Stog'er Tight Deposit Expanded With Latest Results And Infill Drilling Commences With Permitting Activities Initiated

TORONTO - Anaconda Mining Inc. reported results from its 5,394 meter expansion drill program along strike from the Stog'er Tight Mine and Deposit, located approximately three (3) kilometers east of the Company's operating Pine Cove Mill and Tailings Facility in Newfoundland. Results from the Drill Program to date include 4,663 meters in 42 diamond drill holes including the results of 2,936 meters in 20 diamond drill holes (BN-20-341 to -361) reported here. The Drill Program was initiated to follow up on the recent discovery of gold mineralization announced on in July and August. The most recent drill holes were specifically designed to test areas around the previously announced intercepts and to expand both the strike and down-dip extent of mineralization. The Drill Program has now successfully expanded mineralization by 690 meters of strike and 360 meters northwestward in the down-dip direction.

Highlights of the Drill Program include: 5.16 grams per tonne ("g/t") gold over 5.0 meters (64.0 to 69.0 meters), including 15.60 g/t gold over 1.0 meters in diamond drill hole BN-20-351; 2.71 g/t gold over 6.7 meters (148.5 to 155.2 meters); including 12.10 g/t gold over 0.8 meters in diamond drill hole BN-20-349; 1.76 g/t gold over 5.0 meters (128.0 to 133.0 meters) in diamond drill hole BN-20-347; 9.31 g/t gold over 2.0 meters (89.0 to 91.0 meters) in diamond drill hole BN-20-359; and 0.94 g/t gold over 9.0 meters (112.0 to 121.0 meters) in diamond drill hole BN-20-341.

Kevin Bullock, President and CEO, said, “Our recent drill program was designed to understand the extent of mineralization at Stog'er Tight and included a series of wide step out holes testing adjacent geological and geophysical targets within 750 meters of known mineralization. The program has successfully expanded mineralization both down-dip and along strike. We are now using this information to create an initial in-house resource estimate and have begun an infill drill program of 2,500 meters that will continue throughout the upcoming winter months. We believe the mineralization outlined west of the Stog'er Tight mine represents its strike extension and has strong potential to extend the life of mine of the Point Rousse operation, consequently we have initiated the required environmental studies and related data collection which will support the permitting process, and potential development and future mining at Point Rousse."

The results of the Drill Program indicate that a zone of gold mineralization extends at least 720 meters west of the Stog'er Tight Mine, and in fact represents the strike extension of the original Stog'er Tight Deposit. Mineralization now extends over a total strike length of approximately 1,250 meters. Gold mineralization is hosted within a shallowly northwest dipping gabbro sill and has been tested to a vertical depth of 100 meters. The Company will create a new in-house, non-National Instrument 43-101 ("NI43-101") compliant, resource estimate combining recent results with the previously announced NI43-101 compliant Mineral Resource Estimate for Stog'er Tight.

The NI43-101 compliant Mineral Resource Estimate for Stog'er Tight includes an open pit constrained Indicated Mineral Resource of 102,000 tonnes at a grade of 2.39 g/t gold and an Inferred Mineral Resource of 134,000 tonnes at a grade of 3.06 g/t gold (0.5 g/t gold cut off for Open Pit Constrained) as well as an out-of-pit Mineral Resource Estimate including an Indicated Mineral Resource of 14,000 tonnes at a grade of 4.27 g/t gold and an Inferred Mineral Resource of 210,000 tonnes at a grade of 3.62 g/t gold (2.0 g/t gold cut off for out-of-pit resource). Creation of an in-house resource estimate and associated preliminary open pit design will provide internal guidance on how much of the mineralization could be potentially mined within an open pit and will help guide on-going infill drilling.

To facilitate a potential development of the deposit west of the Stog'er Tight Mine, preliminary environmental studies have been initiated at Camp Pond, which is anticipated to be impacted by a potential development. Fox Pond, located east of Camp Pond, was similarly underlain by the Stog'er Tight Deposit which was successfully mined in 2018 and 2019 by partial dewatering of the pond under appropriate Provincial and Federal Government authorizations.