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. As at December 31, 2008 the Company's Measured and Indicated resource estimate was 37.8 million tonnes of ore at an average grade of 3.3% for 1.25 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.

As a result of events during the second half of 2008, most notably a sharp fall in copper price, highly illiquid capital markets and a deterioration in the outlook for global economy, the Company curtailed capital expenditures and suspended exploration activity.