Anaconda Mining Inc. (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has completed a first tranche of a non-brokered private placement of 8,671,952 units of the Company at a price of $0.41 per FT Unit, for aggregate gross proceeds of $3,555,500. Each FT Unit consists of one common share of the Company, which qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada) and one-half of one non-flow-through common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.55 per Warrant Share until June 22, 2020. Anaconda expects to complete a second tranche of the private placement on or around June 26, 2018 for 2,219,000 FT Units, for additional aggregate gross proceeds of $909,790.

“We are very pleased with the high level of interest for this private placement which attracted strong institutional demand from established mining-focused investors, as well as existing shareholders. Since the acquisition of the Goldboro Project, we have achieved very impressive drill results and continue to demonstrate that the mineral resource is open for expansion. The proceeds from this placement will enable us to build upon our recent success of increasing the scale of the Goldboro deposit. At Point Rousse, we have announced a 5,000-metre drill program to expand the Argyle mineral resource and target two other high priority exploration targets within close proximity of the Pine Cove Mill. We are excited about the resource growth potential at Goldboro and Point Rousse and look forward to sharing the results as they come available over the next several months.”

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

Red Cloud Klondike Strike Inc. and M Partners acted as finders in connection with the Offering. In connection with the first tranche of the private placement, the Company paid a cash finder’s fee and issued 520,317 non-transferable finder warrants. Each finder warrant is exercisable for one common share of the Company at a price of $0.55 until June 22, 2020.

It is expected that the gross proceeds from the private placement will be primarily used for exploration activities at the Company’s Goldboro Project in Nova Scotia and its other deposits in Atlantic Canada.

All the securities sold pursuant to the first tranche of the private placement are subject to a hold period which will expire on October 23, 2018 in accordance with the rules and policies of the Toronto Stock Exchange and applicable Canadian securities laws. The private placement remains subject to the final approval of the TSX.

The securities offered (and any underlying securities, as applicable) have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT ANACONDA MINING INC.

Anaconda is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Stog’er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company’s Point Rousse Project.

The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula of Newfoundland and the Tilt Cove Property on the Baie Verte Peninsula, also in Newfoundland.