Anaconda Mining Comments on Proposed "Take-Under" Bid Announced by Plantro Venture Group

TORONTO, July 29, 2015 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) comments on the press release of Plantro Venture Group Ltd. issued on Wednesday July 29, 2015, which announces its intention to commence an offer to acquire all of the issued and outstanding common shares of Anaconda at a price of CAD$0.035, which is below the recent market price of the Company's common shares.

Dustin Angelo President and CEO of Anaconda commented: "The Plantro proposed offer is stated to be subject to due diligence and is significantly lower than our share price. When a formal offer is received, the board of directors of the Company will meet and carefully review and consider such offer. Until such time, there is no formal offer to consider or respond to. The board will provide shareholders with updates as necessary. In the meantime, Shareholders are urged to take no actions in connection with the offer." 

ABOUT ANACONDA

Headquartered in Toronto, Canada, Anaconda is a growth-oriented, gold mining and exploration company with a producing project, called the Point Rousse Project, and approximately 6,000 hectares of exploration property on the Ming's Bight Peninsula located in the Baie Verte Mining District in Newfoundland, Canada. Since 2012, Anaconda has increased its property control by nine-fold. It is currently exploring three primary, prospective gold trends, which have approximately 20 kilometres of cumulative strike length and include four deposits and numerous prospects and showings, all within 8 kilometres of the Pine Cove Mill.  The Company's plan is to discover and develop more resources within the project area and double annual production from its current rate of approximately 15,000 ounces to 30,000 ounces.

FORWARD LOOKING STATEMENTS

This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding growth and is based on current expectations and assumptions of management that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to: the expectations of the Company in expanding mineral resources and project mine life and the timing thereof, current and future market trends and growth opportunities and whether the Company will be able to capitalize upon them. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements are based on current expectations and are subject to significant risks and uncertainties, including the risks factors outlined in the Company's latest annual information form and other continuous disclosure documents filed at www.sedar.com, 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 the Company assumes no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.

SOURCE Anaconda Mining Inc.