Anaconda Mining Inc. announced the assay results from the second phase of diamond drilling at the Argyle Prospect, located at the Point Rousse Project and approximately 4.5 kilometres from the Pine Cove Mill. The Phase 2 Drilling Program consisted of 22 diamond drill holes totaling 2,174 metres where Anaconda was targeting a consistent level of altered and mineralized stratigraphy within the greater Argyle Prospect Area. Since initial trenching and the first phase of diamond drilling at Argyle, Anaconda has discovered a shallow-dipping, near-surface (less than 100 metres), mineralized system close to the Pine Cove Mill, with several intercept grades in core that are higher than the current production grade at the Pine Cove pit. The Phase 2 Drilling Program has successfully extended the strike length of gold mineralization by about 50% to over 600 metres while more than doubling the down-dip extension to at least 225 metres. Both the strike and down-dip extensions remain open. During the Phase 2 Drilling Program, the Company encountered two Higher-Grade Zones of mineralization with thicknesses ranging from 6.0 to 15.0 metres, similar to a zone discovered during the Phase 1 Drilling Program, located in the western area of Argyle. These two new Higher-Grade Zones are down-dip to the north and are located in the northern and eastern parts of the drilling area. The easternmost Higher-Grade Zone is outlined by drill holes AE-16-33, -40 and -43 and averages 14 metres thick with composited assays between 2.91 g/t and 5.52 g/t gold. The strike of this zone is at least 150 metres and is still open for expansion. The northernmost Higher-Grade Zone is outlined by a single drill hole (AE-16-39), is 6.0 metres thick with a composited grade of 9.31 g/t gold and is open along strike and down-dip.