Anaconda engages Gryphon Partners as strategic advisors

TORONTO, Aug. 5 /CNW/ - Anaconda Mining Inc. ("Anaconda") (TSX: ANX) is pleased to announce that it has retained Gryphon Partners ("Gryphon") to act as financial advisor to undertake a Strategic Review of various alternatives available to Anaconda to maximize untapped value in its portfolio of Chilean-based iron exploration and development assets.

The Strategic Review will examine and consider all opportunities available to Anaconda, with the objective of further enhancing shareholder value. Anaconda does not intend to disclose developments with respect to the Strategic Review unless, and until, the Board has approved strategic option. Also, in the event a definitive proposal is received, there is no assurance that such a proposal will be recommended by the Board or that such proposal will be implemented. There is no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.

Lew Lawrick, President and Chief Executive Officer of Anaconda commented, "Our Chilean iron assets are of significant importance to Anaconda and its shareholders. With both near-term development potential and significant exploration upside, these assets represent significant value. We therefore look forward to working with Gryphon to 'unlock' this value for our shareholders. Gryphon Partners are a leading and globally recognized advisory firm in the natural resource sector and are well-positioned to assist Anaconda in this mandate."

    
    About Gryphon Partners:
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Established in 2003, Gryphon Partners is an independent corporate advisor dedicated to the resources and energy sectors. Gryphon's team members have many years experience working in the resources industry in either corporate development teams or as corporate advisors. Its principals have worked on some of the most complex mergers, takeovers, restructures and financings in the industry, providing advice to clients around the world in the traditional areas of mergers and acquisitions, corporate and project finance.

    
    About Anaconda:
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Anaconda is a Toronto, Canada-based mining development and exploration company focused on advancing its principal assets, the Pine Cove Gold Mine in Canada and its portfolio of Chilean iron ore assets. Anaconda is committed to bringing the Pine Cove Gold Mine into full Commercial Production, as well as advancing the exploration and near-term production opportunities of its Chilean iron ore assets. Anaconda continues to evaluate strategies to 'unlock' value attributable to its Chilean iron portfolio for the benefit of its shareholders.

FORWARD-LOOKING INFORMATION

This news release contains certain "forward-looking information" under applicable Canadian securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information. Forward-looking information is often characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Assumptions upon which such forward-looking information is based include Anaconda's ability to acquire 100% of the New Island common shares and the benefits that may be obtained as a result of the business combination of the two companies. Many of these assumptions are based on factors and events that are not within the control of Anaconda and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, the business of New Island and Anaconda not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those risk factors discussed or referred to in the Annual Information Form for Anaconda filed with securities regulatory authorities and available at www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Anaconda undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

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SOURCE Anaconda Mining Inc.

For further information: For further information: Lew Lawrick, President and CEO, Anaconda Mining Inc., (647) 478-5307, Email: llawrick@anacondamining.com or Greg DiTomaso, Investor Relations, Anaconda Mining Inc., (647) 436-2592, Email: info@anacondamining.com or visit Anaconda's website at: www.anacondamining.com


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