TORONTO, ON / ACCESSWIRE / February 9, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the results from the recently completed metallurgical testing program ("Met Program") for its 100% owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro" or the "Project"). The latest Met Program was initiated based on recent drill results which have demonstrated the presence of significant near-surface gold mineralization, located adjacent to modelled high-grade zones. This lower grade background material, which exists across the deposit and had not been previously subject to metallurgical testing, could conceptually be mined with surface mining methods, along with the high-grade zones of mineralization previously subject to metallurgical testing. In total, the metallurgical program tested distinct grade bins ranging from 0.16 grams per tonne gold ("g/t gold") to 4.46 g/t gold, with an average head grade of 1.04 g/t gold. The metallurgical testing demonstrated excellent recoveries within composites representative of potential mill feed for the Project with a range of recoveries between 89% to 98%, complementing the feasibility-level metallurgical testing announced on July 9, 2019, which demonstrated a range of recoveries from 87% to 99% on higher grade areas of the deposit (head grades ranged between 0.90 g/t gold and 23.0 g/t gold).

"We are extremely pleased with the results of the recently completed metallurgical testing program which reinforce the excellent recoveries achievable at Goldboro, and further support the potential for an expanded surface mining scenario for the Project. The metallurgical characteristics of the lower-grade mineralization adjacent to the higher-grade zones has demonstrated excellent recoveries which, combined with the previous metallurgical testing results, demonstrate a strong recovery curve for the Project. These positive results will be incorporated into the upcoming updated Mineral Resource Estimate anticipated in Q1 and will support the advancement of the feasibility study for the Goldboro Gold Project, where the impact of the strong recovery results and presence of significant background mineralization will be considered with respect to the mining rate, strip ratio, mill throughput, annual gold production and other key economic parameters."

~Kevin Bullock, President and CEO, Anaconda Mining Inc.

The results were produced from the recent metallurgical optimization and variability testing program completed by Base Metallurgical Laboratories in Kamloops, British Columbia under the overall supervision of Ausenco Engineering Canada Inc. Testing occurred in late 2020 on composite samples from near surface mineralization and included comminution testing, grind optimization, gravity concentration, leach testing, cyanide destruction and arsenic precipitation. Cyanide destruction and arsenic precipitation development were also completed to generate samples for environmental and geotechnical characterization studies supporting continued environmental permitting.

The Met Program evaluated 33 discrete composite samples ("composite" or "composites") representing 300 kilograms of material from across the deposit. Each composite consisted of multiple samples collected from diamond drill core, from within a specific grade range and from the three different gold systems within the deposit (West Goldbrook, Boston Richardson, and East Goldbrook). In total, the metallurgical program tested distinct grade bins, ranging from 0.16 g/t to 4.46 g/t gold (see Table 1 below) with an average grade of all composites at 1.04 g/t gold. Samples within each grade bin included material from across the deposit and from various portions of the deposit including modelled geological solids which include some high grade samples as well as lower grade material adjacent to modelled geological solids, representing all rock types observed in the deposit. The lower grade material represents a significant amount of mineralized material that was never previously tested, within or outside of the belts, particularly at or below 1.0 g/t, and the results of the Met Program on this material demonstrate excellent recoveries within these grade ranges.

Table 1. Results of the Met Program showing average grade, leach characteristics, gravity recovery, leach recovery and overall recovery of composites.

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The results from this program (Exhibit A), combined with previous results announced in July 2019 (Exhibit A), demonstrate the exceptional linear recovery curves to be used for the upcoming Mineral Resource Estimate and ongoing Feasibility Study planned for Q4, 2021.