GOLD: Down-dip extension at Pine Cove to be tested

NEWFOUNDLAND – Anaconda Mining of Toronto is begun a diamond drill program designed to test the down-dip extension of its Pine Cove gold deposit on the Baie Verte Peninsula. This is a 10-hole, 2,000-metre program to investigate previously encountered mineralization north of the open pit.

The company says it intersected significant gold values in the area in 2011 and 2012. Hole PC-11-181 intersected 2.50 g/t Au over 40.8 metres, including 7.18 g/t over 3.2 metres and 11.44 g/t over 4.3 metres. The widest intersection was 32 metres and assayed 0.848 g/t Au.

Anaconda's current drilling program will attempt to trace the mineralization intersected in PC-11-181 both up-dip towards the Pine Cover deposit and to the north and northeast. Infill drilling will also take place beneath the bottom of the ultimate open pit to help with pit design and tighten ore definition in the deeper levels of the deposit.

More information about the Pine Cove gold mine is available at AnacondaMining.com.