Anconia Enters Into Earn-In Option Agreement

TORONTO, ONTARIO--(Marketwired - July 28, 2016) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia") is pleased to announce that it has entered into an option agreement (the "Agreement") with three individuals (the "Owners") whereby Anconia will have the option to acquire up to a 100% interest in certain claims in the Sault Ste. Marie area (the "Property").

Under the terms of the Agreement Anconia can acquire a 100% interest (the "Option") upon: (i) making cash payments of $210,000, and (ii) issuing 1,200,000 common shares of Anconia to the Owners over the next three years. The Owners retain a 3% net smelter returns royalty on the Property, of which Anconia is entitled to purchase 1.5% at any time, for $1,500,000. In the event that Anconia files a technical report on or prior to the issuance of a feasibility study in respect of the Property, which delineates at least 1,500,000 ounces of gold in the "measured" category, pursuant to National Instrument 43-101, the Owners shall be entitled to a bonus payment of $1,000,000 in cash or common shares of Anconia. The form of payment of any bonus, as between cash or shares shall be at Anconia's option.

Mr. Jason Brewster, President and C.E.O. of Anconia commented, "This is a very exciting group of claims that Anconia has taken an option on. The claims, which are road accessible, cover a large land position in an under explored portion of the Batchawana Greenstone Belt and already have 4 high priority targets. Three of the targets are in banded iron formation with anomalous gold, and the fourth is a known base metal showing where 5.3% Zn was drilled over a length of 15.7m in 1990. The Sault claims fit well with the properties already in Anconia's portfolio, and we are looking forward to beginning exploration in the near future."

The Agreement is subject to approval of the TSX Venture Exchange.

About the Property

The Property consists of 22 staked claims consisting of 314 claim units for a total land package of approximately 60 square kilometres. The Property is located approximately 65km north of the city of Sault Ste. Marie, Ontario in the Batchawana Greenstone Belt. The Property is accessible by road on a combination of paved highway and gravel logging roads which run right through the middle of the claim block.