Anaconda Announces Second Closing of Private Placement Financing

TORONTO, ONTARIO, May 11 (MARKET WIRE) --
Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX), is pleased
to announce it has closed the second and final tranche of a non-brokered
private placement financing. Gross proceeds of the second tranche amount
to $0.48 million of the total of $2.5 million financing. Lewis Lawrick,
President and CEO of Anaconda commented: "The closing of this financing
will enable Anaconda to ramp up production at Pine Cove, and further
develop our production opportunity at San Gabriel."

The financing consists of a unit offering whereby each unit (a "Unit")
(to a maximum of 25 million units) consists of one common share of the
Company and one common share purchase warrant. Each common share purchase
warrant will entitle the holder to purchase one additional common share,
for a period of 24 months following the date of closing of the private
placement ("Closing Date"). The warrants have an exercise price of $0.15
per share if exercised within the first 12 months from the Closing Date
and $0.20 per share if exercised between 12 and 24 months from the
Closing Date.

Each warrant is subject to an acceleration right of the Company. In the
event the average closing price of the common shares of the Company
trading on the TSX is at least $0.40 per share for a period of not less
than twenty (20) consecutive trading days commencing after the Closing
Date, the Company shall have the right, on not less than 20 days prior
written notice to the holder, to accelerate the expiry day to a day which
is not less than 20 days following the date of the acceleration notice.

The common shares and warrants forming the Units, as well as any common
shares issued upon exercise of the warrants prior to August 23, 2009 are
subject to a four month hold period from the Closing Date.

The Toronto Stock Exchange ("TSX") has conditionally approved the listing
of all of the common shares issuable pursuant to the private placement.
Listing is subject to the Company fulfilling all of the requirements of
the TSX.

About Anaconda

Anaconda is a Toronto, Canada based mining and exploration company
focused on advancing their Pine Cove gold mine in Canada and their San
Gabriel Iron Project in Chile. The Company is committed to bringing Pine
Cove into full Commercial Production, as well as developing near term
production opportunities for San Gabriel.

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

Copyright 2009, Market Wire, All rights reserved.

-0-