AVM 0.00% $7.45 anvil mining limited

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    Anvil lifts output


    Brad Ricks


    Wednesday, February 02, 2005
    IMPROVED recoveries and increased throughput at Anvil Mining's Dikulushi copper mine in the Democratic Republic of Congo saw copper production rise to 2894 tonnes for the December quarter, up from 2626t in the September quarter.

    Despite the grade of copper dropping from 5.81% to 4.69%, Anvil was able to increase its production by processing 75,864t of ore, some 10,000t more than the previous quarter. Recoveries also increased, up from 69.1% to 81.3%.

    Anvil said there was still a backlog of waste material limiting access to high-grade ore in the bottom of the open pit.

    As a result, the company has sourced additional haulage capacity to increase the rate of waste removal, with the resumption of full access to high-grade ore is expected during April of this year.

    Also during the quarter, Anvil announced it had entered into an agreement with state owned Gecamines, and privately owned company Emiko to acquire a 70% interest in the Mutoshi copper-cobalt Project in the Kolwezi Region of the DRC. Due diligence has been completed on the Mutoshi project and Anvil made its first payment of US$3 million and issued shares to the value of US$750,000 as the first stage of the settlement of the total acquisition cost of US$12.5 million.

    Meantime Anvil said it still expected to have the Kulumazbia project at Kolwezi into production by the end of the year.

    The results of the sampling program over the main part of the Kulumaziba deposit during the quarter have reportedly indicated the average grade of this coarse rejects/tailing deposit is higher than previously thought and is now expected to be in excess of 4% copper.

    Design criteria for a 1 million tonne per annum HMS plant for the Kulumaziba deposit is nearing completion and now awaiting the final results of the metallurgical variability test work.

    Anvil is working on an EPCM contract with Perth engineering company Intermet, with equipment ordering expected to begin within two weeks.

    Initial production from this project has been pegged at 25,000t of copper contained in an oxide concentrate.

    Anvil Mining is listed on the Toronto Stock Exchange and the Australian Stock Exchange.


 
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