Anvil Mining Reports Fourth Quarter and Full Year 2009 Results - Net income
of $10.9 million ($0.09 per share) for the fourth quarter 2009

    
    TSX, ASX: AVM
    Common shares outstanding 150.4 million
    All amounts are expressed in US dollars, unless otherwise stated.
    

MONTREAL, March 19 /CNW Telbec/ - ("Anvil" or the "Company"), today announced net income from continuing operations for the fourth quarter ended December 31, 2009, of $10.9 million ($0.09 per share), compared to a net loss of $151.2 million (-$2.12 per share) for the fourth quarter of 2008. Net copper sales for the fourth quarter of 2009 totalled $23.5 million, an increase of 69% compared to the fourth quarter 2008. Cash flows from continuing operations, before working capital movements, were $11.5 million ($0.09 per share), compared to a negative cash flow, before working capital movements, of $26.1 million (-$0.37 per share) for the fourth quarter of 2008. For the full year 2009, the Company recorded a net loss from continuing operations of $17.7 million (-$0.18 per share) on net copper sales of $49.2 million. Cash flow from continuing operations for the full year 2009, before working capital movements, was $0.8 million ($0.01 per share). Copper production for the fourth quarter of 2009 and for the full year 2009 totalled 4,970 tonnes and 16,406 tonnes respectively.

The Company's 2009 fourth quarter financial results represent a progressive improvement over the course of 2009, primarily as a result of an improved copper price, the recommencement in March 2009 of operation of the Stage I Heavy Media Separation ("HMS") plant at Kinsevere and the reduced impact of one-off factors associated with the cessation of operations at the Company's Dikulushi, Mutoshi and Kinsevere mines in the DRC during the fourth quarter of 2008.

Since its recommencement, the Kinsevere HMS plant has generated revenue of $50.3 million and incurred cash operating costs of $17.0 million, resulting in a positive cash flow from HMS operations of $33.3 million. After deducting Company expenses of $12.3 million related to care and maintenance of the Dikulushi and Mutoshi mines, corporate overheads, exploration and social development, the HMS plant generated a net cash flow of $21.0 million. During the fourth quarter of 2009, the Kinsevere HMS plant provided a net cash flow of $11.4 million.

Bill Turner, President and CEO of Anvil, commented, "We are pleased to have returned to profitability. The performance of the Kinsevere HMS plant, combined with an improved copper price, has generated strong cash flows and earnings for the fourth quarter. We continue to maintain a low-cost operation at the Kinsevere HMS plant, with a focus on generating positive cash flow until Kinsevere Stage II becomes operational. With the completion of the $200 million financing package with Trafigura in December 2009, the Company is well positioned to complete construction of the Kinsevere Stage II, 60,000 tonne per year SX-EW plant in December 2010 and to commence commissioning during the first quarter of 2011.

Mr. Turner further added, "The Kinsevere Stage II project benefits from having the engineering and design work completed, a significant amount of equipment and materials already on site and a large number of work faces providing a great deal of flexibility. With the return of Ausenco as the EPC contractor and Group 5 as the primary construction sub-contractor, we are making good progress with the construction and fabrication works (see the news release of February 26, 2010). Furthermore, with the end of the wet season now approaching, and the construction workforce increasing to approximately 800 workers by May, the pace of construction works is now beginning to increase significantly."

The complete fourth quarter and year-end 2009 financial statements together with the related Management's Discussion and Analysis ("MD&A") are available on Anvil's website at www.anvilmining.com under the heading "Financial Reports" within the Investor Relations section.

Key points for the fourth quarter

    
    - Net copper sales of $23.5 million, an increase of 69% compared to the
      fourth quarter 2008.

    - Net income from continuing operations of $10.9 million ($0.09 per
      share), compared to a net loss of $151.2 million (-$2.12 per share) for
      the fourth quarter of 2008.

    - Positive cash flows from continuing operations, before working capital
      movements, of $11.5 million ($0.09 per share).

    - Quarterly production of 4,970 tonnes of copper.

    - Completion of the second tranche of the previously announced Private
      Placement with Trafigura Beheer B.V., for gross proceeds of $68 million
      and aggregate proceeds of $100 million.

    - Establishment of a $100 million loan facility with Trafigura
      Beheer B.V. ("Trafigura").

    Key points for the year

    - Net sales of $49.2 million.

    - Production of 16,406 tonnes of copper.

    - Positive cash flows from continuing operations, before working capital
      movements, of $0.8 million ($0.01 per share).

    - Net loss from continuing operations of $17.7 million (-$0.18 per
      share).

    - Net unrealized gain of $4.1 million on available-for-sale debt
      investments.

    - Net unrealized gain of $2.2 million on available-for-sale equity
      investments.

    Near term objectives (next three months)

    - Continued cash positive operation of the Kinsevere HMS plant.

    - Completion of mobilisation of contractor personnel to the Kinsevere
      site.

    - Refinancing of the $100 million loan facility established with
      Trafigura in December 2009, to an amount of $140 million.

    - Divestment of the Company's interest in the Dikulushi mine.

    Longer term objectives (2010 onwards)

    - Completion of construction and commissioning of the Kinsevere Stage II
      Solvent Extraction-Electrowinning ("SX-EW") plant.

    - Completion of a scoping study on options to heap-leach the low-grade
      material (0.3-0.7%Cu), which will need to be mined from the currently
      designed open pit shells and which will provide additional feed to the
      SX-EW plant.

    - Completion of additional drilling to allow the Company to further
      evaluate the Mutoshi project.

    - Initiation of further drilling at Kinsevere to enable the delineation
      of an expanded sulphide resource.

    - Completion of preliminary studies on the mining and processing of the
      sulphide resource at Kinsevere.

    - Identification of investment opportunities to enable the consolidation
      of the Company's position in the Democratic Republic of Congo and the
      establishment of a pipeline of growth prospects.
    

Kinsevere HMS Production

Since recommencing operations in March 2009, the Kinsevere HMS plant has produced 62,468 tonnes of concentrate, at an average grade of 26.3% copper for 16,406 tonnes of contained copper during 2009. Key performance details of the HMS plant for the fourth quarter and from March 27, 2009 to December 31, 2009 are set out in Table 1 below.

Table 1. Kinsevere Stage I HMS plant: 2009 performance

    
                                                -----------------------------
                                                              March 27, 2009
                                                              to December 31,
                                                    Q4 2009             2009
    -------------------------------------------------------------------------
    Ore mined                         tonnes        164,966          297,459
    Ore processed - HMS               tonnes         65,313          231,823
    Feed grade - HMS                    % Cu            8.9              8.2
    Contained copper - HMS            tonnes          5,782           19,066
    Copper recovery - HMS                  %           77.0             76.0
    Copper produced in
     concentrate - HMS                tonnes          4,455           14,499
    Copper produced in
     concentrate - Spirals            tonnes            515            1,907
    Copper produced in
     concentrate - HMS & Spirals      tonnes          4,970           16,406
    Copper sold                       tonnes          7,816           19,577
    -------------------------------------------------------------------------
    Operating cash cost
     (ex mine gate)      $/tonne concentrate            304              218
    -------------------------------------------------------------------------
    1. In addition to producing a coarse concentrate from the HMS plant, a
       fine grained, slightly lower grade concentrate is produced from a
       spirals circuit, that treats fines ((less than)0.6mm) which are
       screened off before the HMS circuit.
    

Copper production guidance for 2010

For 2010, the Company has budgeted for feed to the Kinsevere crusher of 652,000 tonnes at an average grade of 3.8% copper, approximately half of which is to be sourced from mining and the remainder reclaimed from existing stockpiles. For 2010, the Company expects to produce a total of 15,000 tonnes of copper from the HMS and spirals plants.

Capital expenditure guidance for 2010

Capital expenditure on Kinsevere Stage II is forecast at $185 million. Excluding capital expenditure in connection with Kinsevere Stage II, during 2010, the Company expects to incur capital expenditure of $2.1 million; the majority of which relates to groundwater bore drilling, equipment for pit dewatering, upgrade of the Company's fire fighting capability at Kinsevere, social development and information technology projects. Table 2 summarizes forecast capital expenditure for 2010.

Table 2. Capital expenditure 2010

    
                     -------------------------------------
                     Area of expenditure        $ millions
                     -------------------------------------
                     Kinsevere Operations              2.1
                     -------------------------------------
                     Kinsevere Stage II              185.0
                     -------------------------------------
                     Entry Premium Payments(1)         5.0
                     -------------------------------------
    1. Payment to La Générale des Carrières et des Mines ("Gécamines") in
       connection with the amendment to the Kinsevere Lease Agreement reached
       in January 2009. A payment of $5.0 million was made in January 2010.
    

Short term hedging position

During October 2009, the Company entered into a zero-cost transaction with its off-take partner Trafigura to hedge some of its anticipated HMS copper production for the first half of 2010. Under the terms of the transaction, the Company has locked in a floor price of $2.50 per pound and a cap price of $3.53 per pound and will receive the market price where the copper price is between $2.50 per pound and $3.53 per pound.

Cash and liquidity

As at December 31, 2009, the Company had $121.6 million in cash and cash equivalents. As at March 18, 2010, Anvil had approximately $101.1 million in cash, $18.2 million in available-for-sale investments and $9.5 million of trade receivables, the majority of which it expects to realize during the first half of 2010.

In addition, the Company recently completed a debt financing with Trafigura, making available to the Company a $100 million loan facility which will be available for drawdown only after the funds from the previously announced equity financing have been utilised. The Company is well advanced in discussions with a group of commercial banks to refinance the $100 million loan facility established with Trafigura, to an amount of $140 million and expects to finalise a term sheet for the refinanced facility later this month. The additional funding is sought in order to ensure that the Company has sufficient funding available to meet the Kinsevere Stage II commissioning and ramp-up costs that are expected to be incurred during the first half of 2011, the Pas de Porte (entry premium) payment due to Gécamines for the Company's Mutoshi project and the recommencement of exploration and development activity.

Changes to directors and officers

Pursuant to the Ancillary Rights Agreement in place with Trafigura, the completion of the $200 million financing arrangement with Trafigura provided for the appointment of a third director to the Company's board of directors, nominated by Trafigura. In February 2009, Mr. Kenneth Brown resigned as a director of the Company and Mr. Deon Garbers was appointed to the Company's board of directors to fill the vacancy so created. Mr. Garbers is a metallurgical engineer with 20 years experience in the mining industry. Mr Garbers is also a member of the Technical Committee, comprised of both Trafigura and Company representatives, which provides technical support for the Company's operations, in particular, the development of Kinsevere Stage II.

Mr. Craig Munro, the Company's Senior Vice President Corporate and CFO will retire at the end of this month. The recruitment process for Mr. Munro's replacement is currently underway and in the interim, Mr. Lui Evangelista, the Company's Financial Controller will be acting CFO.

Fourth Quarter and Year-End 2009 Results Conference Call and Webcast

The Company will hold a conference call at 8:30 a.m. (Canada, Toronto time) today, Friday March 19, 2010, coinciding with 8:30 p.m. (AWST - Australia, Perth time) on the same day, to discuss the results.

The details to access the conference call and the live audio webcast are as follows:

Conference call:

(Please call approximately five minutes prior to the scheduled start of the call).

    
    - Toll-free within North America: 1-888-231-8191
    - For local and overseas calling: 1-647-427-7450
    

Live audio webcast of the conference call (listen mode only):

- CNW Group website at:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2986500 (English)

http://www.cnw.ca/fr/webcast/viewEvent.cgi?eventID=2986500 (French)

Replay Information (available for a period of 7 days):

The conference call will be recorded and a playback of the call will be available after the event by dialling: Toll Free: 1-800-642-1687 or local at 416-849-0833, 514-807-9274, 613-667-0035, 403-451-9481, 778-371-8506 or 902-455-3955.

Conference ID/Password number: 60431316 followed by the pound # key.

Anvil Mining Limited is a copper producer whose shares are listed for trading on the Toronto Stock Exchange (as common shares) and the Australian Securities Exchange (as CDIs) under the symbol AVM.

Caution Regarding Forward Looking Statements: This news release contains "forward-looking statements" and "forward-looking information", based on assumptions and judgements of management regarding future events and results. Such "forward-looking statements" and "forward-looking information" which may include, but are not limited to the operation of the Kinsevere HMS plant, the collection of the Company's trade receivables and the Company's plans for expansions of the Kinsevere copper mine. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "is expecting", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans for 2010. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anvil and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the actual market prices of the available-for-sale investments, the actual market price of copper, changes in project parameters as plans continue to be evaluated, and the possibility of cost overruns, as well as those factors disclosed in the Company's filed documents. There can be no assurance that the Stage II expansion of the Kinsevere copper mine will proceed as planned and within expected time limits and budgets or that, when completed, the expanded Kinsevere Copper Project will operate as anticipate, or that Anvil will be able to divest its interest in Dikulushi if and when desired, or that the Kinsevere Stage I HMS plant will operate in accordance with forecast performance or that the Company will complete the refinancing of the Trafigura loan facility as planned.

    
                                 Appendix
                Key Financial and Production Data (unaudited)

    -------------------------------------------------------------------------
                                       3 months ended        12 months ended
                                         December 31           December 31
                                       2009       2008       2009       2008
    -------------------------------------------------------------------------
    Sales: ($ millions)                23.5       13.9       49.2      191.2
    -------------------------------------------------------------------------
    Operating profit / (loss) :
     ($ millions)                       8.7      (50.1)      (7.0)      (3.0)
    -------------------------------------------------------------------------
    Provision for impairment:
     ($ millions)                         -      (97.6)      (2.9)    (103.1)
    Exploration expenditure
     written off ($ millions)             -      (28.8)      (3.2)     (31.3)
    -------------------------------------------------------------------------
    Net Income / (loss):
     ($ millions)                      10.9     (151.2)     (17.7)    (138.5)
    -------------------------------------------------------------------------
    PRODUCTION STATISTICS:

    Consolidated Group
    Copper produced in
     concentrates (tonnes)            4,970      7,488     16,406     41,354
    Silver produced in
     concentrates (ounces)                -    174,463          -  1,095,801

    Per Mine
    Kinsevere mine
    Ore mined (tonnes)              164,966    404,636    297,459  2,653,103
    Ore processed(1) (tonnes)        65,313     59,219    231,823    350,027
    Copper grade (% Cu)                 8.9        9.9        8.2        9.5
    Contained copper in ore
     (tonnes)                         5,782      5,849     19,066     33,159
    Recovery Cu (%)                    77.0       76.2       76.0       69.0
    Copper produced in
     concentrates - HMS (tonnes)      4,455      4,457     14,499     22,858
    Copper produced in
     concentrate - Spirals (tonnes)     515                 1,907
    Copper produced in
     concentrate - HMS and Spirals
     (tonnes)                         4,970      4,457     16,406     22,858
    -------------------------------------------------------------------------
    Costs of production ($)
    Operating cash costs per
     tonne of concentrate
     (ex mine gate) $/t                 304        461        218        311
    -------------------------------------------------------------------------
    Dikulushi mine
    Ore mined (tonnes)                    -     19,776          -    101,064
    Ore processed (tonnes)                -    117,577          -    463,094
    Feed grade (% Cu)                     -        2.3          -        3.1
    Contained Copper in Ore (tonnes)      -      2,689          -     14,326
    Recovery Cu (%)                       -       64.8          -       77.1
    Copper produced in concentrates
     (tonnes)                             -      1,743          -     11,047
    Silver produced in concentrates
     (ounces)                             -    174,463          -  1,095,801
    Operating cash cost (ex mine
     gate) (after silver credits)
     ($/lb)                               -       4.04          -       1.13
    -------------------------------------------------------------------------
    Total cash costs from operations
     ($/lb)                               -                     -
    -------------------------------------------------------------------------
    Mutoshi mine
    Ore mined (tonnes)                    -          -          -    428,361
    Ore processed(1) (tonnes)             -     89,296          -    462,495
    Copper grade (% Cu)                   -        3.6          -        3.9
    Contained copper in ore (tonnes)      -      3,243          -     17,867
    Recovery Cu (%)                       -       39.7          -       41.7
    Copper produced in concentrates
     (tonnes)                             -      1,288          -      7,448
    -------------------------------------------------------------------------
    Costs of production: ($)
    Operating cash costs per tonne
     of concentrate (ex mine gate)        -      1,606          -      1,043
    -------------------------------------------------------------------------
    1. Ore processed at Mutoshi and Kinsevere relates to ore processed
       through the HMS plants.


                         Consolidated Balance Sheets
              (Expressed in thousands of United States dollars)

                                               ------------------------------
                                                 December 31     December 31
                                                        2009            2008
                                                           $               $
                                               ------------------------------
    ASSETS

    Current assets
    Cash and cash equivalents                        120,753          45,033
    Accounts receivable                               17,967          24,243
    Inventories                                       14,220          31,064
    Available-for-sale ("AFS") investments             1,243          24,032
    Prepaid expenses and deposits                     25,899          51,258
    Current assets classified as held for sale         2,114               -
                                               ------------------------------
                                                     182,196         175,630
                                               ------------------------------
    Non-current assets
    Restricted cash                                      887             871
    Equity accounted investment                            -           1,320
    Available-for-sale ("AFS") investments            16,827               -
    Deferred financing fees                            2,865               -
    Long-term inventory                               11,163          10,651
    Long-term receivable                              15,468          12,464
    Exploration and acquisition expenditure           62,384          51,352
    Property, plant and equipment                    324,562         280,334
    Non-current assets classified as held
     for sale                                          5,156               -
                                               ------------------------------
                                                     439,312         356,992
                                               ------------------------------
    Total assets                                     621,508         532,622
                                               ------------------------------

    LIABILITIES

    Current liabilities
    Accounts payable and accrued liabilities          12,037          34,731
    Derivative financial instrument                      586               -
    Income taxes payable                                   6             463
    Provisions                                         1,712           2,460
    Current portion of long-term debt                    290             362
    Current portion of liabilities directly
     associated with non-current assets
     classified as held for sale                       1,764               -
                                               ------------------------------
                                                      16,395          38,016
                                               ------------------------------
    Non-current liabilities
    Future income tax liability                       21,048          24,431
    Other non-current liability                        6,711               -
    Long-term debt                                        74             321
    Asset retirement obligations                      12,858          12,980
    Non-current portion of liabilities
     directly associated with non-current
     assets classified as held for sale                  983               -
                                               ------------------------------
                                                      41,674          37,732
                                               ------------------------------
    Total liabilities                                 58,069          75,748
                                               ------------------------------
    Non-controlling interest                             260           1,909
                                               ------------------------------
                                                      58,329          77,657
                                               ------------------------------
    Shareholders' equity
    Equity accounts                                  510,347         383,419
    Retained earnings                                 50,067          70,987
    Accumulated other comprehensive income             2,765             559
                                               ------------------------------
    Total shareholders' equity                       563,179         454,965
                                               ------------------------------
                                                     621,508         532,622
                                               ------------------------------


         Consolidated Statements of Income and Comprehensive Income
                (Expressed in thousands of United States dollars
                           except per share amounts)

                                    -----------------------------------------
                                       3 months ended        12 months ended
                                         December 31           December 31
                                       2009       2008       2009       2008
                                    -----------------------------------------
    Revenue from continuing
     operations                      23,576     13,864     49,235    191,240
    Operating expenses               (9,151)   (51,519)   (39,779)  (150,876)
    Amortization                     (5,658)   (12,431)   (16,480)   (43,400)
                                    -----------------------------------------
                                      8,767    (50,086)    (7,024)    (3,036)
    Other income                        454      1,345      1,322      8,173
    Share of loss in associates           -          -          -       (891)
    Provision for impairment of
     assets                               -    (97,625)    (2,876)  (103,142)
    Write back of provision for
     impairment of assets             8,133          -      4,052          -
    Loss on derivative instrument      (586)         -       (586)         -
    General, administrative and
     marketing                       (2,721)    (4,614)   (10,067)   (22,748)
    Exploration expenditure
     written off                          -    (28,790)    (3,225)   (31,290)
    Foreign exchange gains             (143)       239        461        140
    Stock based compensation           (446)      (798)    (1,891)    (2,582)
    Interest and financing fees        (378)      (307)    (1,140)    (1,379)
                                    -----------------------------------------
    Loss before income tax and
     non-controlling interest        13,080   (180,636)   (20,974)  (156,755)

    Income tax expense / credit
     benefit                         (2,134)    23,135      3,299     12,857
    Non-controlling interest
     share of (gain) / loss                      6,345          -      5,361
                                    -----------------------------------------
    Net profit / (loss) from
     continuing operations           10,946   (151,156)   (17,675)  (138,537)

    Loss from discontinued
     operation before
     non-controlling interest
     share of loss                   (1,669)         -     (3,651)         -
    Non-controlling interest
     share of loss                      218          -        406          -
                                    -----------------------------------------
    Net profit / (loss)               9,495   (151,156)   (20,920)  (138,537)

    Other comprehensive income,
     net of taxes
                                    -----------------------------------------
    Net unrealized gains on
     available-for-sale investments     268      5,854      2,206        127
                                    -----------------------------------------
    Total comprehensive
     income / (loss)                  9,763   (145,302)   (18,714)  (138,410)
                                    -----------------------------------------
    Profit / (loss) per share from
     continuing operations:
    Basic & Diluted loss
     per share ($)                     0.09      (2.12)     (0.18)     (1.95)

    Profit / (loss) per share:
    Basic & Diluted loss
     per share ($)                     0.08      (2.12)     (0.22)     (1.95)



                     Consolidated Statement of Cash Flows
              (Expressed in thousands of United States dollars)
                                    -----------------------------------------
                                       3 months ended        12 months ended
                                         December 31           December 31
                                       2009       2008       2009       2008
                                    -----------------------------------------
                                          $          $          $          $
    Cash flows from operating
     activities
    Net (loss) / income for
     the period                      10,946   (151,156)   (17,675)  (138,537)
    Items not affecting cash:
      - Amortization                  5,612     12,431     16,480     43,400
      - Provision for impairment
         of assets                              97,625      2,876    103,142
      - Write back of provision
         for impairment of assets    (8,133)         -     (4,052)         -
      - Loss on derivative
         instrument                     586          -        586          -
      - Non-cash finance costs          337        233        983      1,312
      - Provision for doubtful debts      -      7,775          -      7,775
      - Exploration expenditure
         written off                      -     28,790      3,225     31,290
      - Share of loss in associates       -          -          -        891
      - (Gain) / Loss on sale of
         assets                         (79)         -       (207)       278
      - Non-controlling interest
         share of income / (loss)         -     (6,345)         -     (5,361)
      - Unrealized foreign exchange
         gains/(losses)                (255)     1,240        113        298
      - Future income tax             2,082    (17,460)    (3,382)   (13,271)
      - Stock based compensation        447        798      1,891      2,582
    Changes in non-cash working
     capital                         (5,153)     5,098      4,468      8,709
                                    -----------------------------------------
                                      6,390    (20,970)     5,306     42,508
                                    -----------------------------------------
    Cash flows from investing
     activities
    Payments for property, plant
     and equipment                   (8,494)   (48,692)   (49,313)  (186,156)
    Proceeds from sale of assets       (265)        10        869        475
    Payments for exploration
     expenditure                     (7,776)    (9,325)    (9,967)   (33,271)
    Proceeds of principal
     repayments from investments        159        489     12,790     13,399
                                    -----------------------------------------
                                    (16,376)   (57,518)   (45,621)  (205,553)
                                    -----------------------------------------
    Cash flows from financing
     activities
    Proceeds from issue of shares
     & warrants (net of issue
     expenses)                       65,158          -    124,317        711
    Deferred borrowing costs         (2,865)         -     (2,865)         -
    Movement in restricted cash        (149)      (550)      (267)      (550)
    Proceeds from borrowings
     (net of fees incurred)               -          -          -        800
    Shares purchased under ESSIP          -     (1,982)         -     (1,982)
    Repayments of borrowings              -          -       (319)      (117)
    Disbursements on behalf of
     Dikulushi Trusts                   (67)    (1,063)         -     (6,610)
                                    -----------------------------------------
                                     62,077     (2,402)   120,866     (7,748)
                                    -----------------------------------------
    Cash flows from
     discontinued operations              9          -     (4,492)         -
    Net increase / (decrease) in
     cash and cash equivalents       52,100    (80,890)    76,059   (170,793)
    Cash and cash equivalents at
     beginning of the period         69,008    125,485     45,033    215,754
    Effects of exchange rate
     changes on cash held in
     foreign currencies                 126        438        142         72
                                    -----------------------------------------
    Total cash and cash
     equivalents at end of
     the period                     121,234     45,033    121,234     45,033
                                    -----------------------------------------
    Less cash and cash
     equivalents at the end of
     the period relating to
     discontinued operations           (481)         -       (481)         -
                                    -----------------------------------------
    Cash and cash equivalents at
     the end of the period for
     continuing operations          120,753     45,033    120,753     45,033
    

%SEDAR: 00020549E

SOURCE Anvil Mining Limited

For further information: For further information: Craig Munro, Senior Vice President Corporate & CFO, +61 (8) 9481 4700, craigm@anvilmining.com (Perth); Robert La Vallière, Vice President Corporate Affairs, (Office) +1 (514) 448 6664, (Cell) +1 (514) 944 9036, robertl@anvilmining.com (Montréal); Website: www.anvilmining.com

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