TORONTO, June 25, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has completed a first tranche of a non-brokered private placement of 8,671,952 units of the Company ("FT Units") at a price of $0.41 per FT Unit, for aggregate gross proceeds of $3,555,500. Each FT Unit consists of one common share of the Company, which qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) ("FT Shares") and one-half of one non-flow-through common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of $0.55 per Warrant Share until June 22, 2020. Anaconda expects to complete a second tranche of the private placement on or around June 26, 2018 for 2,219,000 FT Units, for additional aggregate gross proceeds of $909,790.

"We are very pleased with the high level of interest for this private placement which attracted strong institutional demand from established mining-focused investors, as well as existing shareholders. Since the acquisition of the Goldboro Project, we have achieved very impressive drill results and continue to demonstrate that the mineral resource is open for expansion. The proceeds from this placement will enable us to build upon our recent success of increasing the scale of the Goldboro deposit. At Point Rousse, we have announced a 5,000-metre drill program to expand the Argyle mineral resource and target two other high priority exploration targets within close proximity of the Pine Cove Mill. We are excited about the resource growth potential at Goldboro and Point Rousse and look forward to sharing the results as they come available over the next several months."

~Dustin Angelo, President and CEO, Anaconda Mining Inc.

Red Cloud Klondike Strike Inc. and M Partners acted as finders in connection with the Offering. In connection with the first tranche of the private placement, the Company paid a cash finder's fee and issued 520,317 non-transferable finder warrants. Each finder warrant is exercisable for one common share of the Company at a price of $0.55 until June 22, 2020.

It is expected that the gross proceeds from the private placement will be primarily used for exploration activities at the Company's Goldboro Project in Nova Scotia and its other deposits in Atlantic Canada.

All the securities sold pursuant to the first tranche of the private placement are subject to a hold period which will expire on October 23, 2018 in accordance with the rules and policies of the Toronto Stock Exchange (the "TSX") and applicable Canadian securities laws. The private placement remains subject to the final approval of the TSX.

The securities offered (and any underlying securities, as applicable) have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT ANACONDA MINING INC.

Anaconda is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.

The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula of Newfoundland and the Tilt Cove Property on the Baie Verte Peninsula, also in Newfoundland.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, use of proceeds, the expansion of the mineral resource, the closing of the second tranche of the private placement and TSX final acceptance of the private placement. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the seven months ended December 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Anaconda Mining Inc.

For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, dangelo@anacondamining.com, www.AnacondaMining.com; Anaconda Mining Inc., Lynn Hammond, VP Public Relations, (709) 330-1260, Lhammond@anacondamining.com; Reseau ProMarket Inc., Dany Cenac Robert, Investor Relations, (514) 722-2276 x456, Dany.Cenac-Robert@ReseauProMarket.com