multiple anomalous gold indicators both at surface and at depth and are identified as having the potential to host high-grade gold systems like the Nugget Pond Deposit, located 40 km to the east near our Tilt Cove Project. This drill campaign follows on the heels of announcing a new Mineral Resource at the Stog'er Tight Deposit, currently being considered for development, and an updated Mineral Reserve and mine plan at Argyle that indicate 2022 is projected to be a record production year for Anaconda. With established infrastructure and long-term tailings capacity, a high-grade discovery near the Pine Cove mill could significantly impact the production and cash flow profile of our Newfoundland operations."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Fall 2021 Exploration Program

As announced in July 2021, the Company conducted an IP geophysical survey across parts of the Point Rousse peninsula and completed 5,226 metres of diamond drilling in 41 holes, testing the Corkscrew, Big Bear, Pine Cove East, Deer Cove, Argyle East and Animal Pond targets. Assays from this drilling have not been received but are anticipated in the first quarter of 2022.

Disclosure of a scientific or technical nature in this news release has been approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person". Paul McNeill has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information it contains.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please refer to the report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", dated January 11, 2022). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and requirements; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. 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 the risks outlined in this news release, 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 Technical Report and Anaconda's annual information form for the year ended December 31, 2020, both available on SEDAR at 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected]

Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected]

Exhibit A. A map of the Point Rousse Project area showing the location of five target areas in relation to mine and mill infrastructure.

 

 

[intern]

Anaconda's lastest news. Thanks theminer for letting us know regarding q4. 

https://www.accesswire.com/685707/Anaconda-Mining-Initiates-100-Line-Km-Geophysical-Survey-and-Drill-Program-at-the-Tilt-Cove-Gold-Project-Newfoundland

January 27, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated an exploration program at its 100% owned Tilt Cove Gold Project, located within the Baie Verte Mining District, Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill and long-term tailings storage facility (Exhibit A). Anaconda has consolidated more than 11,000 hectares of prospective mineral lands including a significant property package covering 35 kilometres of high-potential strike length including the Nugget Pond Horizon, a geological unit that hosts the past producing, high-grade Nugget Pond Mine.

The winter exploration program will consist of a 100-line-kilometre ground Induced Polarization ("IP") geophysical survey and 4,000 metres of diamond drilling (the "Winter Exploration Program"). The IP geophysical survey is designed to locate anomalies analogous to the Nugget Pond Deposit to depths down to 250 metres, which have not been previously investigated at Tilt Cove. The Winter Exploration Program will also include 4,000 metres of diamond drilling at two target areas known as the Nugget Pond and Long Pond Target Areas. The drill program will include drilling from frozen ponds and will leverage improved access conditions at this time of year. The Winter Exploration Program is based on information gathered during the late summer and fall of 2021, a summary of which is provided below with remaining analytical results anticipated in Q1 2022.

Highlights of the Tilt Cove Gold Project and results to date include:

• Large land position that has been consolidated for gold exploration for the first time in 20 years with 35 kilometres of prospective strike;
• Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 grams per tonne ("g/t") gold;
• Significant high-grade historical and recent drill intercepts and the identification of 13 high-priority gold exploration targets including:
  • 4.99 g/t gold over 4.0 metres, including 17.40 g/t gold over 1.0 metre in diamond drill hole EP-21-09 along the Red Cliff Horizon at East Pond;
  • 8.82 g/t gold over 1.0 metre in historic diamond drill hole NBC-96-01 at East Pond;
  • 1.74 g/t gold over 12.0 metres, including 11.43 g/t gold over 1.0 metre in diamond drill hole BC-21-05 at Betts Cove;
  • 6.77 g/t gold over 5.0 metres in historic diamond drill hole BC-89-02 at Betts Cove;
  • 11.20 g/t gold over 1.1 metres in historic diamond drill hole BC-89-01 at Betts Cove; and
• Recognition of several other favorable targets, including iron-rich sediments of the Red Cliff Horizon;
• Recognition of gold-rich environments in the hanging wall of past-producing copper mines, including the Tilt Cove and Betts Cove Mines;
• Intersection of high-grade copper mineralization at the Scarp Zone near the Tilt Cove mine

"We are pleased to begin the next phase of drilling at our Tilt Cove Gold Project, as well as initiating a geophysical survey to develop further targets at depths not yet explored in this area. The investment thesis at Tilt Cove is based on a 35-kilometre strike extent of highly prospective geological terrane adjacent to the Green Bay Fault, a crustal scale structure proximal and genetically linked to both the past-producing Nugget Pond and Hammerdown high-grade gold mines. Targets within the Tilt Cove Project are also immediately along strike from the past producing, high-grade Nugget Pond mine. This rich geological environment is located within trucking distance to the Company's Pine Cove Mill and long-term tailings facility, making the discovery of a high-grade gold deposit an immediate catalyst for growth. While we have immediate targets available for drill testing during the winter program, the IP geophysical survey is designed to identify currently unknown high-grade gold targets at depth in favorable geological environments. We believe this is an excellent opportunity to make the next high-grade gold discovery in Newfoundland."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Summer-Fall 2021 Exploration Program

The Tilt Cove Gold Project has several exploration targets in four main areas: the Nugget Pond, Long Pond, Betts Cove and Nippers Harbour Target areas (Exhibit B).

Work conducted in the summer and fall of 2021 at Tilt Cove focused on geochemical surveys and alteration studies at the Nugget Pond Target Area. Work included:

• Collection of 30 till samples at West Pond and the collection of 621 soil samples across the West Pond to East Pond area;
• Collection of 1,139 rock samples during a prospecting, mapping and a structural analysis of the property; and
• Review of historic core and sample collection for alteration studies including geochemistry on 905 samples collected for analysis.

At the Nippers Harbour Target Area exploration work focused on reconnaissance geochemical surveys as well as follow-up sampling and geological mapping of existing gold occurrences: Work included:

• Collection of 43 rock samples;
• Collection of 72 reconnaissance-style stream sediment samples;
• An airborne LiDAR survey to provide a detailed digital elevation model to aid in structural and glacial geological interpretation; and
• A desktop glacial geological study to better understand glacial ice flow directions and its significance for interpreting geochemical data.

Rock and soil samples were submitted to Eastern Analytical Limited for gold assay and multi-element ICP analysis. Till and stream sediment samples were shipped to Overburden Drilling Management Limited for processing of heavy mineral separates, including gold, which will then be sent to ActLabs Ltd. for gold fire assay and multi-element ICP analysis. Final analytical data for the summer and fall exploration program are expected tin the first quarter of 2022.

Winter 2022 Exploration Targets on the Tilt Cove Project

Nugget Pond Target Area

The Nugget Pond Target Area is a 7.5-kilometre zone along the Nugget Pond Horizon extending northeast from the Nugget Pond Gold Mine to the Tilt Cove Mine (Exhibit B). There are four key exploration targets that are prospective for Nugget Pond-style mineralization on the Property as follows:

East Pond Prospect - The East Pond Prospect comprises a minimum 800-metre long segment of the Nugget Pond Horizon beneath East Pond. Diamond drilling in 1997 and 1998 from the north side of East Pond intersected gold mineralization in the footwall of the Nugget Pond Horizon similar to footwall style mineralization at the Nugget Pond Mine. This suggests that the Nugget Pond Horizon above these holes may be mineralized and that these holes intersected northwest oriented mineralized structures like those at the Nugget Pond Mine. Recent drill testing of the Red Cliff Horizon at East Pond included an intersection of 4.99 g/t gold over 4.0 metres.

West Pond Prospect - The West Pond Prospect comprises a minimum 1.3-kilometre long target beneath West Pond that is marked by the continuation of the Nugget Pond Horizon northeast of the Nugget Pond Mine. The horizon outcrops on the east and west shores of the pond where gold mineralization has been sampled. Continuation of the horizon under the pond is inferred from combined magnetic and IP conductivity data. There is a strong combined till and soil anomaly that extends down ice (SE) from the Nugget Pond Horizon for at least 600 metres. The Nugget Pond Horizon in this area is associated with a break in the magnetic trend indicative of alteration and magnetic destruction associated with a cross-cutting northwest oriented fault, similar to that present at the Nugget Pond Mine. The combined soil geochemical and geophysical features make this an attractive target for follow up drilling testing.

Long Pond Target Area

The Long Pond Target Area is a 4.0-kilometre long zone that is located at the contact between ultramafic rocks of the Betts Cove Complex and younger Silurian felsic volcanic rocks of the Silurian Cape St. John Group (Exhibit B). The Long Pond Zone includes six gold (+/- copper) prospects over its strike length that include:

Long Pond Prospect - A zone of strongly silicified, hematized, carbonatized, brecciated ultramafic rock that is host to quartz stringers, veinlets and stockworks up with veins up to two metres wide. The mineralized zone is exposed over a 125 metre strike extent and is up to 35 metres wide. Grab samples from the prospect have returned assays up to 75.90 g/t gold with abundant visible gold. Historic drilling has returned assays of up to 21.5 g/t gold over 1.19 metres.

Long Pond West Prospect - This prospect comprises a quartz vein with grab samples assay up to 9.90 g/t gold and channel sampling returned assays of 1.52 g/t gold over 15 centimetres. A single drill hole testing the occurrence intersected 2.69 g/t gold over 1.12 metres. The prospect was discovered via follow-up of a till sample that assayed 83.90 g/t gold.

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 collected by Anaconda and the resultant composites referred to in this release were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis and completion of check assays of select samples. Diamond drill core and percussion samples were analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service.

Historical grab and float rock samples and historical drill core samples are compiled from historic reports and data filed with the Department of Natural Resources, Newfoundland and Labrador. Sufficient work has not been completed by Anaconda geologists and QPs to verify the validity of these individual assays.

"Rock grab and float samples" are selected samples and are not necessarily representative of mineralization that may be hosted on the property.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please refer to the report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", dated January 11, 2022). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company's projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. 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 the risks outlined in this news release, 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, 2020, 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc.
Kevin Bullock
President and CEO
(647) 388-1842
[email protected]

Reseau ProMarket Inc.
Dany Cenac Robert
Investor Relations
(514) 722-2276 x456
[email protected]

Exhibit A. A map showing the location of the Tilt Cove project relative to the Pine Cove Mill and Tailings infrastructure as well as other past producing mines in the region.

Exhibit B. A map showing the extents of the Tilt Cove Gold Project and the 35 kilometres of strike.

 

[intern]

Anaconda Q4 results, nice price increase. In times of crisis, gold usually rises, a nice commodity.

 

Anaconda Mining Announces Q4 and Full Year 2021 Financial Results

TORONTO, ON / ACCESSWIRE / February 24, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to report its financial and operating results for the three months and year ended December 31, 2021 ("Q4 2021"). The consolidated financial statements and management discussion & analysis documents can be found at www.sedar.com and the Company's website, www.anacondamining.com. All dollar amounts are in Canadian dollars unless otherwise noted.

Highlights for the Year Ended December 31, 2021

• Anaconda produced 12,054 ounces of gold at Point Rousse in 2021, achieving its revised annual guidance of approximately 12,000 ounces. The revised annual guidance was based on the mine plan from an updated Probable Mineral Reserve for Argyle as of September 1, 2021.
• The Company sold 12,218 ounces of gold in 2021, generating metal revenue of $27.7 million at an average realized gold price¹ of C$2,261 (US$1,804) per ounce of gold.
• Operating cash costs per ounce sold¹ at the Point Rousse Project in Q4 2021 were $1,797 (US$1,426), and $2,152 (US$1,717) for the year ended December 31, 2021, at the lower end of the Company's revised 2021 annual operating cash cost guidance of C$2,150-C$2,200, reflecting the lower grade profile of mill throughput in 2021.
• All-in sustaining cash costs per ounce sold¹, including corporate administration and sustaining capital expenditures, was $2,895 (US$2,297) for Q4 2021, and $3,334 (US$2,660) for the full year.
• The Company invested $13.0 million in its exploration and development projects in 2021, including $8.8 million on the Goldboro Gold Project relating to the completion of a Feasibility Study, the advancement of the significantly expanded Mineral Resource, and the progression of the environmental assessment process.
• Net loss for the year ended December 31, 2021 was $7,136,219, or $0.04 per share, compared to net income of $8,8228,243, or $0.06 per share, for the year ended December 31, 2020, driven predominantly by lower production.
• As of December 31, 2021, the Company had a cash balance of $10.1 million, working capital¹ of $1.4 million, and additional available liquidity of $3.0 million from an undrawn revolving line of credit facility.
• In December 2021, the Company executed a $5.0 million gold prepayment facility to provide further un-dilutive liquidity as the Company completes the Feasibility Study and Environmental Assessment Registration Document for the Goldboro Gold Project in the first half of 2022. The facility will be repaid in gold deliveries totaling 2,273 ounces from January to September 2022.

¹ Refer to Non-IFRS Measures Section below. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements and may not be comparable to similar financial measures disclosed by other issuers.

"While 2021 was a challenging year for the Company operationally, Anaconda was able to finish the year strong at Point Rousse and make significant steps at the Goldboro Gold Project. At its mine operations in Point Rousse, we sold 12,218 ounces of gold in 2021, in line with updated guidance, to generate $27.8 million in metals revenue. Operating cash costs, while at the lower end of guidance, where higher than previous years due to the lower grade profile and higher costs. Point Rousse is now set up for a record year of gold production in 2022 of between 21,500 and 23,000 ounces at operating cash costs per ounce of between $1,150 and $1,250 per ounce of gold sold (US$920 - US$1,000). At the Goldboro Gold Project, we invested $8.8 million which resulted in a step change in the scale of the mineral resource and a positive Feasibility Study that demonstrates robust economics over a long mine life, with significant upside. Despite the challenges in 2021, the Company remains in good stead to execute its growth strategy."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

Consolidated Results Summary

Financial Results		Three months ended				Three months ended				Year ended				Year ended
		December 31, 2021				December 30, 2020				December 31, 2021				December 31, 2020
Revenue ($)			7,643,193				9,988,251				27,798,558 31,594,739				41,582,990 31,594,739
Cost of operations, including depletion and depreciation ($)			7,410,862				6,392,715				30,534,089				24,761,035
Mine operating income ($)			232,331				3,595,536				(2,735,531	)			16,821,955
Net income (loss) ($)			(1,358,219	)			792,203				(7,136,219	)			8,228,243
Net income (loss) per share ($/share) - basic and diluted ($)			(0.01	)			0.01				(0.04	)			0.06
Cash generated from operating activities ($)			5,519,379				2,080,151				4,488,761				14,087,867
Capital investment in property, mill and equipment ($)			1,676,928				1,383,079				7,108,391				2,960,787
Capital investment in exploration and evaluation assets ($)			3,824,690				2,514,733				13,020,554				7,152,794
Average realized gold price per ounce*		US$	1,783			US$	1,921			US$	1,804			US$	1,728
Operating cash costs per ounce sold*		US$	1,426			US$	1,014			US$	1,717			US$	871
All-in sustaining cash costs per ounce sold*		US$	2,297			US$	1,576			US$	2,660			US$	1,220

 

		December 31, 2021				December 31, 2020
Working capital* ($)			1,397,113				13,938,471
Total assets ($)			95,551,004				81,396,971
Non-current liabilities ($)			8,235,993				7,529,640

*Refer to Non-IFRS Measures section for reconciliation

Operational Results		Three months ended December 31, 2021				Three months ended December 31, 2020				Year ended December 31, 2021				Year ended December 31, 2020
Ore mined (t)			102,395				110,455				209,157				512,028
Waste mined (t)			918,217				453,859				2,853,011				1,964,689
Strip ratio			9.0				4.1				13.6				3.8
Ore milled (t)			118,011				107,257				446,562				459,085
Grade (g/t Au)			1.23				1.39				0.97				1.42
Recovery (%)			87.8				86.8				86.5				87.4
Gold ounces produced			4,095				4,171				12,054				18,268
Gold ounces sold			3,368				3,970				12,218				17,918

Review of the Year Ended December 31, 2021

Operational Overview

Gold production for 2021 was 12,054 ounces, achieving revised annual guidance of approximately 12,000 ounces. The revised annual guidance was based on the mine plan from an updated Probable Mineral Reserve for Argyle as of September 1, 2021. The significant decrease in year over year gold production was the result of a 32% decrease in the grade profile of mill throughput, the result of processing a high proportion of low-grade Pine Cove ore stockpiles. Notwithstanding the low-grade throughput, the Pine Cove Mill was able to achieve an average recovery rate of 86.5% during 2021, a decrease of only 1.0% compared to 2020.

After heavy focus on mine waste development in the third quarter, the mining operation moved 102,395 tonnes of ore in Q4 2021, almost 49% of the total ore tonnes mined in 2021 of 209,157 tonnes. This is a significant decrease from the 512,028 tonnes of ore mined in 2020, when the operation was concentrated on the higher-tonnage Pine Cove mine during the first half of the year. Waste production was 2,853,011 tonnes for the full year, reflecting the focus on mine waste development at Argyle and resulting in a strip ratio of 13.6 waste tonnes to ore tonnes. The strip ratio of 3.8 waste tonnes to ore tonnes in 2020 reflects mining in the final lower benches of the Pine Cove open pit.

Financial Results

Anaconda sold 12,218 ounces of gold in 2021 to generate metal revenue of $27.7 million at an average realized gold price* of C$2,261 (US$1,804) per ounce, representing a 33% decrease in metal revenue compared to 2020 due lower gold production.

Operating expenses for the year ended December 31, 2021 were $25,895,606, compared to $20,953,142 for the year ended December 31, 2020. The significant increase reflects a $2,597,000 write-down to net realizable value of gold-in-circuit and ore in stockpiles, primarily from Q1 2021, reflecting the significantly higher operating cash costs per ounce* due to the 35% decrease in mine grade in Q1 2021. Operating expenses for 2021 included mining costs of $11,446,874, an increase from $10,458,651 in the previous year, as the Company moved 24% more material in 2021 while mining at Argyle. Processing costs in 2021 were $11,250,316, an increase over $9,928,022 in 2020 primarily due to higher maintenance costs. Operating cash costs per ounce sold* during 2021 were C$2,152 (US$1,717), in line with the lower end of the Company's revised annual guidance of C$2,150 - C$2,200 per ounce sold, higher than previous years due to a significantly lower mill throughput grade profile.

The royalty expense for 2021 was $566,075, reflecting the 3% net smelter royalty that applies to Argyle. Depletion and depreciation for the year ended December 31, 2021 was $4,072,408, an increase from $3,758,697 recognized for the year ended December 31, 2020, reflecting the depreciation of Argyle capital development costs since Q3 2020.

Mine operating loss for the year ended December 31, 2021 was $2,735,531, compared to mine operating income of $16,821,955 in 2020, the result of lower revenue and higher comparable operating costs during 2021.

Corporate administration expenditures were $3,665,659 during 2021, consistent with $3,581,921 recorded in 2020. In July 2021, Novamera completed a $5,000,017 equity financing in which the Company did not participate, diluting its interests in Novamera to 19%. Based on the implied valuation of the financing, the Company recognized a gain of $1,020,432 which represents the excess of the fair value of the investment on that date as compared to the investment's carrying value under the equity method. In 2021, the Company also recognized a loss of $435,149 for the Company's share of loss from its equity accounted investments (year ended December 31, 2020 - $247,203).

Share-based compensation was $777,906 during the year ended December 31, 2021, compared to $380,733 in the comparative 2020 period, reflecting the greater value of share units granted compared to the previous year.

Finance expense for the year ended December 31, 2021 was $147,801, significantly less than $211,669 recognized for the year ended December 31, 2020 reflecting the continued repayment of the $5,000,000 term loan with the Royal Bank of Canada ("RBC"), of which $505,688 remained outstanding as of December 31, 2021.

In 2021, the Company recorded a recovery of $505,552 as a deferred premium on flow-through shares, representing the proportion of the remaining qualifying exploration expenditures that were spent from the July 2020 and May 2021 flow-through financings during the year ended December 31, 2021.

Net comprehensive loss for the year ended December 31, 2021, was $7,136,219, or $0.04 per share, compared to net comprehensive income of $8,228,243, or $0.06 per share, in the comparative period of 2020. The decline compared to the comparative period of 2020 was the result of lower production and higher operating costs, which was offset by a lower net income tax expense of $701,345 (year ended December 31, 2020 - $6,141,528).

* Refer to Non-IFRS Measures Section below.

Financial Position and Cash Flow Analysis

As of December 31, 2021, the Company had working capital of $1,397,113, which included cash and cash equivalents of $10,121,724. The current portion of loans includes $505,688 outstanding from the RBC term loan, which will be paid out in full in April 2022.

Anaconda generated $4,488,761 in operating cash flows during the year ended December 31, 2021, after accounting for corporate administration costs of $3,665,659. The Point Rousse Project generated EBITDA* of $1,263,699, based on gold sales of 12,218 ounces at an average realized gold price* of C$2,261 per ounce sold and operating cash costs* of C$2,152 per ounce sold. Operating cash flows were also reduced by changes in working capital, namely the reduction in accounts payable and the increase in stockpiled inventory.

The Company continued to invest in its key growth projects in Atlantic Canada in 2021, spending $13,020,554 on exploration and evaluation assets (adjusted for amounts included in trade payables and accruals of December 31, 2021), primarily on the continued advancement of the Goldboro Gold Project ($8,783,450). The Company also invested $7,108,391 into the property, mill and equipment at the Point Rousse operation, with capital investment focused on development activity at Argyle during 2021.

Financing activities during 2021 included the net proceeds of $7,790,718 from a flow-through private placement completed in May 2021, the ongoing repayment of the RBC term loan, and the repayment of other loans and lease obligations. The Company also received $4,346,737 from the exercise of warrants and $948,525 from the exercise of stock options during 2021.

* Refer to Non-IFRS Measures Section below.

Non-IFRS Measures

Anaconda has included in this press release certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Operating Cash Costs per Ounce of Gold - Anaconda calculates operating cash costs per ounce by dividing operating expenses per the consolidated statement of operations, net of silver sales by-product revenue, by the gold ounces sold during the applicable period. Operating expenses include mine site operating costs such as mining, processing and administration as well as royalties, however, excludes depletion and depreciation and rehabilitation costs.

All-In Sustaining Costs per Ounce of Gold - Anaconda has adopted an all-in sustaining cost performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations.

The Company defines all-in sustaining costs as the sum of operating cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), corporate administration costs, sustaining exploration, and rehabilitation accretion and amortization related to current operations. All-in sustaining costs excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to growth projects, financing costs, debt repayments, and taxes. Canadian and US dollars are noted for realized gold price, operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold. Both currencies are considered relevant and the Company uses the average foreign exchange rate for the period.

The operating cash costs per ounce and all-in sustaining costs per ounce are reconciled to the consolidated statement of comprehensive loss as follows:

		Three months ended December 31, 2021				Three months ended December 31, 2020				Year ended December 31, 2021				Year ended December 31, 2020
Operating expenses per the consolidated statement of comprehensive loss, including royalties			6,125,509				5,295,872				26,461,681				21,002,338
By-product silver sales credit			(5,801	)			(14,934	)			(23,773	)			(48,988	)
By-product aggregates sales credit			(68,307	)			(38,159	)			(147,181	)			(38,159	)
Operating cash costs ($)			6,051,401				5,242,779				26,290,727				20,915,191
Sustaining expenditures - property, mill and equipment			1,676,928				1,383,079				7,108,391				2,960,787
Sustaining expenditures - exploration and evaluation			884,956				502,550				2,869,035				1,462,896
Corporate administration costs			967,839				939,503				3,665,659				3,581,921
Share-based compensation			161,028				79,733				777,906				380,733
Rehabilitation - accretion and amortization (operating)			8,165				3,850				19,651				7,921
All-in sustaining cash costs ("AISC") ($)			9,750,317				8,151,494				40,731,369				29,309,449
Gold ounces sold			3,368				3,970				12,218				17,918
Operating cash costs per ounce sold ($ / ounce)			1,797				1,321				2,152				1,167
AISC per ounce sold ($ / ounce)			2,895				2,053				3,334				1,636
Average US Dollar exchange rate during period			0.7936				0.7676				0.7980				0.7461
Operating cash costs per ounce sold (US$ / ounce)			1,426				1,014				1,717				871
AISC per ounce sold (US$ / ounce)			2,297				1,576				2,660				1,220

Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold.

Average realized gold price per ounce sold is reconciled to the consolidated statement of comprehensive loss as follows:

		Three months ended December 31, 2021				Three months ended December 31, 2020				Year ended December 31, 2021				Year ended December 31, 2020
Gold revenue ($)			7,569,085				9,935,158				27,627,604				41,495,843
Gold ounces sold			3,368				3,970				12,218				17,918
Average realized gold price per ounce sold ($)			2,247				2,503				2,261				2,316
Average US Dollar exchange rate during period			0.7936				0.7676				0.7980				0.7461
Average realized gold price per ounce sold (US$)			1,783				1,921				1,804				1,728

Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") - EBITDA is earnings before finance expense, deferred income tax expense and depletion and depreciation.

Point Rousse Project EBITDA is EBITDA before corporate administration and other expenses (income).

The EBITDA and Point Rousse Project EBITDA amounts are reconciled to the consolidated statement of comprehensive loss as follows:

		Three months ended December 31, 2021				Three months ended December 31, 2020				Year ended December 31, 2021				Year ended December 31, 2020
Net (loss) income, per the consolidated statements of comprehensive (loss) income			(1,358,219	)			792,203				(7,136,219	)			8,228,243
Adjustments:
Finance expense			31,354				39,955				147,801				211,669
Current income tax expense			-				312,000				30,345				1,872,528
Deferred income tax expense			306,000				1,480,000				671,000				4,269,000
Depletion and depreciation			1,285,353				1,096,843				4,072,408				3,758,697
EBITDA			264,488				3,721,001				(2214,665	)			18,340,137
Corporate administration			967,839				939,503				3,665,659				3,581,921
Gain on loss of significant influence on equity accounted investment			-				-				(1,020,432	)			-
Share of loss from equity accounted investments			91,132				93,858				435,149				247,203
Gain on partial or full sale of a subsidiary			-				-				-				(1,355,247	)
Stock-based compensation			161,028				79,733				777,906				380,733
Deferred premium on flow-through shares			(124,138	)			(145,424	)			(505,552	)			(594,570	)
Other expenses (income)			144,709				(8,659	)			125,634				(116,252	)
Write-down of exploration assets			-				-				-				15,310
Point Rousse Project EBITDA			1,505,058				4,680,012				1,263,699				20,499,235

Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets.

(In $)		December 31, 2021				December 31, 2020
Cash and cash equivalents			10,121,724				14,634,595
Inventory			5,641,435				6,830,360
Other current assets			2,080,035				1,499,921
			17,843,194				22,964,876
Trade and other payables			9,528,294				4,796,494
Current portion of loans			1,363,383				1,889,080
Unearned revenue			5,000,000				-
Other current liabilities			554,404				477,831
Current taxes payable			-				1,863,000
			16,446,081				9,026,405
Working capital*			1,397,113				13,938,471

ABOUT ANACONDA

[intern]

Anaconda Mining Intersects 335.0 g/t gold over 0.5 metres at the Goldboro Gold Project, Commences 4,000 metre Infill Drill Program

TORONTO, ON / ACCESSWIRE / March 8, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results from a recent drill program focused on the East Goldbrook Pit and that it has commenced a further 4,000-metre diamond drill program at its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia. The infill drill program has been designed to convert Inferred Mineral Resources within the East Goldbrook Pit into Indicated Mineral Resources (the "Infill Drill Program"). The existing constrained open pits outlined in the Feasibility Study¹ were designed using only Measured and Indicated Resources (Exhibit A), however they captured 975,000 tonnes of Inferred Mineral Resources at a grade of 2.11 grams per tonne ("g/t"), representing a potential opportunity to positively impact Project economics by upgrading these Mineral Resources which are currently captured as waste tonnes.

The Company has also received assays from a recent exploration drill program which included 3,681 metres of diamond drilling from 18 holes (BR-21-309 to BR-21-326), which was primarily aimed at expanding mineralization within the northern edge of the East Goldbrook Pit and upgrading existing Inferred Mineral Resources within this area (Exhibit B).

Selected composited highlights from the Exploration Program include:

• 335.0 g/t gold over 0.5 metres (121.4 to 121.9 metres) in diamond drill hole BR-21-318;
• 33.0 g/t gold over 0.5 metres (181.8 to 182.3 metres) in diamond drill hole BR-21-310;
• 13.5 g/t gold over 0.5 metres (32.1 to 32.6 metres) in diamond drill hole BR-21-316;
• 6.22 g/t gold over 1.0 metres (15.0 to 16.0 metres) in diamond drill hole BR-21-319; and
• 2.05 g/t gold over 2.7 metres (58.0 to 60.7 metres) in diamond drill hole BR-21-309.

The results are important as they support the continuity of high-grade gold mineralization along the north limb of the Goldboro Anticline in an area that was previously sparsely drilled. Significant gold has been intersected in 15 of 18 drill holes that largely coincide with modelled mineralized belts, with nine (9) occurrences of visible gold.

"We have identified significant opportunities to optimize the Goldboro Gold Project and potentially increase the overall economics and longevity of the Project including the upgrading of Inferred Mineral Resources in the East Goldbrook Pit as well as exploring adjacent to, and along strike, of the existing resource. The Infill Drill Program has the potential to directly impact the Project's economics and key economic metrics, and further exploration drilling may demonstrate project longevity beyond the current Feasibility Study. Two key components of our growth strategy include upgrading and expanding Mineral Resources at Goldboro while advancing the Project through the submission of the Environmental Assessment Registration Document and moving towards detailed engineering."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

¹ Please refer to the Phase I Open Pit Feasibility Study ("Feasibility Study") entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" with an effective date of December 16, 2021 and available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com.

Table of selected composited assay results from the Goldboro Exploration Program

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Visible Gold
BR-21-309	58.0	60.7	2.7	2.05	VG
including	58.0	58.5	0.5	8.53	VG
and	232.0	233.0	1.0	0.85
BR-21-310	54.9	55.4	0.5	1.73
and	60.9	61.5	0.6	0.63
and	181.8	182.3	0.5	33.00	VG
and	195.5	196.0	0.5	1.03
and	220.0	223.0	3.0	0.52
BR-21-312	153.0	155.0	2.0	0.55
BR-21-314	26.0	26.6	0.6	2.73
and	42.6	43.1	0.5	8.31	VG
BR-21-315	57.0	58.0	1.0	1.05
BR-21-316	32.1	32.6	0.5	13.50	VG
and	106.0	106.5	0.5	0.82	VG
and	180.6	182.0	1.4	1.07
BR-21-317	208.3	209.0	0.7	2.34
BR-21-318	108.0	109.0	1.0	3.68
and	121.4	121.9	0.5	335.00	VG
BR-21-319	15.0	16.0	1.0	6.22
and	56.1	56.6	0.5	3.54
BR-21-320	32.5	33.0	0.5	5.53	VG
and	119.8	120.3	0.5	2.47
and	127.2	127.7	0.5	3.49	VG
BR-21-321	15.0	15.5	0.5	3.66
and	62.8	63.3	0.5	3.71	VG
and	145.0	145.8	0.8	2.89
BR-21-322	27.9	28.9	1.0	5.65
and	33.3	34.1	0.8	2.64
and	145.0	146.0	1.0	3.42
BR-21-323	195.0	196.0	1.0	2.55
BR-21-324	120.5	121.0	0.5	1.78
and	152.0	153.0	1.0	1.16
BR-21-325	133.7	134.7	1.0	3.47
and	142.7	143.7	1.0	4.30

• Intervals are reported as core length only. True widths are estimated to be between 70% and 100% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
• BR-21-313 was drilled ~400 metres north of the East Goldbrook Pit to test a geophysical anomaly and did not encounter significant mineralization.
• All drill holes not reported in the table above did not encounter significant mineralization.

Goldboro Gold Project - Mineral Resource Estimate

The Mineral Resource Estimate presented was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin Engineering Ltd. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda.

Mineral Resource Estimate for the Goldboro Gold Project - Effective Date November 15, 2021

Resource Type	Gold Cut-off (g/t gold)	Category	Tonnes	Grade (g/t gold)	Gold Troy Ounces
Open Pit	0.45	Measured	7,680,000	2.76	681,000
		Indicated	7,988,000	2.89	741,000
		Measured + Indicated	15,668,000	2.82	1,422,000
		Inferred	975,000	2.11	66,000
Underground	2.40	Measured	1,576,000	7.45	377,000
		Indicated	4,350,000	5.59	782,000
		Measured + Indicated	5,925,000	6.09	1,159,000
		Inferred	2,206,000	5.89	418,000
Combined Open Pit and Underground*	0.45 and 2.40	Measured	9,255,000	3.56	1,058,000
		Indicated	12,338,000	3.84	1,523,000
		Measured + Indicated	21,593,000	3.72	2,581,000
		Inferred	3,181,000	4.73	484,000

* Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off grade.

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083.
4. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%.
5. Assays were variably capped on a wireframe-by-wireframe basis.
6. Specific gravity was applied using weighted averages to each individual wireframe.
7. Effective date of the Mineral Resource Estimate is November 15, 2021.
8. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
9. Excludes unclassified mineralization located within mined out areas.
10. Reported from within a mineralization envelope accounting for mineral continuity.

The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Infill Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.

Qualified Person and Technical Report Notes
A Technical Report titled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", prepared in accordance with NI 43-101 for the Goldboro Gold Project Feasibility Study can be found on SEDAR (www.sedar.com) under the company's profile. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource and Mineral Reserve and Feasibility Study. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The Qualified Person responsible for the preparation of the Goldboro Gold Project Mineral Resource Estimate contained in this press release is Glen Kuntz, P. Geo. (Ontario, Nova Scotia) of Nordmin Engineering Ltd. Mr. Kuntz, is considered to be "Independent" of Anaconda and a "Qualified Person" under NI 43-101.

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.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics 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. Total pulp metallics assays for drillholes sited within this press release may be updated in a future news release.

The Drill Program is funded using existing flow through funds but has also benefited from a grant received from the Government of Nova Scotia through a Mineral Resources Development Fund, shared funding exploration grant MRDF-2021-SF-11.

Paul McNeill, P. Geo., VP Exploration of Anaconda, is a "Qualified Person" as such term is defined under NI 43-101 Standards for Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this press release.

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 top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' dated January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

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, 2020, 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.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected]

Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected]

Exhibit A. A map showing the location of drill holes from the Infill Drill Program within and adjacent to the East Goldbrook Pit and resource model. One drill hole (BR-21-313) was drilled 400 metres north of the other drill holes as an exploration hole to test a geophysical anomaly but did not intersect significant mineralization.

Exhibit B. A map showing the location of drill holes from the Exploration Program within and adjacent to the East Goldbrook Pit and resource model.

SOURCE: Anaconda Mining Inc.

View source version on accesswire.com:
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Anaconda Mining Announces Planned Name Change To Signal Gold Inc.

TORONTO, ON / ACCESSWIRE / March 28, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it plans to seek approval at its next annual general and special meeting of shareholders to change its name to "Signal Gold Inc.".

"The name change to Signal Gold Inc. reflects the near-term growth potential of the Company and better reflects our commodity focus, our history, and our progress in the top-tier mining jurisdiction of Atlantic Canada. The Company is poised for transformational growth with the advancement of the Goldboro Gold Project over the coming years and remains on track to file the Environmental Assessment Registration Document in Q2 2022. The recently published Phase 1 Open Pit Feasibility Study¹ outlines robust economics at a base case C$2,000 gold price (US$1,600) with an after-tax NPV 5% of $328 million and an IRR of 25.5%. At a gold price of C$2,400 (US$1,860), the Project would generate an after-tax NPV 5% of over $550 million and an IRR of 37.5%¹.

We also continue to operate the Point Rousse operation in Newfoundland, leveraging the mining infrastructure developed over more than 10 years of sustainable and responsible production. And with the continued advancement of the Stog'er Tight Deposit, we believe the Point Rouse Project has the potential for continued cash generation for several years.

The name change to Signal Gold Inc. and the related rebranding exercise will provide an opportunity to position ourselves anew with all stakeholders as a growing and sustainable gold producer."

~Kevin Bullock, President and Chief Executive Officer

The Company will seek approval for the name change at the Annual and Special General Meeting scheduled for May 12, 2022, at 10:00 AM EST. The name change is also subject to all applicable regulatory approvals, including the approval of the Toronto Stock Exchange.

¹Refer to the technical report entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" with an effective date of December 16, 2021 and available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.anacondamining.com.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold. Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

Kevin Bullock, P. Eng., President and Chief Executive Officer of Anaconda Mining Inc. is a "qualified person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this press release.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation, including, but not limited to, timing and approval of the name change, filing of the Environmental Assessment Registration Document, statements regarding the economics, advancement and growth of the Goldboro Gold Project, and the potential for the Point Rousse Project's continued cash generation. 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, 2021, 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.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc. Kevin Bullock President and CEO (647) 388-1842 [email protected]

Reseau ProMarket Inc. Dany Cenac Robert Investor Relations (514) 722-2276 x456 [email protected]

SOURCE: Anaconda Mining Inc.

View source version on accesswire.com:
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Anaconda Mining Identifies New Mineralized Systems at Point Rousse, Intersecting 2.09 G/T Over 5.7 Metres and 1.38 G/T Over 5.7 Metres

TORONTO, ON / ACCESSWIRE / March 31, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce exploration drill results from the Company's Point Rousse operation ("Point Rousse") in the Baie Verte Mining District of Newfoundland. The diamond drill program included testing of six exploration targets consisting of 4,684.6 metres of drilling in 36 diamond drill holes (the "Exploration Program"). Drill holes at the Corkscrew and Big Bear targets identified two new mineralized systems within the Goldenville Trend (Exhibit B) and mineralization was also intersected in multiple holes within the Deer Cove Trend (Exhibit C).

Highlights of the Exploration Program include:

• 2.09 grams per tonne ("g/t") gold over 5.7 metres (85.0 to 90.7 metres) including 9.80 g/t gold over 0.5 metres in drill hole CS-21-004;
• 1.38 g/t gold over 5.7 metres (18.9 to 24.6 metres) in drill hole DC-21-158;
• 3.64 g/t gold over 2.8 metres (136.2 to 139.0 metres) in drill hole DC-21-153;
• 1.03 g/t gold over 5.4 metres (54.9 to 59.4 metres) in drill hole BB-21-001;
• 6.86 g/t gold over 1.0 metre (27.0 to 28.0 metres) in drill hole DC-21-152; and
• 1.34 g/t gold over 2.3 metres (41.7 to 44.0 metres) with a visible gold showing in drill hole DC-21-156.

Data from the recently completed Induced Polarization ("IP") geophysical survey as well as geological mapping indicates these mineralized trends at Corkscrew and Big Bear may continue for hundreds of metres along strike and down-dip. The exploration program also included the completion of 90 line-kilometres of a ground IP geophysical survey designed to define further drill targets that were tested with the 5,000-metre drill program as announced on January 25, 2022. All targets have the potential to continue to extend the mine life at the Point Rousse operation and are all within nine (9) kilometres of the Pine Cove Mill and tailings facility (Exhibit A).

"The exploration program conducted in the second half of 2021 at Point Rousse has identified three new mineralized systems, demonstrating the continued exploration potential proximal to the operating mill and tailings facility at Pine Cove. Additionally, the data from the IP geophysical survey, in combination with other geological data, indicate that the mineralization encountered at both the Corkscrew and Big Bear targets may extend for hundreds of metres. The recently initiated drill program is in part designed to follow up on the Corkscrew and Big Bear targets with the goal of demonstrating the potential to host a gold deposit. Results from this program are expected in the second quarter of 2022."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

A table of selected composited assays from the Exploration Program

Hole ID	From (m)	To (m)	Length (m)	Gold (g/t)	Visible Gold
CS-21-004	36.5	39.5	3.0	0.57
and	85.0	90.7	5.7	2.09
including	89.0	89.5	0.5	9.80
and	102.0	103.0	1.0	1.15
BB-21-001	39.7	41.6	1.9	0.92
and	46.3	47.3	1.0	2.06
and	54.0	59.4	5.4	1.03
DC-21-151	4.0	5.0	1.0	0.76
DC-21-152	27.0	28.0	1.0	6.86
and	199.8	200.8	1.0	0.58
DC-21-153	136.2	139.0	2.8	3.64
DC-21-154	67.9	68.9	1.0	0.65
and	119.0	121.0	2.0	1.05
DC-21-155	147.0	148.0	1.0	0.82
DC-21-156	41.7	44.0	2.3	1.34	VG
and	53.0	57.0	4.0	0.37
DC-21-157	78.0	79.0	1.0	0.65
DC-21-158	18.9	24.6	5.7	1.38
DC-21-159	120.3	121.3	1.0	3.27
DC-21-161	83.0	84.0	1.0	0.70
and	114.0	117.0	3.0	0.55
DC-21-162	77.0	78.0	1.0	5.62
DC-21-163	26.0	28.0	2.0	1.00
and	55.0	56.0	1.0	0.82
and	60.0	64.0	4.0	0.74
and	76.0	77.0	1.0	0.73
DC-21-164	76.0	77.0	1.0	4.53
and	103.0	104.0	1.0	0.82

• Intervals are reported as core length only. True widths are estimated to be between 75% and 100% of the core length.
• All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.
• All drill hole numbers are reported consecutively and if not present in the table did not contain significant gold mineralization. Assays for diamond drill hole CS-21-005 had not been received prior and will be disclosed at a later date.

Exploration Program Details

The Goldenville Trend - Pumbly Point, Corkscrew and Big Bear

The Goldenville Trend comprises three separate mineralized zones - Pumbly Point, Corkscrew and Big Bear - that form a zone with a 2.3-kilometre strike length that has the potential to host gold mineralization.

Initial drilling in 2021 at Pumbly Point intersected a gold-mineralized structure along a 500-metre trend, which included an intersection of 1.89 g/t gold over 7.8 metres (57.2 to 65.0 metres), including 10.60 g/t gold over 0.8 metres and an intersection of 1.42 g/t gold over 4.0 metres (40.2 to 44.2 metres). The mineralized structure at Pumbly Point is a level of stratigraphy believed to be coincident with the Goldenville Horizon, a prospective geological sequence equivalent to the highly prospective Nugget Pond Horizon located at the Company's Tilt Cove Gold Project. A broader area of prospectivity could be open for further testing should this stratigraphy and structure continue.

At the Corkscrew target, gold is hosted within a minimum 400 metre long altered, quartz veined and pyrite bearing granodiorite that is between 40 and 100 metres thick. Historic drilling, between 1987 and 2009, was completed over a 325-metre strike extent, which is open in all directions, and intersected several zones of gold mineralization with highlight assays as follows:

• 1.87 g/t gold over 11.5 metres (209.3 to 220.8 metres), including 4.76 g/t gold over 3.0 metres in drill hole M-93-24;
• 8.46 g/t gold over 3.9 metres (228.4 to 232.3 metres) in drill hole M-87-15;
• 3.09 g/t gold over 6.0 metres (65.2 to 71.2 metres) including 19.14 g/t gold over 0.9 metres in drill hole M-87-03; and
• 4.38 g/t gold over 1.2 metres (49.2 to 50.4 metres) in drill hole M-93-21.

Mineralization encountered in hole CS-21-004, located 200 metres to the northwest of the Corkscrew granodiorite, is associated with mafic volcanic flows and alteration and sulphide mineralization consistent with a Volcanogenic Massive Sulfide alteration system.

The Big Bear Prospect is located 500 metres northeast of Corkscrew and hosted within similarly altered and mineralized granodiorite characterized by quartz veins and disseminated pyrite. Historic chip samples from this zone returned 1.60 g/t gold over 4.0 metres and grabs samples assayed up to 8.23 g/t gold. Broad spaced drilling (40 to 125 metres) in four holes completed in 2009 returned anomalous gold intervals assaying up to 2.28 g/t gold over 1.3 metres (56.5 to 57.8 metres) in diamond drillhole M-09-31.

Deer Cove Trend

The Deer Cove Trend consists of a zone of prospective rocks approximately 3.5 kilometres in strike length centered along the Deer Cove Thrust fault and includes the Deer Cove deposit as well as various other showings and prospects. The Deer Cove Thrust is an analogous structure to the Scrape Thrust that is located proximal and within the footwall of both the Pine Cove and Argyle Deposits and is considered genetically linked to the formation of those gold deposits.

Historic diamond drilling completed by previous owners, in addition to the Company's own drilling in 2014, predominantly focused on the Deer Cove main zone of mineralization, a north-south striking quartz vein system that sits in the hanging wall of the Deer Cove Thrust. Highlight assays of the previous and historic diamond drilling include:

• 22.74 g/t gold over 5.0 metres (3.2 to 8.2 metres) in drill hole DC-86-001;
• 11.97 g/t gold over 4.1 metres (89.8 to 93.9 metres); 26.12 g/t gold over 3.6 metres (97.7 to 101.3 metres); and 5.80 g/t gold over 3.4 metres (105.3 to 108.7 metres) in drill hole DC-87-073;
• 29.60 g/t gold over 1.7 metres (41.3 to 43.0 metres) in drill hole DC-88-100;
• 24.39 g/t gold over 2.3 metres (25.9 to 28.2 metres) in drill hole DC-10-122;
• 15.50 g/t gold over 2.5 metres (58 to 60.5 metres) in drill hole DC-14-138;
• 16.40 g/t gold over 0.5 metres (99.0 to 99.5 metres) in drill hole DC-14-141;
• 2.93 g/t gold over 2.5 metres (39.5 to 42.0 metres) in drill hole DC-14-144; and
• 1.79 g/t gold over 13.5 metres (71.0 to 83.5 metres) in drill hole DC-14-145.

The results of the Exploration Program indicated that the Deer Cove Trend has the strong potential to host additional zones of gold mineralization associated with carbonate and silica alteration, specifically within the hanging wall of the thrust fault, and similar in style to the Pine Cove, Stog'er Tight or Argyle mines.

The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.

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 were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis and completion of check assays of select samples. Drill core samples were routinely analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service.

Mineralized intervals referred to in this press release are reported as drill intersections and are apparent widths only. Apparent widths reported in this press release are estimated to be approximately 75-100% of true widths.

Diamond drilling at Point Rousse outlined within this press release, benefited from a JEA grant from the Department of Natural Resources, Government of Newfoundland and Labrador. Anaconda thanks the Government of Newfoundland and Labrador for this assistance.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

Kevin Bullock, P. Eng., President and Chief Executive Officer of Anaconda Mining Inc. is a "qualified person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information and data included in this press release.

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, 2020, 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.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc.
Kevin Bullock
President and CEO
(647) 388-1842
[email protected]

Reseau ProMarket Inc.
Dany Cenac Robert
Investor Relations
(514) 722-2276 x456
[email protected]

Exhibit A: A map showing the location of mineralized trends and drill targets at Point Rousse.

Exhibit B: A map showing the location of drill holes at Corkscrew and Big Bear reported in this press release as well as two mineralized intersections from single drill holes at each target.

Exhibit C: A map showing the location of drill holes at the Deer Cove Trend and intersected mineralization.

SOURCE: Anaconda Mining Inc.

[intern]

Anaconda Mining Reports Q1 2022 Production Results and Announces Change to the Board of Directors

TORONTO, ON / ACCESSWIRE / April 18, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is today announcing production results and certain financial information from the three months ended March 31, 2022 ("Q1 2022"), as well as providing a production update with regards to a water management issue at the Argyle open pit mine ("Argyle") which impacted mining operations. All dollar amounts are in Canadian Dollars. The Company expects to file its first quarter financial statements and management discussion and analysis by April 28, 2022.Previous ItemNext Item

"During the first quarter of 2022, Point Rousse produced 2,813 ounces of gold, an 11% increase compared to the prior year however lower than plan as operational challenges at Argyle required mill throughput to be maintained with low-grade Pine Cove stockpiles. The temperatures at site during the period, fluctuating above and below the freezing point, impacted our ability to drill and blast at times and material handling was impeded due to frozen stockpiles. Moreover, in early March we experienced a water management issue with the detection of ammonia levels in the Argyle pit which exceeded our discharge parameters, thereby impacting our ability to continue mining. The site operations team immediately mobilized a UV water treatment system which achieved an instant improvement in water quality based on independent lab testing. The water quality is now compliant, and the Company has begun discharging water from the pit sump, which should allow for a return to continuous operations this week. The Company is assessing the impact on production for the remainder of the year and will provide further updates accordingly.

The Company confirms that at no time during this incident was any impacted water discharged into the environment, as the Company's robust water management protocols identified the matter in a timely manner. The Company remains committed to the strong environmental management it has demonstrated over the past 10 years of operation in the Baie Verte Peninsula."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

The Company is also announcing that it has accepted the resignation of its Chairman, Jonathan Fitzgerald, from the Board of Directors to pursue other professional interests. Mary-Lynn Oke has been appointed interim Chair of the Board of Directors while the Company undertakes a search for a new Chair. Furthermore, as a result of his resignation, Mr. Fitzgerald will no longer stand for re-election as a Board member at the Company's annual and special shareholders meeting scheduled for Thursday, May 12, 2022. The remaining five members of the Board will continue to stand for re-election at the shareholder meeting.

"I would like to thank Jonathan for his contributions to the Company's success over the past 5-plus years, particularly in advancing the Goldboro Gold Project. While we fully understand and support his decision to resign and focus his attention on other interests, we appreciate his guidance in setting the Company up for growth and to build significant shareholder value."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

First Quarter 2022 Highlights

• Anaconda sold 3,491 ounces of gold in Q1 2022, generating metal revenue of $8.0 million at an average realized gold price¹ of $2,296 (US$1,813) per ounce sold.
• Point Rousse produced 2,813 ounces of gold in Q1 2022, an 11% increase compared to Q1 2021, however lower than planned due to operational challenges in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles.
• Mine operations moved 68,877 tonnes of ore during the first quarter from Argyle, an increase over the previous year but behind plan for 2022, as water management issues impacted the mine's ability to drill and blast in March.
• The Pine Cove Mill processed 104,495 tonnes during Q1 2022, of which 28,301 tonnes were from low-grade Pine Cove stockpiles. The mill achieved a strong average recovery rate of 86.1% despite the lower-grade profile of mill throughput.
• For Stog'er Tight, the Company is finalizing internal pit designs in anticipation of a potential development scenario; the Company has now received tree cutting and Crown Land permits and is in the process of finalizing the Mining Lease.
• Exploration drilling at Point Rousse identified two new mineralized systems within the Goldenville Trend, intersecting 2.09 g/t over 5.7 metres and 1.38 g/t over 5.7 metres (press release dated March 31, 2022).
• As of March 31, 2022, the Company had a cash balance of $3.6 million and an undrawn revolving credit facility of $3.0 million. Preliminary working capital deficit¹ at the end of the quarter was $6.5 million, which includes $3.2 million in deferred revenue associated with a gold prepayment facility which will be delivered into over the next six months. The deficit also reflects the short-term impact of the cessation of mining due to the water management issue.

First Quarter Operating Statistics

		Three months ended March 31, 2022				Three months ended March 31, 2021
Mine Statistics
Ore production (tonnes)			68,877				59,157
Waste production (tonnes)			786,515				551,706
Total material moved (tonnes)			855,392				610,863
Waste: Ore ratio			11.4				9.3
Mill Statistics
Availability (%)			93.6				82.7
Dry tonnes processed			104,495				92,533
Tonnes per day			1,241				1,243
Grade (grams per tonne)			0.97				1.01
Recovery (%)			86.1				84.9
Gold Ounces Produced			2,813				2,540
Gold Ounces Sold			3,491				3,119

Operations Overview for the Three Months Ended March 31, 2022

Anaconda sold 3,491 ounces of gold during the first quarter of 2022, generating gold revenue of $8.0 million at an average realized gold price¹ of $2,296 (US$1,813) per ounce sold. Gold production of 2,813 ounces was an 11% increase compared to Q1 2021, however lower than planned due to water management challenges in the Argyle Pit which required mill throughput to be maintained with low-grade Pine Cove stockpiles.

During Q1 2022, the mine operations moved 68,877 tonnes of ore, however mine production was impeded in March due to a water treatment issue whereby the quantity of water combined with the presence of elevated ammonia levels prevented further mine production. Corrective action was immediately taken with UV water treatment plants mobilized, which demonstrated an instant improvement in water quality based on independent lab testing. While waste mine development continued to be a focus to enable access to the core of the mineral resource, the delayed ore production resulted a higher than plan strip ratio of 11.4 waste tonnes to ore tonnes. The water quality is now compliant, and the Company has begun discharging water from the pit sump, which should allow for a return to continuous operations this week.

The Pine Cove Mill processed 104,495 tonnes during Q1 2022, an increase of 13% compared to the first quarter of 2021 when the Company experienced unplanned maintenance relating to the ball mill and the jaw crusher. The mill however fell short of plan in the most recent quarter due to fluctuating temperatures during the period which impacted material handling due to frozen stockpiles and wet ore also created issues with screening, slowing crushing rates. The average grade milled in Q1 2022 was 0.97 g/t as 27% of mill throughput was from lower grade stockpiles. The mill though was able to achieve an average recovery rate of 86.1%, an increase over the comparative period, despite the lower grade profile compared to Q1 2021.

¹ Refer to Non-IFRS Measures Section below.

Qualified Person

Kevin Bullock, P. Eng., President and CEO, Anaconda Mining Inc., is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study with Probable Mineral Reserves of 1.15 million ounces of gold (15.80 million tonnes at 2.26 g/t gold), Measured and Indicated Mineral Resources inclusive of Mineral Reserves of 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold) and additional Inferred Mineral Resources of 0.48 million ounces (3.18 million tonnes at 4.73 g/t gold) (Please see the ‘NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022 for further details). Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

NON-IFRS MEASURES

Anaconda has included certain non-IFRS performance measures as detailed below. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Average Realized Gold Price per Ounce Sold - In the gold mining industry, average realized gold price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is gold revenue. The measure is intended to assist readers in evaluating the revenue received in a period from each ounce of gold sold.

Average realized gold price per ounce sold is reconciled to the preliminary, unaudited condensed interim consolidated statement of comprehensive income as follows:

		Three months ended March 31, 2022				Three months ended March 31, 2021
Gold revenue ($)			8,105,374				7,353,288
Gold ounces sold			3,491				3,119
Average realized gold price per ounce sold ($)			2,296				2,358
Average US Dollar exchange rate during period			0.7898				0.7443
Average realized gold price per ounce sold (US$)			1,813				1,862

Working Capital - Working capital is a common measure of near-term liquidity and is calculated by deducting current liabilities from current assets.

Working capital is reconciled to the preliminary, unaudited condensed interim consolidated statement of financial position as follows:

		March 31, 2022				December 31, 2021
Current assets			9,721,259				17,843,194
Current liabilities			16,174,259				16,446,081
Working capital (deficit)			(6,453,228	)			1,397,113

For further details about non-IFRS measures, please refer to the section "Non-IFRS Measures" in the Company's Management's Discussion and Analysis for the year ended December 31, 2021, which is available on the Company's website and on SEDAR at www.sedar.com.

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, 2021, 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.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc.
Kevin Bullock
President and CEO
(647) 388-1842
[email protected]

Reseau ProMarket Inc.
Dany Cenac Robert
Investor Relations
(514) 722-2276 x456
[email protected]

SOURCE: Anaconda Mining Inc.