Anaconda Mining Inc. (TSX: ANX) (OTCQX: ANXGF) is pleased to announce initial drill results from a 10,000-metre drill program that began in July 2018 at the Goldboro Gold Project in Nova Scotia. Six drill holes (BR-18-44 to 49; 3,237 metres) successfully targeted a previously untested deeper area of the Boston Richardson Gold System over 350 metres of strike and to depths of 525 metres (Exhibit A and B). Drilling expanded two mineralized zones an additional 200 metres along strike and expanded five other zones over 350 metres along strike. The Company observed nineteen occurrences of visible gold in the six drill holes and the character of the mineralization in those holes is consistent with results seen throughout the BR Gold System to date. The BR Gold System remains open for further expansion at depth and down plunge.

Highlights from recent drill results include:

• 8.79 grams per tonne (“g/t”) gold over 8.0 metres (483.0 to 491.0 metres) in hole BR-18-44, including 64.40 g/t gold over 0.8 metres;
• 51.89 g/t gold over 1.0 metre (224.5 to 225.5 metres) in hole BR-18-46;
• 5.15 g/t gold over 4.0 metres (390.9 to 394.9 metres) including 10.08 g/t gold over 1.5 metres in hole BR-18-47;
• 21.06 g/t gold over 1.0 metre (200.1 to 201.1 metres) in hole BR-18-48; and
• 6.39 g/t gold over 2.0 metres (457.2 to 459.2 metres) and 3.35 g/t gold over 4.5 metres (539.0 to 543.5 metres) in hole BR-18-49, including 25.68 g/t gold over 0.4 metres.

The continuity of the BR Gold System is evident as the Company drills deeper. Below are select highlights from assays previously reported by the Company from mineralized zones discovered below the existing Mineral Resource and contiguous with mineralization intersected in this Drill Program. The continuity at depth is also illustrated in Exhibit B.

• 2.21 g/t gold over 25.5 metres (506.1 to 531.6 metres) including 12.39 g/t gold over 3.2 metres in hole BR-18-30;
• 4.13 g/t gold over 20.5 metres (324.5 to 345.0 metres) including 9.93 g/t over 7.5 metres in hole BR-18-23;
• 19.99 g/t gold over 1.7 metres (369.7 to 371.4 metres) in hole BR-18-23;
• 4.82 g/t gold over 3.6 metres (384.7 to 388.3 metres) including 9.90 g/t gold over 1.1 metres in hole BR-18-33;
• 63.88 g/t gold over 1.0 metre (378.0 to 379.0 metres) in hole BR-18-41;
• 6.05 g/t gold over 3.7 metres (472.0 to 475.7 metres) including 28.12 g/t gold over 0.7 metres in hole BR-18-42; and
• 9.29 g/t gold over 2.1 metres (420.6 to 422.7 metres) in hole BR-18-21.

A full table of composited assays from recent drilling is presented below.

“We have demonstrated further expansion of the Goldboro Deposit, particularly in the Boston Richardson Gold System, and discovered that mineralization continues to at least to 525 metres. These results demonstrate the growth potential of the Goldboro Deposit, coming on the heels of an updated Mineral Resource estimate that highlighted a 15% increase of Measured and Indicated Resources to over 600,000 ounces, and a 30% increase of Inferred Resources to 450,000 ounces. Having successfully completed our goal of expanding the Boston Richardson Gold System, we have recently begun drilling at West Goldbrook with the aim of infill drilling critical portions of this area to upgrade Inferred Resources and to test the expansion potential to depths of 400 metres. We have completed approximately 75% of our 10,000-metre drill program which we expect to wrap up by year end. The results of this Drill Program will be used to update the Mineral Resource estimate, and will be incorporated into a feasibility study for Goldboro.”

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

Expansion of the BR Gold System

Drill holes BR-18-30, -33, -41, and -42 intersected new zones of mineralization within the BR Gold System on Sections 9050E and 9000E as previously reported on July 5, 2018.  Diamond drill holes BR-18-44 to -49 of the current Drill Program were primarily designed to test the strike gap in drilling between the West Goldbrook Gold System and Section 9050E within the BR Gold System at total depth of 525 metres (Exhibit B).    Holes BR-18-44 to -49 were drilled along sections 8600E, 8700E, 8800E, 8900E and 9100E and contained mineralization characteristic of the BR Gold System. Based on these results and those reported for section 9050E and 9100E, Anaconda believes there is continuity within these newly outlined mineralized zones over the entire 500 metres of strike (from Section 8600E to Section 9100E).

Assays for drill hole BR-18-43 will be reported with other holes drilled in the West Goldbrook Gold System.

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

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

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

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

Reported mineralized intervals are measured from core lengths. Intervals are estimated to be approximately 75-100% of true widths of the mineralized zones, except for drill intersections below 450 metres depth in hole BR-18-30, 49, 41, 44 where the drill of the host fold structure near the bottom of the hole.  In these areas reported intervals may be as much as 50% of true width.

ABOUT ANACONDA

Anaconda Mining 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 open pit mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and 7-million tonne capacity tailings facility, and approximately 9,150 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade Mineral Resource, subject of a 2018 a preliminary economic assessment which demonstrates a strong project economics.

The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick.