2nd qtr results out as expected

Anvil Mining Reports for the Second Quarter
Net Income of $8.5 Million or $0.12 per share and
Operating Profit of $16.0 Million
Montréal, Canada: Anvil Mining Limited (TSX, ASX: AVM), (“Anvil” or the
“Company”), today announced net income for the second quarter ended June 30, 2008 of $8.5 million ($0.12 per share on a weighted average number of shares basis), compared to $35.4 million ($0.58 per share) for the second quarter of 2007. Concentrate sales for the second quarter of 2008 totalled $59.8 million, down 9% from the second quarter of 2007.

Operating cash flow, before working capital movements, was $24.6 million ($0.35 per share).

Second Quarter Highlights
• Quarterly production of 10,521 tonnes of copper and 248,816 ounces of silver contained in concentrates;

• Revenues from copper-silver and copper concentrate sales of $59.8 million, down 9% compared to the second quarter of 2007;
• Net income of $8.5 million ($0.12 per share), down 76% compared to the second quarter of 2007;

• Cash flow from operating activities, before working capital movements, of $24.6 million ($0.35 per share), down 43% compared to the second quarter of 2007;
• In August, the Company reached a definitive agreement on the terms of a C$297 million private placement; and
• Commencement of commissioning of one of the two Electric-Arc Furnaces (“EAF”) at Kinsevere.

Bill Turner, President and Chief Executive Officer of Anvil, commented, “Operational issues at our Dikulushi and Mutoshi mines have adversely impacted second quarter financial performance. At Dikulushi, modifications to the underground development to change the mining method to an Avoca cut-and-fill method are now well underway with Perth based mining contractor, Byrnecut now established on site. This development work will continue for the remainder of 2008 with full-scale underground mining expected to commence in January 2009. Although there is additional capital cost involved in modifying the mining
method, ore recovery rates are expected to improve compared with the previous sub-level caving method.”

“The continuing poor performance of the Mutoshi Stage I HMS operation because of falling recoveries with the unsuitable HMS plant, together with high mining costs have led to the
decision to suspend mining activities at Mutoshi, pending the outcome of an alternative mining study due for completion during the fourth quarter. This decision is not expected to impact 2008 forecast production as there is sufficient stockpiled ore to feed the HMS processing plant through to the end of the year and achieve 9,000 tonnes of copper production
for 2008.”

Bill Turner continued, “The construction and development of the Kinsevere Stage II 60,000 tonnes per year SX-EW plant is progressing well and in order to be in position to deliver the first copper cathodes towards the end of 2009, this project continues to be the focus of our current efforts. The operational changes and the increased confidence in the construction of Kinsevere Stage II are the result of the recent senior nominations of Dr. Toby Bradbury, Vice President Operations, DRC and Paul Chare, Project Director Kinsevere Stage II SX-EW, both
of whom now reside in Lubumbashi, the capital city of the Katanga Province, DRC. In addition, Paul Chare has also become the General Manager for the entire Kinsevere operation in preparation for the start up of the SX-EW in 2009. Also at Kinsevere, an aggressive drilling program is underway, targeting the sulphide resource down to a depth of 250 metres in the first instance.”

Operations
Forecast production for 2008 remains unchanged at 47,000 tonnes of copper and 950,000
ounces of silver. Individual mine site production numbers are as follows: Dikulushi, 11,000
tonnes of copper and 950,000 ounces of silver, Mutoshi, 9,000 tonnes of copper and
Kinsevere 27,000 tonnes of copper.

Dikulushi
During the second quarter of 2008, the Company determined that the extraction of ore from the underground stopes and the rate of underground development at the Dikulushi Mine was not proceeding as well as was initially expected. As a result, in its first quarter disclosures, the Company reduced its forecast production at Dikulushi to approximately 11,000 tonnes of copper and 950,000 ounces of silver and remains on track to achieve these production levels.

The Company has carried out a detailed analysis of the situation and determined that the underground mining method should be modified from a Sub-level Caving method to an
Avoca cut and fill method. While Avoca methods require additional underground development over and above Sub-level Caving techniques, its adoption is expected to result in superior metal recovery. Feed to the plant continues to be sourced primarily from stockpiled low-grade ore, supplemented with ore from the underground mine.

Mutoshi
Owing to the progressively lower metallurgical recovery from processing finer grained, lower grade material that is being encountered as mining progresses further downstream, the Company decided in August to suspend mining operations, pending the outcome of an investigation of alternative mining methods and ongoing study of the establishment of an SXEW facility, both of which are expected to be completed by the end of 2008. The processing plant will continue to operate with existing stockpiled ore sufficient to provide feed for the remainder of 2008 and to achieve forecast 2008 production of 9,000 tonnes of copper. The suspension of mining operations is expected to result in a reduction in operating costs of $3 million over the second half of the year.

Kinsevere
Mining operations continued as expected during the second quarter. During July, the HMS plant had a spirals plant added in order to capture copper metal losses from the combined Crusher and HMS deslime tailings streams. The spirals plant is producing approximately 40
dry metric tonnes of concentrate per day, grading 25% copper; with plant recovery ranging
from 50-60%.

Commencement of commissioning of the Kinsevere EAFs has been delayed to the first week of August 2008, due to a combination of design, logistical, and technical factors. The second EAF is expected to commence commissioning in the fourth quarter of 2008.

Kinsevere Stage II
The development of the Kinsevere Stage II project is progressing and remains on track for construction to be completed on budget towards the end of 2009. The end of the wet season in April has enabled construction activity to increase significantly, with shipments of construction materials to site steady during the second quarter and expected to build up in the coming months.

The complete unaudited financial statements together with the related Management’s
Discussion and Analysis (MD&A) are available on Anvil’s website at
www.anvilmining.com under the heading “Financial Reports”.