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Press release from CNW Group

Anaconda Mining Announces Changes to its Board of Directors

Friday, February 10, 2012

Anaconda Mining Announces Changes to its Board of Directors07:00 EST Friday, February 10, 2012TORONTO, Feb. 10, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) is pleased to announce certain changes to its board of directors. Effective immediately, the Company has accepted the resignations of John McBride, Glenn Kosick, Thomas Pladsen and David Wiley. Concurrent with these resignations, Michael Byron, Chief Geologist of Merc International Minerals Inc., and Maruf Raza, partner at Collins Barrow Toronto LLP, have been appointed to the board, resulting in a five-person board.President and CEO of Anaconda, Dustin Angelo, stated, "I'd like to thank John, Dave, Glenn and Tom for their contribution to Anaconda. They were instrumental in helping the management team navigate our operational and financial challenges over the last few years. Now that we have turned the corner, it is time to augment the board composition to have a wider range of skill sets including geology, mill processing, operations, capital markets and accounting.  By adding Mike and Maruf and reducing the number of board members, the board has that wider range of expertise and is more streamlined.  We are very pleased that they have joined the Anaconda team. I believe, with their experience and background, they will make significant contributions to the Company and help us execute on our strategy going forward."Overview of New DirectorsMichael Byron:Michael Byron has more than 26 years of domestic and international experience in research, field work, and senior management in gold, base metal, magmatic nickel and PGE, REEs and uranium, diamond, and gemstone exploration, spanning employment within the mineral exploration industry, government, and educational institutions. He is a professional geoscientist registered in Ontario and the Northwest Territories, and holds advanced degrees in Geology including a PhD from Carleton University of Ottawa, Ontario.Prior to Merc International Minerals, Dr. Byron served as Vice President of Exploration at Lake Shore Gold Corp. and Aurora Platinum Corp. where he was instrumental in advancing both companies from initial startups to successful enterprises culminating in the sale of Aurora Platinum to FNX Mining Company Inc. and the resource expansion at Lake Shore that eventually led to the  development of its Timmins West Gold Mine.Maruf Raza:Maruf Raza is a Partner at Collins Barrow Toronto LLP. Mr. Raza has over 10 years of experience in professional practice, and has specialized in providing assistance to companies in the public markets and in helping private companies become public either through direct IPOs or through reverse mergers.  A significant portion of his practice is in the mining and oil and gas sectors, ranging from exploration stage to production.As one of Collins Barrows IFRS thought leaders, he has assisted a number of mining companies in the US and Canada with their IFRS convergence process.  He is currently a member of the Canadian Institute of Chartered Accountants' IFRS Discussion Group and is on the Ontario Securities Commission's Financial Reporting Advisory Committee as well as its Small Business Advisory Committee.   Mr. Raza has also spoken on behalf of the Toronto Stock Exchange as part of its US road show.ABOUT ANACONDAHeadquartered in Toronto, Canada, Anaconda is a growth oriented, gold mining and exploration company with a producing operation located on the Baie Verte Peninsula in Newfoundland, Canada called Pine Cove mine.FORWARD LOOKING STATEMENTSThis document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. 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 Anaconda's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.For further information: Anaconda Mining Inc. Dustin Angelo President and CEO (647) 260-1248  Email: dangelo@anacondamining.com or Terre Partners Joanna Longo Investor Relations (416) 775-8771 Email: jlongo@terrepartners.com  Company website: www.anacondamining.com