Anconia Reports Strong Base Metal Results From Its Marce Property in Nunavut Territory

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2011) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to provide the following assay results recently received from a reconnaissance program at its Marce base metal project, located in Nunavut Territory, Canada approximately 190 kilometres south of the town of Baker Lake. Anconia also announces the recent acquisition of 6 new claims, which essentially connect the Marce Project to the Company's Zac Project, located 11 kilometres to the northeast.

Highlights Include:

Sample J65711 which assayed 19.1% Zn, 1.78 g/t Au, 2100 g/t Ag

Sample 2738286 which assayed 34.14% Zn, 2.33 g/t Au, and 200 g/t Ag

Sample J655714 which assayed 11.5% Zn, 6.1 g/t Au, 772 g/t Ag, and 10.6% Cu

These samples were taken over the course of a 6 week long sampling program designed to follow up an airborne geophysical survey completed in June 2011. The ground program carried out over the Marce occurrence was conducted during July/August 2011. The Marce occurrence is delineated by a multi-responsive geophysically rendered anomaly consisting of gravity, magnetics, and electromagnetics ("EM"), continuous for a strike length of approximately 1.3 km in a north-east / south-west direction. The mineralised zone within the Marce claims comes to surface at various points along the 1.3 km strike length in the form of frost heaved subcroppings, presumed to be locally derived, transported vertically up through thin overburden. In the past, only a small portion of this occurrence was sampled and returned high grade base metal values. This recently completed sampling program was designed to test and expand the local extent of mineralization. The airborne geophysical anomaly has now been traced on the ground and intermittently sampled for a distance of approximately 1.1km.

Sampling was carried out by hand digging pits to reach the frost heaved subcrop in areas identified on surface by "local staining", where soils exhibit iron enrichment resulting in ochre colours. In some areas reaching subcrop was achieved by excavating a pit 5-6 feet deep, whereas in other cases mineralization appears to outcrop on surface. The samples are grab samples, which are selective in nature and as such are not likely to represent average grades on the property. The majority of the samples taken consisted of semi-massive to massive sulphides comprised of variable quantities of Sphalerite, Galena, Chalcopyrite and Pyrite in metamorphosed mafic to intermediate volcanic host rocks, typical of volcanic hosted massive sulphide ("VMS") type deposits. It is important to note in the following table that there is a strong correlation between high Zinc ("Zn") and high Silver ("Ag") values with associated Gold ("Au") values although the correlation for Gold is somewhat less strong. A table outlining the results of the surface sampling program follows:

Sample ID	Zn %	Au g/t	Ag g/t	Cu %
2696375	0.03	0.01	4	0.03
2696376	0.02	0.00	2.9	0.01
2696377	0.02	0.01	2.9	0.02
2696378	6.69	0.16	209	0.05
2696380	1.26	0.15	41.4	0.04
2696381	7.96	2.83	149	0.38
2696382	0.09	0.20	16.6	0.14
2696383	0.77	0.42	32.6	0.06
2738284	11.40	0.63	330	0.03
2738285	32.38	2.89	123	0.11
2738286	34.14	2.33	200	0.17
2738287	7.71	19.20	528	4.56
2738288	1.15	3.76	286	3.72
2738289	16.50	3.51	631	0.08
2738290	17.90	1.21	660	0.08
2738291	10.30	1.61	338	0.32
2738292	0.12	0.20	45.8	1.00
2738293	8.24	0.09	217	0.15
2738297	0.02	0.00	1.4	0.30
2738298	19.30	6.64	247	0.21
2738299	26.10	5.09	547	0.32
2738300	0.16	0.08	5.3	0.02
2738301	0.10	0.07	5.2	0.01
2738302	0.02	0.01	0.7	0.00
2738303	22.10	2.12	180	0.27
2738304	1.44	0.05	8.2	0.05
2738305	26.80	0.94	459	0.15
2738306	11.10	0.58	236	0.15
2738307	7.84	0.76	261	0.37
2738308	0.08	0.01	2.9	0.08
2766433	9.48	0.18	242	0.77
2766434	15.30	0.22	296	0.26
J655706	3.04	1.36	744	1.52
J655707	0.04	0.03	6.6	0.12
J655708	0.10	0.01	2.1	0.02
J655709	2.25	0.18	8.9	0.02
J655710	0.07	0.01	1	0.02
J655711	19.10	1.78	2100	0.04
J655712	0.03	0.03	15.3	0.00
J655713	0.02	0.01	0.6	0.02
J655714	11.50	6.10	772	10.60
J655715	15.10	0.54	1660	0.07
J655716	14.60	0.16	1360	0.19

Geophysics:

In the early part of the field season (June), the Company completed an airborne EM/Magnetic survey to further identify the extent of the Marce geophysical anomaly and the nearby Zac anomaly. The results indicate that the Marce anomaly is continuous in terms of both Magnetics and EM for a strike length of approximately 6 km, and extending further to the northeast as a magnetic anomaly; an associated EM response resumes again at the Zac zone of mineralization. The Company expects to be able to make available the full results of this geophysical survey on the Company's website in the near future. Based upon the continuity of the magnetic pattern and the presence of numerous associated on strike EM anomalies, Anconia acquired, by staking, several more claims, making the total land package 104.34 square kilometres.

Summary:

Mr Jason Brewster, President and Chief Executive Officer of Anconia stated "The results from this sampling program, when viewed in conjunction with the assay results from previous programs which returned high copper values, indicate that the Marce has a very real possibility of becoming an important VMS style deposit for the Company. Anconia intends to focus attention on proving this in the near future."

Exploration Plans:

Anconia is beginning preparations for continued exploration on the Marce over the coming winter and into the summer season of 2012. Plans are underway for executing a ground geophysics program (both induced polarization and gravity) over the winter months to allow the Company to target specific areas for drilling as soon as weather conditions and permitting allow.

QA-QC discussion of assay methodology

The samples were selected in the field, cut and bagged, sealed with a security seal and transferred by bonded courier to the facilities of Activation Laboratories Ltd. in Thunder Bay where they were processed using multi-element ICP Total Digestion with overlimits by 4 Acid Total Digestion and Au was processed by Fire Assay AA with overlimits by Fire Assay Gravimetric. Samples for the latter part of the sampling program were delivered by bonded courier to the facilities of Agat Laboratories in Sudbury, Ontario where they were processed by their Metals Package by 4 Acid Digest, ICP OES Finish, Base Metal Overlimits by 4 Acid Digestion, AAS Finish, Au overlimits by Fire Assay, Gravimetric Finish, Au by Fire Assay, ICP OES Finish and Au overlimits by Fire Assay Gravimetric Finish.

Mr. Brian H Newton P.Geo of Minroc Management Services Inc. and a "qualified person" pursuant to National Instrument 43-101, has reviewed and approved the technical disclosure in this press release on behalf of the Company.

About Anconia

Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in the Nunavut Territory, Canada. Anconia is undertaking a comprehensive exploration program to determine the potential of the projects currently in its portfolio.

Forward-Looking Information

This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws including with respect to the availability of the full geophysical survey and Anconia's plans for proving the Marce as an important VMS style deposit for the Company. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of Anconia in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the speculative nature of mineral exploration and development, including the uncertainty of mineral reserve and resource estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which Anconia has an interest; unexpected geological or hydrological conditions; operational and technical difficulties; fluctuations in commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Anconia; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; as well as other risks and uncertainties which are more fully described in Anconia's annual and quarterly Management's Discussion and Analysis and in other filings made by Anconia with Canadian securities regulatory authorities and available at www.sedar.com.

Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, Anconia disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Anconia believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.