TORONTO, ON/ACCESSWIRE/May 5, 2022/ Anaconda Mining Inc. (“Anaconda” or the “Company”) (TSX:ANX) (OTCQX:ANXGF) is pleased to announce that it has entered into a promissory note (“Promissory Note”) with Auramet International LLC ( the “Auramet” or the “Lender”) in connection with a senior secured loan whereby the Lender has provided the Company with a loan facility of US$8 million (the “Loan”). The net proceeds will be used for the repayment of the existing gold prepayment facility with Auramet and for general working capital purposes as the Company resumes normal mining activities at its Point Rousse operation.

Pursuant to the promissory note, the loan is due on the first anniversary of the promissory note, being May 5, 2023, and the Company may repay the loan, in minimum installments of USD 1,000,000, in whole or in part, from from time to time without penalty, subject to any accrued interest. The loan is subject to an initial issue discount fee of 2.5%, which has been deducted from the loan advance. Interest accrues on the principal amount outstanding at the rate of 8% per annum plus the greater of (i) 90 days US$ SOFR (Secured Overnight Financing Rate), and (ii) 1.00% per annum payable quarterly in arrears .

The Loan is secured by, among other things, a guarantee from the wholly-owned subsidiary of Orex Exploration Inc. (the “Guarantor”), a general security agreement on all present and future property of the Guarantor, and a pledge by the Company of 100% of the outstanding shares of the Guarantor.


Auramet is one of the world’s largest physical traders of precious metals with over $22 billion in annual revenue and provides a full range of services to all participants in the precious metals chain, from mining and production to manufacture and consumption, including trading and trading of physical metals. bank, working capital loan, plus royalties and streams.


Anaconda Mining is a Toronto Stock Exchange and OTCQX listed gold mining, development and exploration company focused on the major Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive feasibility study (please see “NI43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, New -Scotland” on January 11, 2022 for more details). Anaconda also operates mining and milling operations in Newfoundland’s prolific Baie Verte mining district, which includes the fully licensed Pine Cove mill, tailings facility and deepwater port, as well as approximately 15 000 hectares of highly prospective mineral properties, including those adjacent to the former high-grade producing Nugget Pond mine on its Tilt Cove gold project.


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws. Forward-looking information includes, but is not limited to, the use of loan proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is planned”, “budget” , “expected”, “estimated”, “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of these words and phrases or states that certain actions, events or results “may”, “could”, “would”, “could”, or “will be taken”, “will occur” or “will be carried out”. Forward-looking information is based on the opinions and estimates of management as of the date it is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors. which may cause the actual results, level of Anaconda’s activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they affect exploration, future commodity prices, changes in foreign markets, exchange and interest rates, actual current production results , development and exploration activities, government regulations, political or economic developments, environmental risks, lead times, authorization, capital expenditures, operating or technical difficulties related to development activities, employee relations, the speculative nature of gold exploration and development, including the risk of diminishing amounts of resource qualities, title challenges and changes in project parameters as plans continue to be refined as well as the risk factors discussed in Anaconda’s annual information form for the year ended 31 December 2021, available on Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update forward-looking information except in accordance with applicable securities laws.


THE SOURCE: Anaconda Mining Inc.

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