AVM advance metals limited

dec 2006 quarterly out, page-2

  1. 23 Posts.
    Production of copper down a bit on last quarter but still good numbers,hopefully they obtained a good price for the copper


    Sydney - Tuesday - January 30: (RWE Australian Business News) -
    Anvil Mining Ltd (ASX code: AVM) today reported fourth quarter
    production of 10,523 tonnes of copper contained in concentrates and
    569,655 ounces of silver.
    This brought annual production to 42,574 tonnes of copper
    contained in concentrates and 2.17 million ounces of silver contained in
    concentrate.
    President and CEO Mr Bill Turner commented, "Again, we delivered
    a strong operational year and fourth quarter with a significant increase
    in copper and silver production over the previous year.
    "We more than doubled the copper production due to the start-up
    of the Kulu mine and continuing improvements at the Dikulushi mine.
    "In 2007, we are expecting to produce a total of 50,000 tonnes
    of copper and 1.8 million ounces of silver from the Dikulushi, Kulu and
    Kinsevere mines.
    "The Kinsevere mine is expected to be commissioned during the
    second quarter of 2007."

    *****

    Other highlights of the fourth quarter included:
    * Updated mineral resource estimate for the Kinsevere project
    that resulted in a 307% increase in contained copper metal for the
    measured and indicated resource categories, and a 422% increase in the
    inferred resource category, compared with the 2005 year-end estimate.
    * Updated mineral resource estimate for the Dikulushi
    copper-silver mine that resulted in a 31% increase in contained copper
    metal for the measured and indicated resource categories, and a 114%
    increase in the inferred resource category, compared with the 2005
    year-end estimate.
    * Global measured, indicated and inferred resources of two
    million tonnes of contained copper.
    * Scale of the planned Stage II SX-EW plant at Kinsevere has
    been doubled from 30,000 to 60,000 tonnes per annum of copper, and this
    is currently the subject of a feasibility study.
    * The Stage III Dikulushi decline for the underground mine
    development had progressed to a total advance of about 720 metres at the
    end of December.
 
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