TORONTO, May 7, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the
Company") - (TSX: ANX) announced today that, effective May 1, 2012, it
entered into a five-year option agreement with Tenacity Gold Mining
Company Ltd. ("Tenacity") to acquire a 100% undivided interest in four
mining licenses in the Pine Cove to Stog'er tight area near Baie Verte,
Newfoundland totaling 63 claims and approximately 1,575 hectares (the
"Licenses"). The Licenses are adjacent to the existing mining license
where the Pine Cove gold mine currently operates and are further
illustrated on the attached map.
President and CEO, 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 Licenses; however, it is obliged to keep the
Licenses 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.
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.
Image with caption: "Anaconda/Tenacity Properties (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20120507_C4406_PHOTO_EN_13140.jpg
<p> <i>Anaconda Mining Inc. </i><br/> <i>Dustin Angelo</i><br/> <i>President and CEO </i><br/> <i>(647) 260-1248 </i><br/> <i>Email: </i><a href="mailto:dangelo@anacondamining.com" text-decoration="" font-style="italic"><i>dangelo@anacondamining.com</i></a><i> </i> </p> <p> <i>ProConsul Capital Ltd.</i><br/> <i>Andreas Curkovic</i><br/> <i>Investor Relations </i><br/> <i>(416) 577-9927</i><br/> <i>Email: </i><a href="mailto:acurkovic@proconsulcapital.com"><i>acurkovic@proconsulcapital.com</i></a><br/> </p> <p> Company website: <a href="http://www.anacondamining.com">www.anacondamining.com</a> </p>