Mr. Dustin Angelo reports
ANACONDA MINING OPTIONS 1,575 HECTARES ADJACENT TO ITS PINE COVE GOLD MINE
Effective May 1, 2012, Anaconda Mining Inc. entered into a five-year option agreement with Tenacity Gold Mining
Company Ltd. to acquire a 100-per-cent undivided interest in four
mining licences in the Pine Cove to Stog'er tight area near Baie Verte,
Nfld., totalling 63 claims and approximately 1,575 hectares. The licences are adjacent to the existing mining licence
where the Pine Cove gold mine currently operates.
President and chief executive officer, Dustin Angelo, stated: "This option agreement is an
important step in our growth plans for Pine Cove as it more than
triples the size of the company's land package in the area. The company
is committed to expanding the life and production of Pine Cove through
exploration. The Tenacity properties, which are adjacent to our current
operations, offer an ideal and logical extension of the area we
currently control."
In the near term, the company does not have any material, mandatory
obligations related to the licences; however, it is obliged to keep the
licences in good standing during the term of the option. During the
remainder of calendar 2012, the company is required to make exploration
expenditures of approximately $67,000.
We seek Safe Harbor.
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