Exploration

Anvil's successful exploration program has helped to identify high grade copper resources to underpin the Company's expanding operations and major growth plans in central Africa.

During the past four years there has been a significant increase in contained copper in estimated mineral reserves and resources. In 2007, the Company's resource estimate was 42.4 million tonnes of ore at an average grade of 3.4% for 1.4 million tonnes of contained copper.

The Company is now focused on the discovery of additional high grade copper and gold deposits suited to open pit mining or low cost underground mining.

In this context, Anvil has highly prospective tenements in three world class mineral provinces:

The Central African Copperbelt - is one of the world's great mineral provinces, host to some of the largest copper-cobalt deposits in existence and is reported to contain about 10% of the world's copper resources and 50% of the world's cobalt.

The Kibaran Belt which trends north-eastwards from the DRC into Tanzania, is an "emerging" mineral province with world class potential. A number of companies are now targeting the Kibaran Belt for gold and nickel and Banro Corporation has recently declared a new measured and indicated resource of 3 Moz Au (and a further 3 Moz in the inferred category) at their Twangiza Project, located approximately 300km north of Kalemie.

The Baguio District in the Philippines - is a world class epithermal gold district, which has produced over 28Moz gold and 2.5Mt of copper. In 1980, this district was ranked fifth in terms of world gold production, and ninth in terms of copper.

Exploration projects in three countries, DRC, Zambia and the Philippines, constitute the feeder for Anvil's Development Operations teams.

Exploration Priorities

In the DRC, the current exploration priorities are :

• Evaluation of oxide copper resource potential at Tshifufiamashi and Kinsevere Hill.
• Evaluation of the oxide copper resource potential at Nambulwa.

• Discovery of new deposits of open-pittable oxide copper, to supplement feed from the Kulu River to the HMS plant and to provide additional resource for a future SX-EW plant.

• Discovery of new satellite deposits of open-pittable copper resources, within trucking distance of the Dikulushi Mine, to supplement the high-grade feed from underground and maximize utilization of the Dikulushi Plant.