First cashflow payment

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    ANVIL MINING NL 2002-10-28 ASX-SIGNAL-G

    MEDIA RELEASE

    ANVIL RECEIVES FIRST CASH FLOW PAYMENT FROM DIKULUSHI PROJECT DEMOCRATIC REPUBLIC OF CONGO

    Anvil Mining NL ("Anvil") is pleased to announce that it has received the first cash flow payment from the delivery of Dikulushi copper-silver concentrates to the Ongopolo smelter in Namibia. This follows the production of the first blister copper from Dikulushi concentrates on 17 October 2002 and marks the beginning of what will be a steady cash flow stream from the Stage I development. The transit time from the mine site to the smelter is six days, faster than originally anticipated. Provisional payments are due when the concentrates are delivered to the smelter, with the remainder due once the final weights and assays are available.

    Dikulushi Stage I comprises an open pit mining operation and Heavy Media Separation ("HMS") processing plant. This will produce 40,000 tonnes per year of high-grade concentrates containing 14,000 tonnes of copper and 1.1 million ounces of silver per year. Stage II will involve the addition of ball mill and flotation circuits and will produce a high-grade concentrate expected to average about 60% copper and 1,900 g/tonne silver.

    Dikulushi has an independently audited Resource (at a 2% Cu cut-off) of 1.94 million tonnes at an average grade of 8.58% copper and 266 g/t silver, 85% of which is in the Measured and Indicated categories. The resource is open at depth, with one of the deepest drill intersections being 16.7 metres of 16% copper and 522 g/t silver at a vertical depth of only 165 metres. Potential therefore exists to significantly increase resources and extend the mine life well beyond its current 8 years.


 
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