Anaconda Mining and Assembly of Nova Scotia Mi'kmaw Chiefs Sign Memorandum of Understanding Regarding Goldboro Gold Project

TORONTO, July 22, 2019 -  Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that on July 2, 2019, Anaconda and the Assembly of Nova Scotia Mi'kmaw Chiefs (the "Assembly") signed a Memorandum of Understanding (the "MOU") that will govern the process by which the parties shall negotiate a Mutual Benefits Agreement (the "MBA") regarding the Goldboro Gold Project in Nova Scotia.

"Since Anaconda acquired the Goldboro Gold Project over two years ago, we have forged a positive, working relationship with the Assembly of Nova Scotia Mi'kmaw Chiefs. Anaconda acknowledges that the Mi'kmaq of Nova Scotia are committed to protect and enhance the land and resource-based economy within its Traditional Territory. We feel that signing a memorandum of understanding is an important milestone that demonstrates our collective desire to pursue mutually beneficial social and economic opportunities while respecting the principles of environmental stewardship. We look forward to working through a Mutual Benefits Agreement."

~ Dustin Angelo, President, Anaconda Mining Inc.

The MOU outlines the process for Anaconda and the Assembly to work together in good faith to resolve a Mutual Benefits Agreement in a way that reflects a desire to build a mutually beneficial relationship that will be sustained for the life of the Goldboro Gold Project.

"The Mi'kmaq have long-held traditions of management and protection of our lands and resources. A fundamental way to continue those traditions today is to have good communication with companies working in our territory. Development must be done in a responsible manner, with environmental considerations that reflect the Mi'kmaq perspective. This MOU with Anaconda will provide an opportunity for Mi'kmaq participation and involvement in the development of these lands."

~ Chief Terrance Paul, Co-Chair for the Assembly of Nova Scotia Mi'kmaw Chiefs

ABOUT THE ASSEMBLY OF NOVA SCOTIA MI'KMAW CHIEFS

The Assembly of Nova Scotia Mi'kmaw Chiefs is comprised of all 13 Mi'kmaw Chiefs in Nova Scotia and is the highest level of collective governance for the Mi'kmaq of Nova Scotia. www.mikmaqrights.com

ABOUT ANACONDA

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 which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. 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 year ended December 31, 2018, 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.