late report, page-22

Just had another listen.....Stage III Kinsevere is more than just a thought. "We may start something before we complete Stage II...." But it's still a way off, we should know more by the end of the year.

Slipage is not by much. Commissioning of Stage I will still be end April/May. So not too bad. Stage II actual construction planned to start mid year.

The 17,000 t of concentrate sitting on the ROM pads at Kulu will certainly boost our bottom line this Qtr.

The exploration program is huge as Miningnut mentioned. $13 million. 50,000m at Dikulushi & more at Kinsevere to increase the oxide resource.

Bill seems pretty happy that while other's are sniffing around the DRC we are about to start our third mine. He certainly knows how to recycle equipment. The electric arc furnace, and the Dikulushi to Lumbashi road refurbishment will give reasonable access to all the mines.

The support that Anvil has given to grow local Congolese businesses is great. 95% of the HMS plant at Kinsevere built on site by local contractors.

I expect we should have some analysts putting the final touches to some reports over the next couple of weeks. It will be interesting to see what value they will put on Anvil.

We are currently trading at $16, down from the TSX close of $14.95 equ to $16.24.

Overall, a great result and we certainly are a monster in the making.

All the best

KKR