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Anaconda Mining reports record gold production at Pine Cove: 344.2 troy ounces in a single pour

Anaconda Mining Inc. (“Anaconda”)  (TSX: ANX) is pleased to announce that, on May 4, 2011, it shipped a record amount of gold, 344.2 troy ounces, in a single pour at its Pine Cove gold mine (“Pine Cove”). The production was during an approximately 7-day period from April 25ththrough May 1st. In addition, overall recovery rates at the Pine Cove mill continue to improve. In the press release dated May 2, 2011, Anaconda reported that overall recovery had reached the low to mid 70% range. During the period from May 1st through May 15th, overall mill recovery was approximately 80%.

“Following up the record shipments in April with our largest single gold pour in the first week of May demonstrates the continued progress at Pine Cove,” said President and CEO Dustin Angelo. “Ore throughput capacity has been very consistent at 950 to 1,000 tonnes per day for several weeks and now the overall mill recovery rate is reaching anticipated levels. At this rate, we expect May’s shipments to exceed April’s volume.”

Headquartered in Toronto, Canada, Anaconda is a mining and exploration company focused on operating the Pine Cove gold mine located on the Baie Verte Peninsula in Newfoundland, Canada and advancing the exploration and development of its iron ore portfolio in Chile with its joint venture partner, Inversiones SBX Limitada.