Anaconda Announces First Gold Pour at Pine Cove

TORONTO, ONTARIO, Jul 23 (MARKET WIRE) --
Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX), is pleased
to report that on July 16, 2008, the first gold was poured at its Pine
Cove Gold Mine ("Pine Cove") in Baie Verte, Newfoundland. The pour
yielded three gold dore bars with a collective weight of 140.43 oz. As
previously announced (see Anaconda Press Release dated July 3rd, 2008),
mine / mill commissioning and optimization studies are ongoing. Mill
throughput is approaching engineered design specifications as gold
recovery at each stage of the mill circuit reaches acceptable levels as
per plant design. Currently, the inventory of broken ore, including the
fine ore stockpile, coarse ore stockpile and broken ore in the pit,
measures 26,141 tonnes at a calculated grade of 3.68 g/t.

On achieving this milestone Lewis Lawrick, President and CEO commented:
"we are thrilled to be announcing our first gold pour at Pine Cove and I
congratulate the team under the leadership of General Manager Allan Cramm
for their commitment to this project. We look forward to ramping up to
full production at this time of record high gold prices."

Construction at Pine Cove began in June 2007 and was completed within
established capital budget allocations, despite severe winter
construction conditions. Pine Cove is designed to process 500 tonnes of
ore per day and produce approximately 16,000 ounces of gold annually from
probable reserves of 2.3 million tonnes of ore grading 2.8 grams of gold
per tonne (207,000 ounces of contained gold). Inferred resources at Pine
Cove total 0.067 million tonnes of ore grading 2.4 grams of gold per
tonne (5,200 ounces of contained gold).

Please see the Anaconda Mining website for photos of the first gold pour:
www.anacondamining.com.

John Cook, P.Eng., a Director of the Company and designated Qualified
Person as defined by NI 43-101 of the Canadian Securities Administrators,
is responsible for reviewing the contents of this news release.

About Anaconda

Anaconda is a Toronto, Canada-based mining company with a portfolio of
advanced-stage exploration projects in Canada and South America. The
diversified portfolio is supported by near-term cash flow from Pine Cove.

The Company is rapidly advancing the San Gabriel Iron Project ("San
Gabriel") in Chile, where it has identified several zones of
magnetite-iron mineralization. San Gabriel is advantageously located
close to road, rail, power and deep-sea port facilities. The Company
plans to continue to aggressively explore San Gabriel to evaluate its
potential to host economic concentrations of iron mineralization. The
Company is actively pursuing new opportunities to complement this
exciting project.

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
at the San Gabriel Iron Project 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
President and CEO
(416) 864-3357
Email: llawrick@anacondamining.com

Anaconda Mining Inc.
Belinda Labatte
Investor Relations
(647) 436-2152
Email: info@anacondamining.com
Website: www.anacondamining.com

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