TSX, ASX: AVM
Common shares outstanding 57.7 million
PERTH, Australia, April 27 /CNW/ - Anvil Mining Limited (TSX, ASX: AVM)
("Anvil" or "the Company") is pleased to announce that it will undertake an
investment in Sub-Sahara Resources NL ("Sub-Sahara") by way of a private
placement of A$7.2 million (90 million shares at A$0.08), which will give the
Company an 18% stake in Sub-Sahara.
The private placement will be completed in two tranches: 60 million
shares (A$4.8 million) immediately and a further 30 million shares
(A$2.4 million) subject to Sub-Sahara shareholder approval. Sub-Sahara will
also grant to Anvil, subject to Sub-Sahara shareholder approval, 25 million
options exercisable at A$0.15 with a term of two years from the date of issue.
As part of the transaction, Anvil's Vice President Business Development, Mr.
Michael O'Sullivan will join the Board of Directors of Sub-Sahara.
This investment represents Anvil's second investment outside the
Democratic Republic of the Congo ("DRC"), along with the Company's interest in
the Itogon Suyoc Resources Inc. mineral properties in the Philippines, and is
consistent with the Company's strategy of geographical diversification.
Sub-Sahara is an ASX listed company (ASX: SBS) with interests in a number
of exploration projects in Eritrea and Tanzania, countries in which the
company has been active for more than 10 years.
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 a
majority interest in and operates the Dikulushi copper-silver mine and the
Kulu copper tailings operation in the Katanga Province of the DRC. In
addition, the Company is currently developing the Kinsevere project as the
Company's third mine in the DRC.
For further information:
For further information: Craig Munro, Vice President Corporate & Finance
and CFO, Tel: +61 (8) 9481 4700, Email: firstname.lastname@example.org (Perth); Robert
La Vallière, Vice President Investor Relations, Tel: (Office) (514) 448 6664,
(Cell) (514) 944 9036, Email: email@example.com (Montréal), Website: