Anaconda Gold Corp.
TSX VENTURE : ANX
FRANKFURT : GJ2

Anaconda Gold Corp.

January 09, 2007 10:03 ET

Anaconda Shareholders Approve Transaction With Colorado Minerals-Conditional Listing Approval Received From Toronto Stock Exchange

TORONTO, ONTARIO--(CCNMatthews - Jan. 9, 2007) - Anaconda Gold Corp. (TSX VENTURE:ANX)(FRANKFURT:GJ2) ("Anaconda " or the "Company") is pleased to announce that at the annual and special meeting of the Company held on January 8, 2007 the shareholders of Anaconda approved the acquisition (the "Acquisition") of Colorado Minerals Inc. Anaconda shareholders also approved: (i) the appointment of simone parker LLP as the new auditors of Anaconda; (ii) the consolidation of the common shares of the Company on a 1 for 2 basis (the "Consolidation"); and (iii) the name change of the Company to "Anaconda Mining Inc." (the "Name Change"). Details of the resolutions considered and approved at the meeting are disclosed in the management information circular of Anaconda dated December 5, 2006 filed at www.sedar.com.

In addition, at the shareholder meeting, Lewis Lawrick and Antonio Ortuzar Jr. were elected as new directors to the board of Anaconda to replace Robert W. Schafer, Larry Kornze and Ewan Downie. Nick Tintor, John Cook and John McBride will continue to serve on the Company's board of directors. Mr. Lawrick has been appointed as the new Chairman and Chief Executive Officer of Anaconda. Mr. Stephen Gledhill has been appointed as the new Chief Financial Officer of the Company and Mr. Chris J. Eustace has been appointed as the new secretary of Anaconda.

It is intended that the Consolidation and the Name Change will be made effective immediately prior to the closing of the Acquisition.

Anaconda is also pleased to announce that the Toronto Stock Exchange has conditionally approved the listing of the common shares of the Company, subject to completion of the Acquisition and the equity financing of $15 million (the "Equity Financing"). It is expected that the Acquisition along with the Equity Financing will close within the next few weeks.

The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information