Anaconda Mining Inc.

TSX : ANX


Anaconda Mining Inc.

May 07, 2013 07:00 ET

Anaconda Commences Metallurgical Testing on Romeo and Juliet Zone

TORONTO, ONTARIO--(Marketwired - May 7, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to announce that it recently initiated two metallurgical test programs at its Pine Cove gold mine on the Baie Verte Peninsula, Newfoundland. A 200 kg sample from Pine Cove's Romeo and Juliet zone along with a 200 kg sample from the main pit zone were shipped to RPC, where testing will be conducted, on May 1, 2013. Test results from the Romeo and Juliet sample will provide data on the best gold recovery method for this zone. Main pit zone test results will be used to reinforce optimization plans for the current operation. Combined test results will determine compatibility of the two ore types and the optimal entry point of the Romeo and Juliet ore into the current plant design.

The test programs include ore characterization and various processing options including gravity, flotation and direct leaching. Based on the test results, Anaconda will develop a flow sheet that maximizes the potential of both ore types.

A second phase of the test work consists of QEMSCAN analysis, gold deportment, host mineral identification, and liberation analysis. This phase is being done at the SGS lab in Lakefield, Ontario simultaneous with the RPC test work.

Both programs will continue through May and June with final results scheduled for mid July.

President and CEO, Dustin Angelo, stated, "The Company continues to make progress on developing Romeo and Juliet. The metallurgical testing is a very important step in our ultimate goal of putting Romeo and Juliet into production. We look forward to the results in mid July and will advance other aspects of the project in the mean time."

ABOUT RPC

RPC is New Brunswick's provincial research organization (PRO), an independent contract research and development and technical services organization located in Fredericton, New Brunswick. RPC's complement of 98 scientists, engineers and technologists are supported by a 13,000 square meter facility housing world-class analytical chemistry and material-testing laboratories, comprehensive life science capabilities, an internationally recognized fish health lab, extensive prototype design, manufacturing and testing services, and a wide variety of pilot facilities for the development and improvement of industrial and environmental processes and products.

RPC is accredited by various organizations including the Standards Council of Canada (SCC) and is ISO 9001:2008 certified. Further information about RPC's services is available from http://www.rpc.ca.

ABOUT ANACONDA

Headquartered in Toronto, Canada, Anaconda is a growth-oriented, gold mining and exploration company with a producing asset located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine.

FORWARD-LOOKING STATEMENTS

This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "may", "estimates", "expects", "indicates", "targeting", "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.

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