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Anaconda Mining Plans to Realize Significance of Chilean Iron Ore Assets

Anaconda Mining Inc. (TSX: ANX) has announced a strategic plan to realize the significant value contained within its portfolio of Chilean iron ore assets together with its joint venture partner, Inversiones SBX Limitada.

Anaconda and SBX have agreed in principle to roll their respective Chilean iron ore assets into a single dedicated company. The intention of the parties is to create a standalone vehicle resulting in one large world class Chilean iron ore vehicle, separate and apart from Anaconda's producing gold assets.

Anaconda has an interest in two distinct iron exploration and development joint venture projects; Minera Hierro San Gabriel S.A. ("MHSG") and Inversiones Hierro Antofagasta S.A. ("IHA") (collectively, the "Joint Ventures") with SBX. Combining the Joint Ventures into one entity will simplify the current corporate structure and result in the development of economies of scale. Detailed terms of the combination are currently being negotiated with the assistance of the Company's financial advisors Gryphon Partners and could include: a Spin Co IPO of the combined entity; project financing and off take opportunities related to advancing the near term development of the Esperanza deposit controlled by MHSG; Joint venture agreements with strategic partners; further acquisitions; or any combination of the above.

President and CEO of Anaconda, Dustin Angelo, stated, "Both Anaconda and SBX believe that given the positive demand fundamentals for iron ore, along with the favourable operating conditions and readily available infrastructure in the region, the value inherent to these assets now needs to be realized and developed. With the assistance of Gryphon Partners, we have a plan to build a scalable iron ore business with a view to maximizing the value for our shareholders. We will provide timely updates to our shareholders as we advance this initiative forward"

Source: Anaconda Mining Inc.

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