Apr. 4, 2011 (Canada NewsWire Group) --
TSX, ASX: AVM
Common shares outstanding 157.3 million
MONTREAL, April 4 /CNW Telbec/ - The board of directors (the "Board") of Anvil Mining Limited (TSX: AVM) (ASX: AVM), ("Anvil" or the "Company") announced today that Darryll Castle, currently Chief Operating Officer of Metorex Limited, has accepted the appointment as President and Chief Executive Officer of Anvil, effective May 1, 2011.
Mr. Castle, 42, has extensive experience in the civil engineering, mining and financial sectors with more than 15 years in senior management positions with international organisations. He holds Bachelor of Science (Civil) (UND-1990) and Bachelor of Commerce (UNISA-1997) degrees as well as an MBA (UCT-1995) and is a Chartered Financial Analyst.
Mr. Castle began his career as a civil engineer working for Transnet in South Africa. Upon completion of his MBA, he joined Ingwe Coal (Billiton) where he worked in operations and on various strategic projects. From 1998 to 2005 he was Mining and Resource Analyst and Fund Manager with STANLIB Asset Management. Between 2005 and 2009 he was Executive Director of Zungu Investment Company (ZICO), a privately owned holding company which holds major investments in a number of South African businesses.
Mr. Castle joined the Metorex Group in 2009 as part of a new management team which developed a strategy to meet its liquidity crisis by disposing of non-core assets and by reducing debt. Central to the new strategy was the performance of core operations including Ruashi Mining (Democratic Republic of Congo) ("DRC"), Chibuluma (Zambia), Sable (Zambia) and Kisenda (DRC). In September 2009, he was appointed Chief Operating Officer, accountable for all aspects of operational performance of the Metorex mines.
Ruashi Mining is a copper and cobalt solvent extraction electro winning ("SX-EW") operation located in Katanga Province near Lubumbashi in the DRC and within 30 kilometers of Anvil's Kinsevere Stage II project, a 60,000 tonnes per year SX-EW plant now nearing completion, with full commissioning expected to commence during the second quarter of 2011.
In welcoming the appointment, the Chairman of the Anvil Board, John Sabine, stated: "We believe we have found in Darryll, a Chief Executive Officer who combines operating experience, analytical and financial skills, as well as managerial and strategic talents. He has experience in Africa and, in particular, in the DRC and will apply his talents to the many aspects of developing and operating in the region as well as to the expansion of our business both there and elsewhere."
Mr. Castle stated "I am delighted to be joining Anvil at a time that is exciting for the copper industry and look forward to continuing to increase the value of the Company's flagship Kinsevere high-grade copper mine".
Mr. Sabine also paid tribute to Bill Turner, retiring President and Chief Executive Officer, noting that "since 1996, Bill has worked tirelessly to achieve the success that Anvil now enjoys. In the DRC, he secured title to the Dikulushi Mine in January 1998 and, in the intervening years, initiated the securing of a number of excellent exploration properties, including Kinsevere. His leadership continued through numerous challenges and the difficulties of mining in areas where there is a lack of infrastructure and stability. Throughout his tenure he has always kept a focus on improving the living conditions of our Congolese hosts, on sustainability and on environmental issues, making Anvil a leader in the mining industry. He has inspired us with his tenacity, his strategic thinking and his fundamental humanity."
Bill has agreed to remain as an advisor to the Company to assist in the management transition and to enable us to benefit from his considerable expertise and experience.
Mr. Castle will be based in Johannesburg.
Anvil Mining Limited is a copper producer whose shares are traded on the Toronto Stock Exchange (as Common Shares) and the Australian Securities Exchange (as CDIs) under the symbol AVM.
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