Anvil Mining Provides Information on Cash and Investments



    TSX, ASX: AVM
    Common shares outstanding 70.4 million
    All amounts are expressed in US dollars, unless otherwise stated.

    MONTREAL, Sept. 11 /CNW/ - Anvil Mining Limited (TSX, ASX: AVM), ("Anvil"
or "the Company") advises today that its operations and cash and short-term
investments have not been affected by the recent disruptions to global credit
markets and the Company has sufficient cash available to maintain all of its
operations, to fund exploration and to continue to completion its
60,000 tonnes per annum SX-EW Stage II development at the Kinsevere mine in
the Democratic Republic of Congo.
    Anvil has cash, short-term investments and other investments totalling
$288 million, held as follows:

    
    -------------------------------------------------------------------------
                                                                 Percentage
                                                                  of cash,
                                                                 short-term
                                                                 investments
                                                         Value    and other
    Description                                          (US$)   investments
    -------------------------------------------------------------------------
    Cash and short-term investments
    -------------------------------------------------------------------------
      Short-term bank deposits(1)(2)                     175.2          60.8
    -------------------------------------------------------------------------
      Call accounts with transactional bankers(1)         33.1          11.5
    -------------------------------------------------------------------------
    Total cash and short-term investments                208.3          72.3
    -------------------------------------------------------------------------
    Other investments
    (weighted average life between one and four years)
    -------------------------------------------------------------------------
      Medium-term U.S. floating rate notes                51.0          17.7
    -------------------------------------------------------------------------
      Single-name commercial paper                        14.0           4.9
    -------------------------------------------------------------------------
      U.S. sub-prime mortgage-backed securities            7.7           2.7
    -------------------------------------------------------------------------
      Australian prime mortgage-backed securities          5.0           1.7
    -------------------------------------------------------------------------
      Singaporean prime mortgage-backed securities         2.0           0.7
    -------------------------------------------------------------------------
    Total other investments                               79.7          27.7
    -------------------------------------------------------------------------
    TOTAL CASH, SHORT-TERM INVESTMENTS
     AND OTHER INVESTMENTS                               288.0         100.0
    -------------------------------------------------------------------------
    (1) Held with major international banks rated AA or higher.
    (2) Proceeds from the bought deal financing completed in June 2007.
    

    Of the Company's $79.7 million of other investments itemised above,
$27 million carries a Standard and Poors ("S&P") credit rating of AAA,
$23.7 million carries an S&P credit rating of AA, $10 million carries an S&P
credit rating of A+, $5 million carries an S&P credit rating of A, and
$9 million carries an S&P credit rating of BBB+. A single investment of
$5 million carries an S&P credit rating of B- following a downgrade on
August 29, 2007. The Company has no investments in Canadian asset backed
commercial paper and to date the Company's investments have been repaid as
scheduled and no defaults have been experienced.
    Anvil's short-term bank deposits and other investments, as itemised
above, are invested in accordance with the Company's Investment Policy
Guidelines and administered by Oakvale Capital Limited ("Oakvale"). Oakvale is
Australia's largest independent financial risk management firm, with more than
19 years experience providing organisations with independent professional
services, including asset management services.

    Anvil Mining Limited is an unhedged copper and silver producer whose
shares are listed for trading on the Toronto Stock Exchange (as common shares)
and the Australian Stock Exchange (as CDIs) under the symbol AVM. It has
majority interests in and operates the Dikulushi copper-silver mine, the
Kinsevere copper mine, and the Kulu copper tailings operation in the Katanga
Province of the Democratic Republic of Congo.

    Caution Regarding Forward Looking Statements: The forward-looking
statements made in this news release are based on management's assumptions and
judgments regarding future events and results. Such forward-looking
statements, including but not limited to those with respect to the Company's
portfolio of short-term investments, involve known and unknown risks,
uncertainties and other factors which may cause the Company's actual results,
performance or achievements to be materially different from any anticipated
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the condition
of financial markets.

    %SEDAR: 00020549E




For further information:

For further information: Craig Munro, Vice President Corporate & CFO,
Tel: +61 (8) 9481 4700, Email: craigm@anvilmining.com (Perth); Robert La
Vallière, Vice President Investor Relations, Tel: (Office) (514) 448-6664,
(Cell) (514) 944-9036, Email: robertl@anvilmining.com (Montréal); Website:
www.anvilmining.com

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Anvil Mining Limited

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