Anvil Mining Reports Second Quarter 2010 Results - Net income from continuing
operations of $5.1 million ($0.03 per share) - Cash flows from continuing
operations of $3.3 million

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

MONTREAL, Aug. 16 /CNW Telbec/ - Anvil Mining Limited (TSX, ASX: AVM), ("Anvil" or the "Company"), today announced net income from continuing operations for the second quarter ended June 30, 2010, of $5.1 million ($0.03 per share), compared to a net loss of $11.3 million (-$0.13 per share) for the second quarter of 2009. Cash flows from continuing operations, before working capital movements, were $3.3 million ($0.02 per share), compared to negative cash flows, before working capital movements, of $6.4 million (-$0.07 per share) for the second quarter of 2009. Net copper sales for the second quarter of 2010 totalled $14.5 million and copper production for the second quarter of 2010 totalled 4,412 tonnes. The sale of Dikulushi was completed during the quarter for a gain of $5.9 million. For the first six months of 2010, the Company recorded a net income from continuing operations of $11.6 million ($0.08 per share) on net sales of $30.0 million. Cash flows from continuing operations for the first half of 2010, before working capital movements, were $9.7 million ($0.06 per share). Year-to-date production totalled 8,505 tonnes of copper contained in concentrate, compared to 5,571 tonnes for the same period of 2009.

Bill Turner, President and CEO of Anvil, commented, "We continue to generate positive cash flows from the Kinsevere Stage I HMS plant and expect to achieve our 2010 targeted production of 15,000 tonnes of copper contained in concentrate. The construction work on the Kinsevere Stage II 60,000 tonnes per year SX-EW plant continued during the second quarter and, with over 1,000 construction personnel now on site, the project has exceeded 750,000 LTI free man hours. As of today, we have spent and committed approximately $167 million of the remaining $200 million required to finish the project. As a result of construction delays caused by issues with expediting key materials and equipment to site and the commencement of the installation of the internal site utilities, the full commissioning of Kinsevere Stage II is now expected to begin during the second quarter of 2011."

The complete June quarter 2010 unaudited 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 quarter

    
    - Net copper sales of $14.5 million compared to net sales of $7.7 million
      for the second quarter of 2009.
    - Net income from continuing operations of $5.1 million ($0.03 per
      share), compared to net loss of $11.3 million (-$0.13 per share) for
      the second quarter of 2009.
    - Positive cash flows from continuing operations, before working capital
      movements, of $3.3 million ($0.02 per share), compared to negative cash
      flows from operating activities, before working capital movements, of
      6.4 million (-$0.07 per share) for the second quarter of 2009.
    - Quarterly production of 4,412 tonnes of copper, compared to production
      of 5,372 tonnes of copper in the second quarter of 2009.
    - Completion of the sale of the Dikulushi mine for a recognized gain on
      sale of $5.9 million.
    - Reversal of provision for impairments of available-for-sale debt
      investments of $3.9 million.
    

Key points for the year to date

    
    - Net copper sales of $30.0 million compared to net sales of $9.4 million
      for the same period of 2009.
    - Net income from continuing operations of $11.6 million ($0.08 per
      share), compared to net loss of $30.2 million (-$0.37 per share) for
      the same period of 2009.
    - Positive cash flows from continuing operations, before working capital
      movements, of $9.7 million ($0.06 per share) compared to negative cash
      flows from operating activities, before working capital movements, of
      $18.3 million (-$0.23 per share) for the same period of 2009.
    - Year-to-date production of 8,505 tonnes of copper, compared to
      production of 5,571 tonnes of copper during the same period of 2009.
    - Reversal of provision for impairments of available-for-sale debt
      investments of $4.8 million.
    

Near-term objectives (next three months)

    
    - Continued cash positive operation of the Kinsevere Heavy Media
      Separation ("HMS") plant.
    - Continuation of construction works at Kinsevere Stage II.
    - Completion of the refinancing of the $100 million facility (the "Loan
      Facility") currently in place with Trafigura Beheer B.V. ("Trafigura")
      to an amount of $140 million.
    

Longer term objectives (2011 onwards)

    
    - Completion of construction, commissioning and ramp-up of the Kinsevere
      Stage II Solvent Extraction-Electrowinning ("SX-EW") plant.
    - Completion of a scoping study on options to heap-leach low-grade
      material (0.3% Cu to 0.7% Cu) in order to provide additional feed to
      the SX-EW plant.
    - Identification of investment opportunities in the DRC to consolidate
      the Company's position and to develop a pipeline of growth prospects.
    - 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.
    - Completion of additional drilling and further metallurgical work to
      allow the Company to further evaluate the Mutoshi project.
    

Status of Kinsevere Stage II

As at July 31, 2010, $83.0 million of the $200 million budget for completion of construction had been spent, $64.0 million of which relates to Ausenco EPC (Lump Sum Turn Key) Contract costs and $19.0 million to Owner's Costs, with a further $84.0 million committed for a total spent and committed amount of $167.0 million of the remaining $200 million required to complete the project.

The Company continues to progress with the construction and fabrication works for the Kinsevere Stage II SX-EW development, with extrapolation of the actual progress curve now indicating commencement of full commissioning in the second quarter of 2011. While critical activities relate to the installation of internal site utilities, acid proofing, electricals and instrumentation, significant progress has been achieved in the crusher area, the CCD thickeners, the pipe racks, acid tank area, high-grade and low-grade solvent extraction areas, reagent tanks, electro-winning tankhouse and tailings storage facility.

The on-site construction workforce is now 1,030, of whom 745 are direct labour. The project has exceeded 750,000 LTI (lost time injury) free man hours.

Key areas of progress include the following:

    
    - Civil and Structural:

      - Civil construction is approximately 97% complete.
      - Concrete works are approximately 90% complete.
      - North-south and east-west pipe-racks have been completed and
        installation of piping and cable ladders onto the pipe-racks is
        continuing.
      - Stainless steel tankage is approximately 85% complete.
      - Acid storage tanks have been erected and roof covers installed.
      - The Tailings Storage Facility is approximately 70% complete and final
        earthworks on the solution ponds is well underway.

    - Mechanical construction is approximately 35% complete:

      - Apron feeder and MMD sizer are installed.
      - SAG mill installation has commenced.
      - Installation of leach tanks agitators has commenced.
      - Installation of SX agitators / pump mixers is well advanced.
      - EW filters are assembled.
      - Water and air system tanks equipment is being assembled.
      - Reagent system assembly has started.

    - Ordering of major capital items is approximately 98% complete.

    - Significant progress has been made in the crusher, SAG mill and ROM pad
      areas:

      - Steel structural and plate work related to the installation of the
        crusher, apron feeder and MMD sizer has been completed.
      - Steel and concrete work on the bridge between the ROM pad and crusher
        has been completed.
      - Concrete work for the mill feed conveyors foundations has been
        completed.
      - Concrete works for the main substation at the grinding facility has
        been completed and block work installation is well underway.
      - The mill erection vendor representatives arrived on site in July to
        oversee the installation of the SAG mill.

    - Progress made with structural steel erection, the CCD thickeners, the
      pin bed clarifiers, the low-grade and high-grade solvent extraction
      tanks and electro-winning tankhouse area includes the following:

      - Bridges and rakes have now been installed in the CCD thickeners.
      - Main structures for the pin bed clarifiers have been largely erected.
      - Welding of the high-grade and low-grade SX stainless steel tanks has
        been completed and the welds have been water tested.
      - The slab for the tank foundations at the south and north ends of the
        east side of the electro-winning building and the slab for the
        stripping machine have been completed.
      - Installation of the hoists on the electro-winning crane has commenced
        and the installation of the crane conductor bars has been completed.
      - Approximately half of the electro-winning cells are already available
        for installation.
    

Kinsevere HMS Production

During the second quarter of 2010, the HMS plant produced 18,369 tonnes of concentrate, at an average grade of 24.0% copper for 4,412 tonnes of copper contained in concentrate. For the 2010 year-to-date, production from the HMS plant was 8,505 tonnes of copper contained in concentrate.

Key performance details of the HMS plant for the June quarter and year-to-date 2010 are set out in the table below.

    
    -------------------------------------------------------------------------
                                                      3 months      6 months
                                                         ended         ended
                                                       June 30,      June 30,
                                                          2010          2010
    -------------------------------------------------------------------------
    Ore processed - HMS plant (dmt)                     72,716       134,207
    -------------------------------------------------------------------------
    Feed grade - HMS (%Cu)                                 7.3           7.9
    -------------------------------------------------------------------------
    Contained copper - HMS (tonnes)                      5,317        10,624
    -------------------------------------------------------------------------
    Recovery Cu (%)                                       72.1          70.2
    -------------------------------------------------------------------------
    Concentrate produced - HMS and spirals (tonnes)     18,369        34,689
    -------------------------------------------------------------------------
    Concentrate grade - HMS and spirals (% Cu)            24.0          24.5
    -------------------------------------------------------------------------
    Copper produced in concentrate - HMS and
     spirals (tonnes)(1)                                 4,412         8,505
    -------------------------------------------------------------------------
    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, through which the fines ((less than)0.6mm) that are
       screened off before the HMS circuit, are treated.
    

Cash and liquidity

As at August 13, 2010, Anvil had approximately $51.9 million in cash and $24.0 million in available-for-sale investments. During the next six months the Company's commitments include $141.5 million that relates to the Kinsevere Stage II development and $7.2 million for a Pas de Porte (Entry Premium) payment due to Gécamines with respect to the Mutoshi amended agreements.

During the next six months the Company's commitments include $141.5 million that relates to the Kinsevere Stage II development and $7.2 million for Pas de Porte ("Entry Premium") payments due to La Générale des Carrières et des Mines ("Gécamines") with respect to the Mutoshi amended agreement.

In order to provide a greater degree of certainty over the Company's cash balance, during August, the Company entered into a transaction to hedge approximately 100% of its anticipated copper production for the remainder of 2010. The transaction is comprised of two components as follows:

    
    - For 50% of anticipated production for the remainder of 2010, the
      Company has locked in a floor price of $3.00 per pound and a cap price
      of $3.41 per pound and will receive the market price where the copper
      price is between $3.00 per pound and $3.41 per pound; and
    - For 50% of anticipated production for the remainder of 2010, the
      Company has locked in a price of $3.24 per pound.
    

Refinancing of Trafigura Loan Facility

In December 2009, the Company completed the previously announced $200 million financing agreement with Trafigura, comprised of a private placement (the "Private Placement") to Trafigura for proceeds to Anvil of $100 million and the Loan Facility. The term of the Loan Facility is five years from the first drawdown and funds available under the Loan Facility can be drawn down only after funds from the Private Placement have been utilized for the development of Kinsevere Stage II.

The Company expects that the first drawdown under the Loan Facility will be required during late September 2010. The Loan Facility is subject to other typical conditions consistent with a commercial debt financing and the Company is currently finalising the last of the conditions precedent to be in a position to draw down the Loan Facility when required.

The Company has mandated a group of commercial banks to arrange, on a commercially reasonable efforts basis, a debt facility of $140 million (the "Debt Facility") to replace the Loan Facility. Under the terms agreed with the syndicate of banks, the Debt Facility is expected to include a hedging facility for a period of not more than three years, the details of which are yet to be determined.

Corporate Succession Planning

After more than 15 years with Anvil, Bill Turner, President and CEO, has informed the Board of Directors of Anvil that he will be retiring in early 2011, by which time, the Kinsevere Stage II SX-EW plant is expected to have commenced full commissioning. The Board of Directors has hired an international executive search firm to assist in the search for a successor and hopes to name his replacement by the end of 2010. The Board looks forward to Bill's leadership and support during the transition period. As was mentioned in a previous news release dated March 19, 2010, the Company is continuing the process of recruiting a new CFO, and in the interim, Mr. Lui Evangelista, the Company's Financial Controller continues in the position of Acting CFO.

Second Quarter 2010 Results Conference Call and Webcast

The Company will hold a conference call at 8:30 a.m. (Canada, Toronto time) today, Monday, August 16, 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=3164260
(English)
        http://www.cnw.ca/fr/webcast/viewEvent.cgi?eventID=3164260 (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: 90220235 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 refinancing of the Debt Facility, the drawdown of the Loan Facility and the Company's plans for expansions of the Kinsevere copper mine. In addition, assumptions upon which such forward looking information is based include that Anvil and Trafigura will be able to satisfy the conditions to availability of the Loan Facility, including obtaining all third party and governmental approvals, including approvals of Anvil's joint venture partner, Gécamines, the Central Bank of Congo and applicable departments of the government of the DRC and that all other conditions to availability of the Loan Facility will be satisfied or waived. Many of these assumptions are based on factors and events that are not within the control of Anvil or Trafigura and there is no assurance they will prove to be correct. 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 and schedule delays, 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 anticipated, 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. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

    
                                   Appendix
                Key Financial and Production Data (unaudited)

    -------------------------------------------------------------------------
                                          3 Months              6 Months
                                        Ended June 30         Ended June 30
                                       2010       2009       2010       2009
    -------------------------------------------------------------------------
    Sales: ($ millions)                14.5        7.7       30.0        9.4
    -------------------------------------------------------------------------
    Operating profit / (loss) :
     ($ millions)                       1.6       (7.7)       4.9      (22.1)
    -------------------------------------------------------------------------
    Provision for impairment:
     ($ millions)                         -       (0.3)         -       (4.9)
    -------------------------------------------------------------------------
    Write back of provision for
     impairment of assets:
     ($ million)                        3.9          -        4.8          -
    -------------------------------------------------------------------------
    Exploration expenditure written
     off: ($ million)                  (1.3)      (3.2)      (1.3)      (3.2)
    -------------------------------------------------------------------------
    Net Income / (loss) from
     continuing operations:
     ($ millions)                       5.1      (11.3)      11.6      (30.2)
    -------------------------------------------------------------------------
    PRODUCTION STATISTICS:

    Consolidated Group
    Copper produced in concentrates
     (tonnes)                         4,412      5,372      8,505      5,571

    Per Mine

    Kinsevere mine
    Ore mined (tonnes)              135,486          -    225,408          -
    Ore processed(1) (tonnes)        72,716     83,084    134,207     85,780
    Copper grade (% Cu)                 7.3        7.9        7.9        8.0
    Contained copper in ore
     (tonnes)                         5,317      6,566     10,624      6,837
    Recovery Cu (%)                    72.1       70.9       70.5       70.9
    Copper produced in concentrates
     - HMS (tonnes)                   3,835      5,372      7,464      5,571
    Copper produced in concentrate
     - Spirals (tonnes)                 577          -      1,041          -
    Copper produced in concentrate
     - HMS and Spirals (tonnes)       4,412      5,372      8,505      5,571
    Copper produced in blister
     (tonnes)                             -          -          -        461
    -------------------------------------------------------------------------
    Costs of production ($)

    Operating cash costs per
     tonne of concentrate
     (ex mine gate)  $/t                292        484        305        734
    -------------------------------------------------------------------------
    1. Ore processed at Kinsevere relates to ore processed through the HMS
       plant.


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

                                                  ---------------------------
                                                       June 30   December 31
                                                          2010          2009
                                                  ---------------------------
                                                             $             $
    ASSETS
    Current assets
    Cash and cash equivalents                           63,460       120,753
    Accounts receivable                                 16,230        17,967
    Inventories                                         12,789        14,220
    Available-for-sale ("AFS") investments                   -         1,243
    Prepaid expenses and deposits                        4,163        25,899
    Current assets classified as held for sale               -         2,114
                                                  ---------------------------
                                                        96,642       182,196
                                                  ---------------------------
    Non-current assets
    Restricted cash                                        899           887
    Available-for-sale ("AFS") investments              22,633        16,827
    Investments accounted for using the equity
     method                                             12,234             -
    Deferred financing fees                              3,059         2,865
    Long-term inventory                                 12,580        11,163
    Long-term receivable                                15,346        15,468
    Exploration and acquisition expenditure             61,303        62,384
    Property, plant and equipment                      409,127       324,562
    Non-current assets classified as held for sale           -         5,156
                                                  ---------------------------
                                                       537,181       439,312
                                                  ---------------------------
    Total assets                                       633,823       621,508
                                                  ---------------------------

    LIABILITIES
    Current liabilities
    Accounts payable and accrued liabilities            27,302        12,037
    Derivative financial instrument                        995           586
    Income taxes payable                                    54             6
    Provisions                                           1,758         1,712
    Current portion of long-term debt                      224           290
    Current portion of liabilities directly
     associated with non-current assets
     classified as held for sale                             -         1,764
                                                  ---------------------------
                                                        30,333        16,395
                                                  ---------------------------
    Non-current liabilities
    Future income tax liability                         13,036        21,048
    Other non-current liability                              -         6,711
    Long-term debt                                           -            74
    Asset retirement obligations                        12,933        12,858
    Non-current portion of liabilities
     directly associated with non-current
     assets classified as held for sale                      -           983
                                                  ---------------------------
                                                        25,969        41,674
                                                  ---------------------------
    Total liabilities                                   56,302        58,069

                                                  ---------------------------

    Non-controlling interest                            (1,738)          260
                                                  ---------------------------
                                                        54,564        58,329
                                                  ---------------------------

    Shareholders' equity
    Equity accounts                                    509,261       510,347
    Retained earnings                                   67,517        50,067
    Accumulated other comprehensive income               2,481         2,765
                                                  ---------------------------
    Total shareholders' equity                         579,259       563,179
                                                  ---------------------------
                                                       633,823       621,508
                                                  ---------------------------


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

                                   ------------------------------------------
                                          3 Months              6 Months
                                        Ended June 30         Ended June 30
                                       2010       2009       2010       2009
                                   ------------------------------------------
                                          $          $          $          $

    Revenue from continuing
     operations                      14,529      7,738     30,015      9,384
    Operating expenses               (8,684)   (11,371)   (16,145)   (23,823)
    Amortization                     (4,236)    (4,032)    (8,966)    (7,697)
                                   ------------------------------------------
                                      1,609     (7,665)     4,904    (22,136)

    Other income                        400        125      1,146        446

    Provision for impairment of
     assets                               -       (258)         -     (4,935)
    Write back of provision for
     impairment of assets             3,905          -      4,809          -
    Loss on derivative instruments     (757)         -       (409)         -
    Share of loss in equity
     accounted investment              (226)         -       (226)         -
    Exploration expenditure
     written off                     (1,315)    (3,224)    (1,315)    (3,224)
    General, administrative and
     marketing                       (3,105)    (3,208)    (5,459)    (5,842)
    Foreign exchange
     (losses) / gains                  (427)       905       (111)     1,545
    Stock based compensation           (114)       254       (382)    (1,106)
    Interest and financing fees        (525)      (280)    (1,060)      (518)
                                   ------------------------------------------
    (Loss) / income before income
     tax and non-controlling
     interest                          (555)   (13,351)     1,897    (35,770)

    Income tax benefit                4,414      1,692      8,011      5,234
    Non-controlling interest
     share of loss                    1,198        310      1,738        354
                                   ------------------------------------------
    Net income / (loss) from
     continuing operations            5,057    (11,349)    11,646    (30,182)

      Loss from discontinued
       operation                          -          -       (107)         -
    Gain on sale of discontinued
     operation                        5,911          -      5,911          -
                                   ------------------------------------------
    Net income / (loss)              10,968    (11,349)    17,450    (30,182)
                                   ------------------------------------------

    Other comprehensive income,
     net of taxes:
    Net unrealized (losses) / gains
     on available-for-sale
     investments                       (234)     3,367       (284)     3,367
                                   ------------------------------------------
    Total comprehensive
     income / (loss)                 10,734     (7,982)    17,166    (26,815)
                                   ------------------------------------------

    Profit / (loss) per share from
     continuing operations:
    Basic & diluted profit / (loss)
     per share ($)                     0.03      (0.13)      0.08      (0.37)



               Consolidated Statement of Cash Flows (Unaudited)
              (Expressed in thousands of United States dollars)

                                   ------------------------------------------
                                          3 Months              6 Months
                                        Ended June 30         Ended June 30
                                       2010       2009       2010       2009
                                   ------------------------------------------
                                          $          $          $          $
    Cash flows from operating
     activities
    Net profit / (loss) for
     the period                       5,057    (11,349)    11,646    (30,182)
    Items not affecting cash:
      - Amortization                  4,236      4,032      8,966      7,697
      - Provision for impairment
         of assets                   (3,905)       258     (4,809)     4,935
      - Share of loss in Equity
         Accounted Investment           226          -        226          -
      - Loss on derivative
         instruments                    757          -        409          -
      - Non cash finance cost           541        215      1,044        430
      - Loss on sale of assets            -         52          -         42
      - Exploration expenditure
         written off                  1,315      3,224      1,315      3,224
      - Provision for bad and
         doubtful debts                 450          -        450          -
      - Non-controlling interest
         share of loss               (1,198)      (310)    (1,738)      (354)
      - Unrealized foreign
         exchange loss / (gain)         129       (552)      (193)        59
      - Future income tax            (4,414)    (1,719)    (8,011)    (5,265)
      - Stock based compensation        114       (254)       382      1,106
    Changes in non-cash working
     capital                          3,580      1,025     (1,398)    11,806
                                   ------------------------------------------
                                      6,888     (5,378)     8,289     (6,502)
                                   ------------------------------------------
    Payments for property, plant
     and equipment                  (23,492)    (9,649)   (57,021)   (27,297)
    Payment as security deposit      (6,460)         -     (6,460)         -
    Proceeds from sale of assets          -        342          -        352
    Payments for exploration
     expenditure                         (5)       (42)      (531)    (1,108)
    Proceeds of principal
     repayments from investments        112     11,060        112     11,528
                                   ------------------------------------------
                                    (29,845)     1,711    (63,900)   (16,525)
                                   ------------------------------------------
    Cash flows from financing
     activities
    Proceeds from issue of shares
     (net of issue expenses)             41     27,199       (229)    27,199
    Deferred borrowing costs           (256)         -       (531)         -
    Movement in restricted cash         127        (79)        44        (93)
    Payments of debt                    (70)         -       (140)         -
    Shares purchased - ESSIP         (1,238)         -     (1,238)         -
    Disbursements on behalf of
     Dikulushi Trusts                     -       (434)         -       (437)
                                   ------------------------------------------
                                     (1,396)    26,686     (2,094)    26,669
                                   ------------------------------------------
    Adjustment for discontinued
     operations                         479          -          -          -
                                   ------------------------------------------
    Net (decrease) / increase
     in cash and cash equivalents   (23,874)    23,019    (57,705)     3,642
    Cash and cash equivalents at
     beginning of the period         87,442     25,617    121,234     45,033
    Effects of exchange rate
     changes on cash held in
     foreign currencies                (108)        41        (69)         2
                                   ------------------------------------------
    Cash and cash equivalents at
     end of the period               63,460     48,677     63,460     48,677
                                   ------------------------------------------
    

%SEDAR: 00020549E

SOURCE Anvil Mining Limited

For further information: For further information: Lui Evangelista, Acting CFO, Tel: +61 (8) 9481 4700, Email: luie@anvilmining.com (Perth); Robert La Vallière, Vice President Corporate Affairs, Tel: (Office) +1 (514) 448 6664, (Cell) +1 (514) 944 9036, Email: robertl@anvilmining.com (Montréal); Website: www.anvilmining.com

Organization Profile

Anvil Mining Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890