May 15, 2009 / 1:00 PM / in 9 years

UPDATE 1-Anvil Mining posts Q1 loss as revenue sinks

* Q1 loss C$0.27/shr vs EPS C$0.30 year ago

* Q1 rev falls 98 pct to C$1.6 mln

* Says to continue to cut costs, preserve cash

May 15 (Reuters) - Canada’s Anvil Mining Ltd AVM.TO swung to a quarterly loss as the copper and silver producer reported a 98 percent drop in revenue due to lower production, one-off charges and suspension of operations at some mines.

For the first quarter, the company reported a net loss of C$18.8 million, or 27 Canadian cents per share, compared with a profit of C$21.4 million, or 30 Canadian cents a share, a year ago.

Revenue for the quarter fell to C$1.6 million, from C$75.3 million a year ago.

“Although copper prices have shown some signs of improvement since the beginning of the year, the company continues to focus on cost minimization and cash preservation,” Chief Executive Bill Turner said in a statement.

In December 2008, Anvil said it was suspending copper production and shutting its Dikulushi mine in the Democratic Republic of Congo (DRC) due to low world prices for the metal.

Shares of the Montreal-based company closed at C$1.26 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Gopakumar Warrier)

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