ANX Anaconda Mining Inc

Anaconda Mining Inc. ("Anaconda or the "Company") (TSX:ANX)(FRANKFURT:GJ2) is
pleased to report its results as at and for the 9 months ended February 29,
2008. All amounts are in Canadian dollars unless stated otherwise.


HIGHLIGHTS

- As at February 29, 2008, the Company had total assets of $25.0 million
including cash and cash equivalents of $2.8 million of which $990,000 is
restricted as a result of various balances on deposit with the Company's
financial institution in Chile.


- No operating revenues during the 9 months ended February 29, 2008 as the
Company continues to focus on exploration activities with regard to its Canadian
and Chilean projects and works towards the final commissioning of its Pine Cove
project.


- Consolidated comprehensive loss for the 9-month period was $3.1 million. The
loss included expenditures of $4.0 million offset by interest income of
$157,000, translation gains of $585,000 and unrealized gains on the Company's
for-sale investments of $95,000 (net of future taxes of $54,000). This compares
with a loss of $119,000 comprised of expenditures of $165,000, offset by
translation gains of $42,000 and interest income of $4,000 for the same period
in 2006.


- Cash utilized during the 9-month period ended February 29, 2008 was $7.2
million and comprised cash provided from operating activities of $1.7 million,
used for financing activities of $686,000 and used for investing activities of
$8.2 million.


Anaconda Mining is an emerging gold producer with a portfolio of advanced stage
projects in Chile and Canada.


Certain statements contained herein constitute "forward-looking statements".
These forward-looking statements are based on current expectations. The nature,
timing and extent of the exploration programs may materially change from current
intentions for a number of reasons.


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
the Company's beliefs in the potential mineralization, are based on current
expectations and entail various risks and uncertainties. Actual results may
materially differ from expectations as more information regarding the property
is gathered or if known and unknown risks or uncertainties affect the Company's
business, or if the Company's estimates or assumptions prove inaccurate. The
Company assumes no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or any other reason.

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