There's no thread for Anvil, so I posted this here. A Good story.
AVM CN: More Than Doubles the Kulu Resource to 255,000 Tonne
2005-11-21 08:35 (New York)
ANVIL MINING LTD ("AVM-T")
- More Than Doubles the Kulu Resource to 255,000 Tonnes of
- Contained Copper
Anvil Mining Limited is pleased to announce a significant increase in
the resources of its 70% owned Kulumaziba (Kulu) Project in the Kolwezi
Region of the Katanga Province of the Democratic Republic of Congo (DRC).
The Kulu coarse rejects/tailings deposit was formed by the discharge of
mineralized waste material into the Kulumaziba watercourse from the old
Mutoshi washing plant, which operated from 1960 to 1987. The deposit
consists of two distinctly different types of mineralized material; coarse
and fine tailings. The coarse tailings overlie the older and lower grade
fine tailings. Anvil has completed an evaluation of the first 12.5km
section of the river but evaluation work on the last section of the river
between the 12.5km and the 14km marks is still ongoing.
The revised Kulu Mineral Resource estimate in this news release is
based on an independent technical report prepared by FinOre Pty Ltd of
Perth, Western Australia and is the result of an exploration and evaluation
program consisting of pit sampling and air core drilling on the first 12.5
kilometers of the deposit during the last 11 months.
The revised Mineral Resource estimate of the Kulu Deposit is summarized
as follows:
//st
Description and Tonnes % Cu Contained Metal
Classification Tonnes of Copper
Coarse Tailings
Measured 919,000 7.2% 65,900
Indicated 3,423,000 3.7% 126,700
Total Measured and
Indicated 4,342,000 4.4% 192,600
Inferred 286,000 6.5% 18,500
Fine Tailings
Total Indicated 4,944,000 0.89% 44,000
//et
"The expansion of the Kulu resource adds further justification to our
pre-emptive decision to relocate the Dikulushi HMS plant to the Kulu
project," commented Bill Turner, President and CEO of Anvil. "The imminent
commissioning of the HMS plant and the intention now to commence a bankable
feasibility study for the Stage II Kulu SXEW project, demonstrates that
Anvil has a clear development strategy to produce in excess of 25,000
tonnes of cathode copper per year from this project within the next two and
half years."
The HMS plant is projected to process 380,000 tonnes of ore per annum
with an average head grade for the first three years of greater than 6.0%
copper. Mineralized floats and tailings from the HMS plant will be
stockpiled for future processing through a Stage II SXEW plant. Offtake
agreements for the first twelve months of concentrate production are being
finalized with smelters in Kolwezi and international metal trading
companies. The HMS plant is expected to produce in the region of 55,000
tonnes of concentrate per year, grading approximately 30% copper for
approximately 16,500-17,000 tonnes of contained copper.
Dikulushi Mine
Anvil is also pleased to announce that its Dikulushi Mine achieved a
new record production for the month of October with 4,155 dry metric tonnes
of concentrate being produced, containing 2,152 tonnes of copper and
233,686 ounces of silver.
"The turnaround and continuing improvement of the Dikulushi Mine is a
credit to the professionalism and commitment of our staff who have had to
overcome the difficulties of replacing the mining and haulage fleets
following the collapse of the mining contractor last year," commented Bill
Turner, President and CEO of Anvil. "Credit for the improved performance at
Dikulushi must also go to our long-term engineering partner, Intermet
Engineering Pty Ltd, who designed the Dikulushi flotation plant that is now
operating at well above design capacity."
Anvil Mining Limited is an unhedged copper and silver producer whose
shares are listed for trading on the Toronto Stock Exchange and the
Australian Stock Exchange under the symbol AVM.
Additional Notes:
The information in this report that relates to in-situ Mineral
Resources is based on information compiled by Gerry Fahey, MAusIMM (CP),
MAIG, of Finore Pty Ltd. Gerry Fahey is a Member of the Australasian
Institute of Mining and Metallurgy and a Member of the Australian Institute
of Geoscientists and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity he is undertaking, to qualify as a Competent Person or Qualified
Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC
Code) and under the Canadian National Instrument 43-101. Gerry Fahey
consents to the inclusion in the report of the matters based on his
information in the form and context in which they appear.
Caution Regarding Forward Looking Statements: Statements regarding the
Company's plans with respect to the evaluation and future development of
the Kulumaziba (Kulu) coarse rejects/tailings deposit, and to the recent
expansion of the Dikulushi operation are forward-looking statements. There
can be no assurance that future due diligence will be successfully
completed, that future required regulatory approvals will be obtained or
that anticipated transactions and mine developments will be completed
satisfactorily. Furthermore, there can be no assurance that at Kulumaziba
or Dikulushi any mineralization will be proven to be economic. Similarly,
there can be no assurance as to the exact result of the future production
from the recent expansion of the Dikulushi operation.
TSX closing price for AVM
Date: 2005/11/15
Closing Price: 4.900
TEL: +61 (8) 9481-4700
Email: billt@anvil.com.au Bill Turner, President and CEO
Email: craigm@anvil.com.au Craig Munro, VP Corporate & Finance
TEL: (514) 448-6664
CELL: (514) 944-9036 Robert La Valliere,
Email: robertl@anvil.com.au Vice President Investor Relations
Internet: www.anvil.com.au Anvil Mining Ltd |
