ANX Anaconda Mining Inc

Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX), is pleased to
announce that it has begun production at its Pine Cove gold mine ("Pine Cove" or
the "Project"), located near Baie Verte, Newfoundland. Solids commissioning has
now been completed and on May 2, 2008 the Company received its Mill License from
the Province of Newfoundland and Labrador, the final step in the regulatory and
permitting process for production. Construction of the Project began in June
2007 and was completed within established capital budget allocations, despite
severe winter construction conditions.


The Pine Cove gold mine is projected to produce 13,000 ounces of gold in 2008.
As a result of Anaconda financing the mine through to production, it will earn
its 60% interest in the Pine Cove project from New Island Resources Inc. (TSX
VENTURE:NIS), the Company's partner at Pine Cove. The Pine Cove mine will
produce gold at a time of high metal prices and increasing demand. Incremental
cash flow to the Company will fund ongoing exploration work on its portfolio of
projects in Canada and Chile.


Lew Lawrick, President and CEO of Anaconda comments: "We are excited to bring
the Province's newest gold mine on-line within the current climate of high gold
prices. I would like to congratulate Pine Cove General Manager Allan Cramm and
the rest of the Pine Cove team for all their hard work and dedication to this
project. Now that commissioning is complete and production is underway, we can
focus our attention on optimizing production and evaluating additional target
areas on the Property." Lew added: "the benefits of the Pine Cove gold mine will
undoubtedly be advantageous to the community of Baie Verte and to the Province.
We acknowledge and appreciate their support throughout the construction phase."


The Company is extremely appreciative of the entire Pine Cove construction team
whose attention to safety and the environment are commendable. Some 50,000
person-hours relating to mill construction and mine development were recorded by
the Company and its primary contractors, all without a single lost-time accident
or environmental incident.


The mill at Pine Cove incorporates a Gekko gravity concentrator at the front end
of the plant, allowing for maximum utilization of the grinding and leach
circuit. Commissioning testing has confirmed throughput at above 22 t/hour, the
target capacity of the plant. The processing circuit, including the crushing
plant, has many features to allow for throughput and recovery optimization which
ensures safe and efficient operations.


The Feasibility Study for Pine Cove was completed in March, 2005 using a
projected gold price of US$400/oz, significantly below the current gold price
and recent highs in excess of US$1,000. The Company sees excellent potential for
the revaluation of zones of mineralization which were not considered ore at this
historical price. It is also considering exploration outside of the current
planned pit area. These include a recently drilled target area located just 100
metres north of the proposed pit, as well as the Romeo and Juliet zone, located
in the northern part of the property. In an Anaconda news release of March 19,
2008, the Company reported recent diamond drilling which intersected 3.7 g/t Au
over 10.5 meters, including 13.0 g/t Au over 0.4 metres and 29.1 g/t over 0.3
metres, thereby confirming the down dip potential of the main zone. Further
north at Romeo and Juliet, past work has returned grades as high as 23 g/t Au
over 1.0 metres in a chip sample.


John Cook, P.Eng., a designated Qualified Person as defined by NI 43-101 of the
Canadian Securities Administrators, is responsible for reviewing the contents of
this news release.


About Anaconda

Anaconda is a Toronto, Canada based mining company with a portfolio of
advanced-stage exploration projects in Canada and South America. The diversified
portfolio is supported by near-term cash flow from the Pine Cove gold mine in
Newfoundland and Labrador, which commenced production in May 2008.


The Company is presently focused on the San Gabriel Project in Chile, where it
has identified several zones of magnetite-iron mineralization. The Project is
advantageously located close to road, rail, power and deep-sea port facilities.
The Company plans to continue to aggressively explore San Gabriel to evaluate
its potential to host economic concentrations of iron mineralization. The
Company is actively pursuing new opportunities to compliment its existing
portfolio.


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 at the San Gabriel Iron Project
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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