11:48 AM EST - Anvil Mining Ltd. : announced that it has recommenced operation of the Kinsevere Heavy Media Separation or HMS processing plant and shut down the Electric-Arc Furnace or EAF located at Kinsevere. Looking ahead, the company said the HMS plant is expected to produce about 8,900 tonnes of copper contained in concentrates through to third quarter of 2009, at an operating cash cost at the mine gate of $0.50/lb copper after sunk costs. The company is also considering the possibility of resuming open pit mining to supplement HMS plant feed into 2010. The company also provided guidance for its 2009 production, operating costs and capital expenditures. Budgeted capital expenditure for 2009 has been reduced to the minimum necessary to sustain the operation of the Kinsevere HMS plant. The company has entered into contracts to sell the HMS concentrate production and the existing concentrate stockpile, at the Kinsevere mine gate. Under terms, the company will receive 40 per cent of the LME copper price for concentrate with a grade in excess of 25-per-cent copper. Anvil Mining Ltd.
shares T.AVM are trading down $0.02 at $1.35.
