Anaconda Gold Corp.
TSX VENTURE : ANX

Anaconda Gold Corp.

January 23, 2006 09:14 ET

Anaconda Gold Announces $1,300,000 Private Placement Offering

TORONTO, ONTARIO--(CCNMatthews - Jan. 23, 2006) - Anaconda Gold Corp. ("Anaconda" or the "Corporation") (TSX VENTURE:ANX) is pleased to announce a non-brokered private placement of up to 2,000,000 units of the Corporation at a price of $0.65 per unit to raise gross proceeds of up to $1,300,000. Each unit will consist of one common share (a "Common Share") of the Corporation and one-half of one common share purchase warrant (a "Warrant"). One whole Warrant will entitle the holder to purchase one Common Share at a price of $0.75 per Common Share for an 18 month period from the date of closing. In connection with the private placement, a cash finder's fee of 6% will be paid to a person at arm's length to Anaconda.

Northfield Capital Corporation (TSX VENTURE:NFD.RV.A) and Middlemarch Partners will be subscribing for an aggregate of two thirds or 1,333,333 of the units.

The offering and finder's fee are subject to TSX Venture Exchange approval.

The proceeds from the offering will be used primarily to advance Anaconda's Pine Cove project in Newfoundland towards production in 2006 and for general working capital.

FORWARD-LOOKING STATEMENTS

This press release includes certain forward-looking statements. All statements regarding the ability of Anaconda to complete the private placement financing and the advancement of the Pine Cove project to commercial production in 2006 are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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