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Probable Mineral Reserves were estimated at a cut?off grade of 0.56 g/t gold and gold price of CAD$1,900/oz (US$1,425/oz) and are based only on Indicated Mineral Resource blocks.

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The ultimate pit shell design was created using Surpac 6.8™ mining software and running a reserve report between this shell and the most recently surveyed topographic surface. The Mineral Reserve was derived from an ultimate pit shell design based on parameters from the pit shell used to constrain the Mineral Resource. "Open Pit" Indicated Category Mineral Resources reported below are inclusive of Mineral Reserves. Total Probable Mineral Reserve at Argyle is 535,592 tonnes at an average diluted gold grade of 2.06 g/t and contains 35,477 gold ounces at a strip ratio of 8.1 to 1 (Table 1).

~ Kevin Bullock, President and CEO, Anaconda Mining Inc. With the recently announced drill discovery at Stog'er Tight on Jand $5.51M strategic financing, the Company is in an excellent position to execute on its growth strategy and provide strong potential for increased shareholder value."

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Argyle generates after-tax cumulative free cash flow of over $12.5 million at a Canadian dollar gold price of $1,900, however at current spot gold prices Argyle could generate over $26 million in after-tax free cash flow over the next 22 months. The discovery of the Argyle Deposit and now moving forward with its development into a producing mine validates our strategy of continued exploration at the Point Rousse Project to leverage our existing mill and tailings infrastructure and dedicated staff, contractors and stakeholders. "Building on continuous mining at Point Rousse for over ten years, we are pleased to again extend the mine life of the Point Rousse Project with the declaration of Mineral Reserves at Argyle.

Indicated Mineral Resource of 488,000 tonnes at an average grade of 3.14 g/t gold containing 49,300 ounces (open-pit constrained), using a base case gold price of $1,900 (US$1,425).

At a gold price of $2,600 per ounce (US$1,950), Argyle produces a pre-tax NPV 5% of $32.7M and an IRR of 1,336% and an after-tax NPV 5% of $24.5M and an IRR of 1,273% and.

Pre-tax net present value at a 5% discount rate ("NPV 5%") of $13.1M and an Internal Rate of Return ("IRR") of 262%, and an after-tax NPV 5% of $11.4M with an IRR of 245%, all based on a $1,900 gold price.

Operating cash costs per ounce sold and all-in sustaining cash costs ("AISC") per ounce sold of $1,219 (US$915) and $1,306 (US$980), respectively.

Low upfront capital requirements of $2.98M and LOM sustaining capital $2.69M.

Gold production of 30,865 ounces over a 22-month Life of Mine ("LOM") based on an 87% overall mill recovery.

Probable Mineral Reserve of 535,592 tonnes at an average diluted grade of 2.06 grams per tonne ("g/t") gold containing 35,477 ounces, using a base case gold price of $1,900 (US$1,425).Highlights of the Argyle Deposit Include: All currencies in this press release are reported in Canadian dollars unless otherwise specified (US amounts are based on a foreign exchange rate of CAD$0.75/US$1.00). The development of Argyle is based on a recent Updated Mineral Resource Estimate ("Mineral Resource") and initial Mineral Reserve ("Mineral Reserve") prepared in accordance with National Instrument 43-101 ("NI 43-101") and 2019 CIM MRMR Best Practice Guidelines. Mine ore tonnes will be trucked approximately 4.5 kilometres to the Company's operating Pine Cove Mill and tailings facility in Newfoundland (Exhibit A). ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce an open-pit Mineral Reserve for the Argyle Deposit ("Argyle") at the Company's Point Rousse Project and has commenced certain mine development activities in anticipation of ore production in the fourth quarter of 2020. TORONTO, ON / ACCESSWIRE / Aug/ Anaconda Mining Inc.