Anaconda Mining Inc.: Q2-2008

TORONTO, ONTARIO, Jan 15 (MARKET WIRE) --
Anaconda Mining Inc. ("Anaconda or the "Company") (TSX: ANX)(FRANKFURT:
GJ2) is pleased to report its results as at and for the 6 months ended
November 30, 2007. All amounts are in Canadian dollars unless stated
otherwise.

HIGHLIGHTS

Financial

- As at November 30, 2007, the Company had total assets of $22.2 million
including cash and cash equivalents of $4.6 million of which $987,000 is
restricted as a result of various balances on deposit with the Company's
financial institution in Chile.

- No operating revenues during the 6 months ended November 30, 2007 as
the Company continues to focus on exploration activities with regard to
its Canadian and Chilean projects.

- Consolidated loss for the period was $1.9 million. The loss included
expenditures of $2.4 million offset by interest income of $125,000 and
translation gains of $432,000. This compares with a loss of $176,000
comprised of expenditures of $134,000, translation losses of $45,000
offset by interest income of $3,000 for 2006.

- Cash utilized during the period was $5.4 million. Cash utilized for the
6-month period was comprised of cash flow used for operating activities
of $1.4 million, used for financing activities of $398,000 and used for
investing activities of $3.6 million.

Operational

- Inca de Oro Sur (formerly known as Carmen):

On December 5th, the Company reported that Penoles had started a
12,000-metre drilling program totaling 30 holes at the Inca de Oro Sur
copper-gold project. The drill program will focus on the exploration of
the project with the objective of defining a larger threshold economic
mining opportunity during the four-year exploration program. During the
first year, in addition to drilling, Penoles is to commence the
initiation of environmental base-line studies, ground geophysical surveys
including magnetic and induced polarization, property-wide geochemical
sampling and preliminary metallurgical test work.

- Pine Cove:

The mill process plant is now totally enclosed with all of the major
components installed. Mechanical and electrical fabrication is ongoing
relating to the installation of the crushers, ball mill, thickener &
leach, merrill-crowe and tailing treatment. Construction of the tailing
management facility is progressing with the excavation of organics to
prepare for actual dam construction.

Construction of permanent office facilities, within the mill building, is
progressing well, with occupancy scheduled for late January 2008. The
power line contractor has substantially completed pole installation with
the installation of cross-arms and conductors scheduled for late January.
Energizing of this line by the end of January remains the current
schedule.

- San Gabriel:

Drilling at this iron ore project located 1,000 km north of Santiago,
Chile has intersected high-grading iron mineralization. Hole RSGA-05, one
of five holes completed on a magnetic anomaly, intersected 62 m grading
42% iron. This intersection included a higher grading 22 m interval
assaying 62.17% iron. A second hole, RSGA-04 returned 84 m grading 35.3%
iron including a 24 m interval assaying 52.4% iron. Full details of the
results may be found in the Company's press release dated October 25,
2007.

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.

Anaconda Mining is an emerging gold producer with a portfolio of advanced
stage projects in Chile and Canada.

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
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.

Contacts:
Anaconda Mining Inc.
Lew Lawrick
Chairman and CEO
(416) 864-3357
Email: llawrick@anacondamining.com

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