Ennio D'Angela Announces Holdings in Anaconda Mining Inc.

TORONTO, ONTARIO--(Marketwired - July 28, 2016) - Ennio D'Angela announces that, pursuant to a share purchase agreement dated July 27, 2016, he and persons acting jointly or in concert with him (the "Purchasers") have acquired 20,000,000 units (the "Purchased Units") of Anaconda Mining Inc. (the "Company") at a price of $0.0525 per Purchased Unit for an aggregate acquisition cost of $1,050,000. Each Purchased Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, an "Anaconda Warrant"). Each Anaconda Warrant entitles the Purchasers to purchase one common share of the Company until July 27, 2017 at a price of C$0.10. The Purchasers acquired the Purchased Units as part of a structured transaction involving the issuance of units by the Company to an investor by way of private placement (the "Issued Units"), each Issued Unit consisting of one "flow-through share" (within the meaning of the Income Tax Act (Canada)) and one-half of common share purchase warrant of the Company, the donation of the Issued Units acquired by such investor to a charity, and the subsequent resale of the Issued Units by the charity to the Purchasers (the "Transaction").

Immediately prior to the closing of the Transaction, Mr. D'Angela individually owned 1,991,000 common shares of the Company. Upon the closing of the Transaction, Mr. D'Angela owns or controls 21,991,000 common shares of the Company and 10,000,000 Anaconda Warrants, representing ownership of, or the right to acquire ownership of, 31,991,000 common shares of the Company or approximately 14.59% of the issued and outstanding common shares of the Company (on a partially diluted basis after giving effect to the full exercise of all Anaconda Warrants owned or controlled by Mr. D'Angela).

The Purchasers acquired the Purchased Units for investment purposes and may increase or reduce their investment in the Company according to market conditions or other relevant factors. The Purchasers currently has no other plans or intentions that relate to the acquisition or disposition of securities of the Company.

This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the "Early Warning Report") within the prescribed period. A copy of the Early Warning Report will be available on SEDAR under the Company's issuer profile at www.sedar.com.