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TORONTO, ONTARIO -- (Marketwire) -- 02/28/13 -- Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX: ANX) is pleased to report it has completed phase one of the 2013 diamond drilling program at its Pine Cove mine on the Baie Verte Peninsula, Newfoundland. The ten-hole, 1919-metre program successfully explored the area immediately west and down-dip of the Pine Cove deposit.
Highlights:
Western Extension Area
-- Hole PC-13-196 intersected 11.4 metres of 2.19 grams per tonne ("g/t") gold from a depth of 26.6 meters;-- Additional mineralization in hole PC-13-196 was intersected at 63.9 metres and again at 96.0 metres;-- PC-13-196 and PC-13-201 encountered new mineralization adjacent to the ultimate open pit boundary; and-- 1,000-metre follow-up drill program is scheduled for the end of March to expand this new zone and assess potential for open pit extension and mining cost reductions.Down-dip Extension Area
-- Hole PC-13-195 intersected 12.06 metres of 3.32 g/t gold from a depth of 168.66 metres;-- Hole PC-13-199 intersected 3.06 metres of 7.69 g/t gold from a depth of 147.2 metres:-- Four, widely spaced drill holes all intersected mineralization up dip from PC-11-181, which assayed 2.50 g/t gold over a core length of 40.8 metres (Anaconda Press Release, July 27, 2011); and-- The drilling continues to demonstrate the potential continuity of mineralization within the down-dip zone.
President and CEO, Dustin Angelo, stated, "Phase one of the 2013 diamond drilling program has been a success. In the ten-hole program, Anaconda discovered a potential, new gold zone adjacent to the western part of our current pit. Mineralization in hole PC-13-196 is shallow and similar grade to what we are mining in our pit. A new, near surface gold zone could have a significant, positive impact on our mine plan. Just as important, we've made progress on demonstrating the potential continuity of gold mineralization in the down-dip area, anchored by hole PC-11-181. Four more holes drilled between the pit and PC-11-181 returned mineralization. As a result of our successful phase one 2013 diamond drilling program, we will do an additional 1,000 metres in March."
Table 1:
---------------------------------------------------------------------------- GoldDrill Hole Dip Depth From To Width grams/tonne----------------------------------------------------------------------------Down-Dip Extension----------------------------------------------------------------------------PC-13-195 90 188 168.66 180.72 12.06 3.32---------------------------------------------------------------------------- Including 168.66 176.58 7.92 4.67---------------------------------------------------------------------------- Including 171.66 172.62 0.96 12.30----------------------------------------------------------------------------PC-13-198 90 231.4 119.00 120.80 1.08 2.33---------------------------------------------------------------------------- 171.04 177.98 6.94 1.74---------------------------------------------------------------------------- Including 171.04 173.13 2.09 3.51---------------------------------------------------------------------------- Including 176.00 177.98 1.98 1.89---------------------------------------------------------------------------- 193.86 197.07 3.21 1.26----------------------------------------------------------------------------PC-13-199 90 289.3 147.20 150.26 3.06 7.69---------------------------------------------------------------------------- Including 147.20 148.17 0.97 20.22----------------------------------------------------------------------------PC-13-200 90 163.1 49.00 50.00 1.00 1.56---------------------------------------------------------------------------- 94.88 95.88 1.00 1.36---------------------------------------------------------------------------- 142.65 144.50 1.85 3.12----------------------------------------------------------------------------Western Extension----------------------------------------------------------------------------PC-13-196 90 146.9 26.60 38.00 11.40 2.19---------------------------------------------------------------------------- 49.00 54.25 5.25 1.28---------------------------------------------------------------------------- 58.05 60.35 2.67 1.39---------------------------------------------------------------------------- 63.86 68.00 4.14 3.41---------------------------------------------------------------------------- 96.02 102.20 6.18 2.16---------------------------------------------------------------------------- Including 99.00 99.97 0.97 8.78---------------------------------------------------------------------------- 111.00 112.00 1.00 6.13---------------------------------------------------------------------------- 116.97 126.00 9.03 0.83----------------------------------------------------------------------------PC-13-197 90 160.9 138.50 139.51 1.01 2.61----------------------------------------------------------------------------PC-13-201 90 169.5 16.63 18.86 2.23 1.60---------------------------------------------------------------------------- 95.22 96.23 1.01 1.23---------------------------------------------------------------------------- 138.50 146.27 7.77 3.93---------------------------------------------------------------------------- Including 142.20 143.20 1.00 17.74----------------------------------------------------------------------------PC-13-202 90 191 Assays Pending----------------------------------------------------------------------------PC-13-203 90 208.9 Assays Pending----------------------------------------------------------------------------PC-13-204 90 170.1 Assays Pending----------------------------------------------------------------------------
