first quantum minerals FM on TSE Message Board

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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

0.0%

Jan 8 4:00 PM EST

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To: Bohdan who wrote (178)	9/8/1997 1:54:00 PM
From: DRT	of 385

FYI. Further to FM's last press release, you may be interested in checking out oberon.com.au Anvil Mining NL's press release: Anvil Mining NL advises that it is placing 12 million ordinary fully paid shares with two Canadian mining companies at a price of 20 cents per share to raise $2.4 million. The companies will also receive 12 million options to acquire ordinary shares in Anvil at 30 cents by 31 December 1998. The placement will represent 14% of the Company's ordinary fully paid shares and is subject to shareholder approval. Peter Walker, Chairman of Anvil said "This price represents a substantial premium of approximately 50% on the company's current stock price and indicates the high level of interest in and support for the company by the international mining and financial community. These funds together with the proceeds of its recently completed rights issue will be used to fund the feasibility study on the Company's Dikulushi high grade copper-silver deposit in the Democratic Republic of Congo (DRC)." The placement has been made to First Quantum Minerals Ltd and International Ballater Inc. Both these companies are active in central Africa. First Quantum are currently developing the Bwana Mkubwa copper leach operation in Zambia approximately 400 kilometres south of Dikulushi. International Ballater operate the Connemara gold mine in Zimbabwe. First Quantum and International Ballater will also have a first right of refusal to farm in on the Dikulushi project. Peter Walker, Chairman of Anvil said "This placement enhances Anvil's ability to finance ongoing development of the Dikukushi project without a major reduction in its equity in the project or making further demands on our shareholders. The Company has therefore decided to terminate the previously announced negotiations for funding of the project by a major resource company." Drilling on the Dikulushi project will start in the next few days. The company plans to complete the bankable feasibility study on this high grade deposit in the first half of 1998. P N Walker Chairman For further information contact: Peter Walker 08 9481 7611 or Mark Stowell 041 990 8102

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