Anaconda Mining Inc. announced that it has initiated various exploration programs at its 100% owned Tilt Cove Gold Project, located within the Baie Verte Mining District in Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill and long-term tailings storage facility. Anaconda has consolidated more than 11,000 hectares of prospective mineral lands covering 35 kilometres of high-potential strike length, including the Nugget Pond Horizon, a geological unit that hosted the past producing, high-grade Nugget Pond Mine. The exploration programs, initially expected to cost $1.25 million, will include advancing the understanding of the high-grade gold intercepts from recent drilling at East Pond and the thick mineralized intercepts at Betts Cove, including systematic prospecting, geological mapping and structural analysis of priority targets throughout the area. This work will help direct an initial 4,000 metres of diamond drilling to test prospective targets, which will be increased opportunistically based on results. At the recently expanded property area known as Nippers Harbour, a program comprising stream sediment, till and soil geochemical studies as well as prospecting and geological mapping will be completed to define targets for follow-up drilling in this underexplored part of the greater Tilt Cove Project. The Tilt Cove Project has several exploration targets in four main areas: the Nugget Pond, Long Pond, Betts Cove and Nippers Harbour Target areas. The Nugget Pond Target is a 7.5-kilometre zone along the Nugget Pond Horizon extending northeast from the Nugget Pond Gold Mine to the Tilt Cove Mine (Exhibit B). There are four key exploration targets that are prospective for Nugget Pond-style mineralization on the Property as follows: East Pond Prospect ­ The East Pond Zone comprises a minimum 800-metre long segment of the Nugget Pond Horizon beneath East Pond. Diamond drilling in 1997 and 1998 from the north side of East Pond intersected gold mineralization in the footwall of the Nugget Pond Horizon similar to footwall style mineralization at the Nugget Pond Mine. This suggests that the Nugget Pond Horizon above these holes may be mineralized and that these holes intersected northwest oriented mineralized structures like those at the Nugget Pond Mine. Recent drill testing of the Red Cliff Horizon at East Pond included an intersection of 4.99 g/t gold over 4.0 metres. West Pond Prospect ­ The West Pond Zone comprises a minimum 1.3-kilometre long target beneath West Pond that is marked by the continuation of the Nugget Pond Horizon northeast of the Nugget Pond Mine. Red Cliff Pond Zone ­ The Red Cliff Pond Zone comprises a minimum 1.2-kilometre long target beneath and adjacent to Red Cliff Pond that is marked by the continuation of the Nugget Pond Horizon northeast of the Nugget Pond Mine. Long Pond South Trend ­ A 4.0-kilometre long section of the Nugget Pond Horizon to the east of Red Cliff Pond that has some existing soil anomalies but is generally lacking full soil coverage. Follow-up prospecting and soil sampling is warranted in this area. Betts Cove Mine ­ At the Betts Cove Mine disseminated to massive pyrite and chalcopyrite +/- gold mineralization is hosted at the contact between gabbroic sills and pillow basalts, particularly within a chlorite schist unit that may represent a sheared alteration zone, a similar setting to the Tilt Cove Mine 20 kilometres to the northeast along strike. The Long Pond Target is a 4.0-kilometre long zone that is located at the contact between ultramafic rocks of the Betts Cove Complex and younger Silurian felsic volcanic rocks of the Silurian Cape St. John Group. The Company expanded the Tilt Cove Property to the southwest along strike. The Nippers Harbour area is a highly prospective, road accessible area with 17 significant gold and copper occurrences.