Anaconda Mining Declares a Mineral Reserve at the Argyle Deposit and Finalizes Mine Plan with an After-Tax IRR of 245% at Cad$1,900 Per Ounce

Aug 04, 2020

TORONTO, ON / ACCESSWIRE / August 4, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX, Financial) (OTCQX:ANXGF, Financial) is pleased to announce an open-pit Mineral Reserve for the Argyle Deposit ("Argyle") at the Company's Point Rousse Project and has commenced certain mine development activities in anticipation of ore production in the fourth quarter of 2020. Mine ore tonnes will be trucked approximately 4.5 kilometres to the Company's operating Pine Cove Mill and tailings facility in Newfoundland (Exhibit A). The development of Argyle is based on a recent Updated Mineral Resource Estimate ("Mineral Resource") and initial Mineral Reserve ("Mineral Reserve") prepared in accordance with National Instrument 43-101 ("NI 43-101") and 2019 CIM MRMR Best Practice Guidelines. All currencies in this press release are reported in Canadian dollars unless otherwise specified (US amounts are based on a foreign exchange rate of CAD$0.75/US$1.00).

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