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Anaconda boosts M&I open pit gold resources by 1,361% in Nova Scotia

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(Kitco News) - Anaconda Mining (TSX:ANX)(OTCQX:ANXGF) today announced an updated and significantly expanded mineral resource estimate for its 100% owned Goldboro gold project in Nova Scotia, Canada.

Highlights of the Goldboro gold project updated mineral resource include 1,089,800 ounces of gold (11,880,000 tonnes at 2.86 g/t gold) within two constrained open pits within the measured and indicated mineral resource categories, representing an increase in ounces of 1,361%.

Overall, the company reported 1,946,100 ounces of gold (16,036,000 tonnes at an average grade of 3.78 g/t gold) within the measured and indicated mineral resource categories, representing a 179% increase in combined open pit and underground ounces.

The company said that feasibility level metallurgical studies demonstrate an excellent average recovery of 96% for the open pit constrained mineral resource.

Anaconda noted continued growth potential as the open pit shells only used measured and indicated resources to create the open pit physical limits, strong opportunity exists for further conversion of inferred resources.

Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland. Anaconda is also developing the Goldboro gold project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.

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