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Anvil Mining Reports First Quarter Net Income of $21.4 Million or $0.30 per share and Operating Profit of $33.7 Million

TSX, ASX: AVM

Common shares outstanding 71.2 million

All amounts are expressed in US dollars, unless otherwise stated.

MONTREAL, May 12 /CNW Telbec/ - Anvil Mining Limited (TSX, ASX: AVM), ("Anvil" or the "Company"), today announced net income for the first quarter ended March 31, 2008 of $21.4 million ($0.30 per share on a weighted average number of shares basis), compared to $21.1 million ($0.37 per share) for the first quarter of 2007. Concentrate sales for the first quarter of 2008 totalled $75.3 million, up 79% from the first quarter of 2007. Operating cash flow, before working capital movements, was $35.3 million ($0.50 per share), representing an increase of 35% compared to the first quarter of 2007.

First Quarter Highlights

- Quarterly production of 12,027 tonnes of copper and 482,655 ounces of
silver contained in concentrates;

- Revenues from copper-silver and copper concentrate sales of
$75.3 million, up 79% compared to the first quarter of 2007;

- Operating profit after depreciation and amortization of
$33.7 million, up 26% compared to the first quarter of 2007;

- Net income of $21.4 million ($0.30 per share), up 2% compared to the
first quarter of 2007;

- Cash flow from operating activities, before working capital
movements, of $35.3 million ($0.50 per share), up 35% compared to the
corresponding quarter of 2007;
- Commencement of a review of underground mining approach at Dikulushi
to maximise ore extraction and minimize dilution; and

- Construction costs for Kinsevere Stage II have increased to
$380 million, an increase of $123 million from the previously
released feasibility study.

Bill Turner, President and Chief Executive Officer of Anvil, commented, "Early production from the Kinsevere Heavy Media Separation processing plant, our third mine in the DRC, combined with strong copper and silver prices during the first quarter, contributed to strong operating cash flows. It should be noted that comparisons with the first quarter of 2007 are significantly impacted by the fact that the Kinsevere mine was not yet in production in the first quarter of 2007. Our efforts are currently focused on the construction and development of Kinsevere Stage II in order to be in position to deliver the first copper cathodes in the second half of 2009. We also have aggressive drilling programs currently underway at Kinsevere and on the Mutoshi properties in the Kolwezi region. The results of these drilling programs should be available during the third quarter of 2008."

Bill Turner continued, "In addition, the preparation of an engineering cost study for the construction of an expandable 15,000 tonnes per year Vat Leach / Solvent Extraction and Electrowinning processing facility at Kulu continued during the quarter and is expected to be completed later in the second quarter. The Company is moving as quickly as possible to transition the Kulu HMS operation into a cathode copper production facility to increase metallurgical recovery and realise the full value of this project."

Revised 2008 Production Forecast

As a result of reduced forecast production at both Dikulushi and Kulu, the Company now forecasts total annual production for 2008 of approximately the same as last year at 47,000 tonnes of copper and 950,000 ounces of silver.

Dikulushi

Despite the Dikulushi operation achieving its copper and silver production targets for the first quarter of 2008, the extraction of ore from underground stopes using the sub-level caving method and the rate of underground development at Dikulushi were less than expected. As a result, forecast production for 2008 at Dikulushi has been reduced to 11,000 tonnes of copper and 950,000 ounces of silver. The Company is currently carrying out a detailed review of stoping practices to determine the most appropriate mining method. A life-of-mine plan, incorporating a modified approach to the underground mining method for Dikulushi is expected to be completed during the third quarter of 2008.

Until an appropriate mining method has been decided upon, feed to the plant will be sourced primarily from stockpiled HMS floats and tails, supplemented with ore from the underground mine.

Kulu

As mining progresses further downstream, finer grained, lower grade material is being encountered which has a poor metallurgical recovery through the HMS plant. As a result, forecast production for 2008 at Kulu has been reduced to 9,000 tonnes of copper. In order to more effectively process finer grained and lower grade material, additional modifications to the plant are being carried out and these are expected to be completed in the third quarter of 2008.

Kinsevere

Forecast production at Kinsevere remains unchanged at approximately 27,000 tonnes of copper.

Kinsevere Stage II Construction Cost Increase

The development of the Kinsevere Stage II project is progressing, with commissioning expected to commence in the second half of 2009. Progress to date has been slower than forecast but activity is expected to increase substantially, now that the wet season is over.

At the SX-EW plant site, ground preparation has been the main area of focus in the latter part of the first quarter. A concrete batch plant is to be commissioned in the second quarter of 2008. Foundation work has started at the crushing and leach agitator sites and further progress has been achieved with:

- Finalization and issue of the process flow drawings.
- Completion of the bulk earthworks for the plant area.
- Commencement of fabrication of the leach tanks.
- Mobilization of the contractor fleet for the tailings dam.
- Continuation of fabrication of the Ball Mill and Thickener Tank.

A power purchase agreement was signed in December 2007 with Societe Nationale d'Electricite, the DRC government electricity company, for the supply of 39.5MW of hydro-electrical power. The new 27 km 120Kv transmission line, which connects the Kinsevere mine to the DRC national hydroelectric grid, has been commissioned. The new transmission line has been designed so as to be capable of fully supporting the power demands of the planned Stage II development of the 60,000 tonnes per year SX-EW plant. On-site diesel powered generators remain on standby, for any power interruption to sustain HMS Plant operations.

The mine access road alongside the 120Kv transmission line has been formed. As a result, traffic through villages located on the original refurbished access road located further to the west has been significantly reduced and is essentially used for transport of Kinsevere employees.

The feasibility study for the project estimated the capital cost through to completion of $257 million. The capital cost is now expected to be $380 million with approximately 75% expected to be incurred during 2008 and the balance in 2009.

This revised construction cost estimate reflects the benefit of detailed design and engineering as well as additional infrastructure at the mine site and general cost escalation currently affecting the construction of new projects in the mining sector worldwide. The Company faces challenging conditions in the DRC with regards to the logistics and transportation of parts and equipment to site. In addition, increases in the price of fuel, materials, and steel, as well as the increased global demand for construction and engineering labour have had an important impact on the revised cost estimate.

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".

Corporate Appointment

The Company recently announced the appointment of Dr Toby Bradbury, Vice President Operations, DRC. Toby has succeeded Malcolm Hillbeck who recently announced his retirement. Toby has over 25 years international experience in the mining and minerals sectors, in South Africa, UK and Australia across a broad range of commodities and has accumulated significant knowledge in the planning, development and operation of surface and underground mining activities including the mineral processing, marketing and logistics functions.

Reminder - Annual and Special Meeting of Shareholders

The Company invites you to attend its Annual and Special Meeting of Shareholders to be held at the TSX Broadcast Centre, The Exchange Tower, 130 King Street West in Toronto, at 4:00 p.m. (EST) on May 12, 2008. The company will present its financial and operating performance for the year 2007, its first quarter 2008 results and will also provide an update on its operations and development projects. There will be an opportunity to ask questions and meet management and the board of directors, as well as other shareholders.

Reminder - First Quarter Financial Results Conference Call

A conference call will be held at 8:30 a.m. (EDT-North American time) on Tuesday May 13, 2008, coinciding with 8:30 p.m. (AWST-Australia, Perth time) on the same day to discuss the results announced in this News Release.