In 1993, Nova Gold extracted a 10-tonne bulk sample from a section of the Juliet zone. A total of 3,035 kilograms were processed in a series of cyanide-leach bottle roll tests at the Technical University of Nova Scotia and returned a head grade of 36.68 grams per tonne gold (this data is historic in nature and has not been verified by Anaconda).
While the head grade of Anaconda's bulk sample is considerably lower than the 36.68 g/t gold head grade reported by Nova Gold, the variance can be attributed to the difference in bulk sample sizes (1,000 tonnes versus 10 tonnes) and that the Nova Gold bulk sample was extracted from a portion of the Juliet zone known to contain considerable visible gold.
It should also be noted, that during the crushing phase of its bulk sampling process, Anaconda personnel collected a series of grab samples which were assayed at Eastern Analytical Laboratory. These results confirmed the variability of gold content as the assays ranged from 2.06 g/t to 8.70 g/t gold.
In the fall of 2012, Anaconda trenched a historic 45 parts per billion gold-in-soil anomaly located northeast of the Romeo zone (Figure 1). The trench exposed two small shear zones which contained quartz veining up to 30 centimeters wide. Grab samples of the veins assayed between 0.48 g/t and 3.9 g/t gold. The newly exposed veins extend the Romeo zone approximately 35 meters to the northeast. The zone remains open to the northeast, southeast and down dip.
This news release has been reviewed and approved by David Evans, P. Geo., with Silvertip Exploration Consultants Inc., a "Qualified Person" under National Instrument 43-101.
(i)Fire Assay Samples: Crushed samples were placed in sealed plastic bags and delivered to the Eastern Analytical Laboratory in Springdale, Newfoundland by Anaconda personnel. The samples were then analyzed by Fire Assay methods with AA finish.
(ii)Cyanide Leach: Crushed samples were placed in sealed plastic bags and were delivered to Accurassay Laboratory in Thunder Bay. Cyanide leaching (bottle-roll testing) was completed as per Accurassay's prescribed procedures. Gold grades were determined by fire assay method.
(iii)While the Company has no reason to doubt the accuracy of the historic results, the existing data should not be relied upon until the Company's own exploration work confirms that the data meets National Instrument 43-101 standards for disclosure. Historic results and the work that generated them predate the enactment of National Instrument 43-101, and may not meet the requirements of that policy. Historical data for the Romeo and Juliet prospect were obtained from assessment files archived by the Newfoundland and Labrador Department of Natural Resources.
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.
Company website: www.anacondamining.com
To view Figure 1. Romeo and Juliet Prospect: Diamond-Drill Plan, please visit the following link: http://media3.marketwire.com/docs/Romeo-and-Juliet-bulk-sample-announcement-map.jpg.
Anaconda Mining Inc.
President and CEO
ProConsul Capital Ltd.
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