Anaconda Mining Inc. (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has completed the second and final tranche of a non-brokered private placement of 2,219,000 units of the Company at a price of $0.41 per FT Unit, for aggregate gross proceeds of $909,790. Total proceeds raised under the private placement are $4,465,290.

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 26, 2020.

Red Cloud Klondike Strike Inc. and M Partners acted as finders in connection with the Offering.  In connection with the second and final tranche of the private placement, the Company paid a cash finder’s fee and issued 73,200 non-transferable finder warrants. Each finder warrant is exercisable for one common share of the Company at a price of $0.55 until June 26, 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 private placement are subject to hold periods which will expire four months and one day from the respective closing dates for the first and second tranche of the private placement, being October 23, 2018 and October 27, 2018, as applicable, 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.