Anconia Announces $4.0 Million Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2012) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") announces that it proposes to complete a non-brokered private placement offering (the "Offering") of units ("Units") and flow-through units ("Flow-Through Units"), at a subscription price of $0.20 per Unit and $0.23 per Flow-Through Unit, for aggregate gross proceeds of up to $4,000,000.

Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (a "Unit Warrant"). Each whole Unit Warrant will entitle the holder to purchase one common share of the Company at a price of $0.27 per share for a period of 18 months following the closing of the Offering.

Each Flow-Through Unit will consist of one common share of the Company to be issued on a 'flow-though' basis and one-half of one common share purchase warrant (a "FT Warrant"). Each whole FT Warrant will entitle the holder to purchase one common share of the Company at a price of $0.30 per share for a period of 18 months following the closing of the Offering.

Prior to closing, the Company may, at its option, increase the size of the Offering by 20% in any combination of Units and Flow-Through Units, which, if exercised, will increase the size of the Offering to up to $4,800,000.

The Company anticipates that the Offering will close in late February 2012. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.

The Company anticipates that current insiders of the Company will participate in the Offering.

In connection with the Offering, the Company may (i) pay to certain finders (each, a "Finder") a cash commission ("Commission") equal to up to 8% of the gross proceeds of the Offering (excluding proceeds raised from insiders of the Company, if any), and (ii) issue to Finders compensation options ("Finders' Options") exercisable to acquire that number of common shares of the Company equal to up to 8% of the total number of Units and Flow-Through Units issued pursuant to the Offering (excluding Units or Flow-Through Units issued to insiders of the Company, if any). Each Finders' Option shall be exercisable to acquire one common share of the Company for a period of 18 months following the closing of the Offering at a price of $0.20 per share, or such greater exercise price as may be required by the TSX Venture Exchange.

Completion of the Offering is subject to certain conditions including, but not limited to, receipt of TSX Venture Exchange approval.

It is intended that the proceeds from the Offering will be used to conduct a comprehensive exploration program of three properties owned by the Company in the Nunavut Territory, Canada and for working capital purposes. The Company may also use a portion of the proceeds raised to acquire new properties or expand existing land claims in its portfolio. Proceeds from the sale of the Flow-Through Units will be used for Canadian Exploration Expenses on the Company's properties.

About Anconia

Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in the Nunavut Territory and Ontario, Canada. Anconia is undertaking a comprehensive exploration program to determine the potential of the projects currently in its portfolio.

Forward-Looking Information

This news release contains forward looking statements and information under applicable securities laws, including with respect to the timing of completion of the Offering and the anticipated use of proceeds therefrom. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of Anconia in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the speculative nature of mineral exploration and development, including the uncertainty of mineral reserve and resource estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which Anconia has an interest; unexpected geological or hydrological conditions; operational and technical difficulties; fluctuations in commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Anconia; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; as well as other risks and uncertainties which are more fully described in Anconia's annual and quarterly Management's Discussion and Analysis and in other filings made by Anconia with Canadian securities regulatory authorities and available at www.sedar.com.

Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, Anconia disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Anconia believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.