Good news about the grades too!!!!
Anvil Mining completes due diligence of Mutoshi project
18:36, Wednesday, 12 January 2005
Sydney - Wednesday - Jan 12: (RWE Australian Business News) -
Toronto-based Anvil Mining Ltd has completed its due diligence review of
the Mutoshi Copper-Cobalt Project in the Kolwezi Region of the
Democratic Republic of Congo.
As per the agreement announced on November 17, Anvil has now
paid $US3 million to state-owned mining company La Generale des
Carrieres et des Mines and has issued 153,950 common shares at $C6.02
each to acquire its 87.5 per cent interest in Emiko sprl, a private
Congolese company that now holds an 80 per cent interest in the project.
The remainder of the purchase price will be paid in cash as
follows: $US2.0 million on April 14 2005; $US1.25 million on July 7
2005; and $US1.25 million on January 7 2006.
The balance of $US4.25 million is to be paid in 18 equal monthly
payments beginning four months after the start of commercial production.
As part of the due diligence work, Anvil completed a sampling
program over the main part of the Kulumaziba coarse rejects/tailings
deposit.
The results of this sampling program indicate that the average
grade of the Kulumaziba coarse rejects/tailings deposit is higher than
previously thought and will exceed 4.0 per cent copper.
The announcement was made after the close of ASX trading.
Anvil CHESS Depositary Interests rose 1c to 70c today.
ENDS
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