MONTREAL, March 17 /CNW Telbec/ - Anvil Mining Limited (TSX,...

MONTREAL, March 17 /CNW Telbec/ - Anvil Mining Limited (TSX, ASX: AVM),
("Anvil" or the "Company"), today announced a net loss for the fourth quarter
ended December 31, 2008 of $151.2 million (-$2.12 per share on a weighted
average number of shares basis), compared to net income of $21.7 million
($0.31 per share) for the fourth quarter of 2007. Net sales for the fourth
quarter of 2008 totalled $13.9 million, down 83% from the fourth quarter of
2007. Operating cash flow for the quarter, before working capital movements,
was negative at -$26.1 million, (-$0.37 per share). The year-end 2008 net loss
was $138.5 million (-$1.95 per share) on net sales of $191.2 million, compared
to net income of $117.2 million ($1.81 per share) on sales of $263.2 million
in 2007. Operating cash flow for 2008, before working capital movements, was
$33.8 million ($0.47 per share). These results were negatively affected by
higher operating costs mainly at the Dikulushi and Mutoshi mines, lower
production and realized copper prices and one-off charges of $143.0 million
for the fourth quarter and $151.0 million for the full year 2008 resulting
from the severe deterioration in base metal and debt markets that occurred
during the second half of 2008....

As a result, the Company has implemented a number of initiatives to
reduce operating costs and preserve cash, including:


- Curtailment of all but essential capital spending and suspension of all exploration activity.

- Financial results for the fourth quarter 2008 were impacted by...

- An impairment of $0.7 million in connection with the write-down of the value of the Company's investment in Sub Sahara Resources NL....

Anvil Mining Limited is an unhedged copper and silver producer whose
shares are listed for trading on the Toronto Stock Exchange (as common shares)
and the Australian Securities Exchange (as CDIs) under the symbol AVM. It has
majority interests in the Dikulushi copper-silver mine, the Kinsevere copper
mine and the Mutoshi Stage I copper tailings operation in the Katanga Province
of the DRC.