ANX Anaconda Mining Inc

Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to
report that condemnation diamond-drilling north of its Pine Cove mine has
intersected the possible down-dip extension of the Pine Cove deposit. PC-14-224,
a vertical diamond-drill hole, located approximately 180 meters north of the
ultimate open pit, intersected 5.75 grams per tonne ("g/t") gold over a core
length of 1.97 meters.


The recently completed 600-meter, 4-hole, condemnation diamond-drill program
targeted areas north and northwest of the mine as part of a possible waste dump
expansion. The holes northwest of the mine were not expected to contain
mineralization. However, PC-14-224, which was north of the mine, was drilled to
a depth of 300 meters to simultaneously test for condemnation purposes and for
the possible down-dip extension. It was collared approximately 95 meters
northwest of PC-11-181, which assayed 2.50 g/t gold over a core length of 40.8
meters (Anaconda Press Release, July 27, 2011), and intersected several
intervals of Pine Cove style alteration and mineralization (Table 1). The best
interval assayed 3.06 g/t gold over 5.54 meters (including 5.75 g/t gold over
1.97 meters) beginning at a vertical depth of approximately 207 meters. This
mineralization occurs at the same vertical depth as that intersected in
PC-11-181 (an angled hole drilled to the south, away from PC-14-224); however,
PC-14-224 cut the mineralized zone almost 150 meters northwest of PC-11-181. 


Table 1



----------------------------------------------------------------------------
Hole_ID                   From (m)        To (m)     Width (m)        Au g/t
----------------------------------------------------------------------------
PC-14-224                   137.26        138.32          1.06          1.15
----------------------------------------------------------------------------
PC-14-224                   207.37        212.91          5.54          3.06
----------------------------------------------------------------------------
including                   210.94        212.91          1.97          5.75
----------------------------------------------------------------------------
PC-14-224                   234.98        235.25          0.27          6.08
----------------------------------------------------------------------------
PC-14-224                   243.23         245.2          1.97          2.23
----------------------------------------------------------------------------



PC-14-224 targeted an area, well north of previous drilling, that was thought to
be underlain by the potential down-dip extension of the Pine Cove deposit.
Previous historic drilling, including PC-11-181, indicated that the Pine Cove
deposit did continue at depth to the north beyond the present block model. In
2013, drilling intersected wide intervals of gold mineralization of similar
grade and tenor to the Pine Cove deposit in both the down-dip area, further
validating the down-dip theory, and in a newly defined area referred to as the
Western Extension area. 


In both areas, the gold mineralization lies outside of the ultimate open-pit
boundaries, so its depth may preclude its extraction by open-pit methods.
However, within the broad gold-rich zones are narrower higher grade intervals
that may be amenable to underground mining methods, particularly in the
shallower Western Extension area. Figures 1, 2, 3 and 4 contain a plan view and
three section maps of drill hole intersections in and around the Pine Cove pit
that illustrate the high grade intervals and the possible trend of
mineralization. Additional drilling will be required to test the possible
continuity of higher grade material amenable to underground mining.


President and CEO, Dustin Angelo, stated, "The down-dip area north of the Pine
Cove mine continues to demonstrate potential, most likely for an underground
mine. PC-14-224 intersected significant gold mineralization well north of the
current pit. There are no drill holes north of this latest hole and the
mineralization that was discovered in PC-14-224 lies almost 150 meters from that
which was intersected by PC-11-181. We are encouraged by the results we are
seeing and there is still a wide open area north of the pit that we have to
evaluate. 


Regional Exploration Program Update

Anaconda is currently reviewing and compiling all historic data for both the
Deer Cove and Stog'er Tight deposits. The Company plans to carry out a detailed
ground magnetic survey over the Stog'er Tight area before spring breakup. Infill
and definition drilling will be initiated at Deer Cove in May and subsequently
at Stog'er Tight. Data from both properties will be used to complete NI 43-101
resource estimates. Geological mapping, prospecting and trenching programs are
also planned for the June to November field season for Stog'er Tight North,
Ming's Bight, Goldenville Horizon and the Romeo and Juliet Trend.


Balcony Zone

In January 2014, Anaconda completed 300 meters of additional diamond-drilling in
two holes that targeted the possible down-plunge and eastern extensions to the
newly discovered Balcony Zone of the Romeo and Juliet prospect (Anaconda Press
Release, September 16, 2013). The drilling was the final phase of a drill
program at Romeo and Juliet that was initiated during the summer of 2013
(Anaconda Press Release, July 8, 2013). Both holes successfully intersected the
targets but did not return economically significant gold grades. All existing
data is being evaluated and further work, including trenching, is anticipated
later in 2014 as part of an expanded exploration program along the regional
Romeo and Juliet Trend. This trend is defined by a significant
northeast-southwest 1.5 km long topographic linear which is anchored by the
Romeo and Juliet prospect to the south and the Pumbley Point/Fuel Bog gold
showings to the north (Figure 5). Exploration will focus on this linear and, in
particular, search for east-west crosscutting structures similar to that hosting
the Balcony Zone. 


Note: All assay intervals refer to core length and at present true thicknesses
of mineralized zones are not known. The diamond drilling was carried out by New
Valley Drilling of Springdale, Newfoundland and was supervised by Silvertip
Exploration Consultants Inc. The NQ core was logged and sampled at the Pine Cove
mine site. Samples selected for analyses were sawn and half the sample was
tagged and placed in a sealed plastic bag. Samples generally comprised one meter
core intervals in altered rock and half meter intervals in quartz veins. Samples
were transported by Silvertip personnel to the Eastern Analytical Laboratory in
Springdale, Newfoundland for fire assay. As part of the QA-QC protocol,
standards and blanks were randomly inserted during the sampling process. The
remaining core is stored at the Pine Cove mine.


This news release has been reviewed and approved by David Evans, P. Geo., with
Silvertip Exploration Consultants Inc., a "Qualified Person" under National
Instrument 43-101.


To view Figures 1 to 5 please click on the following link:
http://media3.marketwire.com/docs/Figures1-5.pdf


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Anaconda Mining Inc.
Dustin Angelo
President and CEO
(647) 260-1248
dangelo@anacondamining.com
www.anacondamining.com


ProConsul Capital Ltd.
Andreas Curkovic
Investor Relations
(416) 577-9927
acurkovic@proconsulcapital.com

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