🕐28.07.11 - 09:54 Uhr
ANGLESEY MINING - ANNUAL REPORT AND ACCOUNTS
Anglesey Mining plc
A UK mining company listed on the London Stock Exchange_
_33% interest in Labrador Iron Mines Holdings Limited, a TSX quoted
Canadian company with 39 million tonnes of compliant direct shipping
hematite iron ore and 125 million tonnes of historical resources near
Schefferville in Canada, where production and processing of iron ore is
now underway._
_The market value of the group’s investment in LIM at 31 March 2011 was
£156 million compared with £75 million at the same date in 2010.
At __19
July 2011_
_this value was £129 million, equivalent to 81 pence per Anglesey share._
_The first of LIM’s iron ore deposits has
now been brought into production and
LIM is moving towards becoming
a significant producer._
_100% of the Parys Mountain copper-lead-zinc project in North Wales with a
total historical resource of 7.76 million tonnes at 9.3% combined copper,
lead and zinc, held awaiting development.
_
_Chairman’s Statement_
This has been the most successful year that Anglesey Mining has ever
experienced with the Schefferville iron ore mining operations of Labrador
Iron Mines (“LIM”), in which the group holds 33% of the equity, moving into
production.
The first rail shipment of iron ore to the port of Sept-Iles was
despatched in June 2011 and LIM is now on track to produce over one million
tonnes of iron ore this year, with plans for expansion to enable production
of 2.5 million tonnes in 2012.
The key developments and progress since the last Annual Report were:
* LIM’s steady progress towards production saw the price of LIM shares
continue to increase and at 19 July 2011 the market value of the
group’s holding in LIM was C$199 million (£129 million) equivalent to 81
pence per Anglesey share.
* LIM completed a share placement in April 2011 in which it raised C$121
million (£78.5 million).
It is now well financed to carry through its
expansion plans.
* The price of iron ore has remained strong and currently stands at around
US$175 per tonne (CFR China) and the consensus of forecasts by respected
market analysts is for trading in the range of $150 - $200 per tonne for
a number of years.
This should be very positive for the future of LIM.
* In January 2011 Anglesey raised £1.6 million through the exercise of
share options with a concurrent private placing and now has a total of
around £3.5 million in cash.
Parys Mountain
At Parys Mountain, the group holds 100% of the largest known base metal
deposit in the United Kingdom.
Resources of zinc, copper and lead with small
but significant amounts of silver and gold total 7.76 million tonnes, most
of which are historic resources, but which include 1.75 million tonnes of
JORC compliant resource in the indicated category.
The prices for copper, zinc, lead, gold and silver, which are the major
metals to be mined at Parys Mountain have remained strong.
We believe that
the Parys project has the potential to become a very significant base metal
producer with by-products of gold and silver which would generate a
substantial value for shareholders.
It is intended to undertake a detailed review of the resources and the
development options for Parys Mountain during the remainder of 2011.
This
review will include the reappraisal of the previously proposed White Rock
mine which would target near surface resources as a first stage development
option, which would lead to the subsequent development of the deeper lying
resources.
The review will also include the identification of drilling
targets close to the White Rock with the objective of increasing the near
surface resources.
Financial
The results of Anglesey are dominated by those of its associate LIM, which
during the financial year was a development company with no revenues and
significant expenses in respect of its administrative costs.
Primarily as a
result of the losses reported by LIM, Anglesey recorded an overall loss of
£1.44 million for the year ended 31 March 2011.
With a total of around £3.5 million in cash and administrative cash costs of
less than £0.4 million per year the group is well placed to finance the
review and the first stages of any subsequent development of Parys
Mountain.
I look forward to the on-going success of Anglesey in what are truly
exciting times.
_John F.
Kearney_
Chairman
_The complete financial report can be viewed or downloaded as a pdf from
_[1]here._ _
Links:
1.
http://angleseymining.us2.list-manage.com/track/click?u=b2509bf4262d15b1a66d37bc4&id=52d8fa8959&e=ba26fee041
About Anglesey Mining plc
Anglesey Mining with its LSE main board listing is primarily focused on its
34% interest in Labrador Iron Mines (TSX:LIM).
In addition to any new
projects that may be brought forward the company owns 100% of Parys Mountain
in North Wales with an historical resource in excess of 7 million tonnes at
over 9% combined copper, lead and zinc.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0) 1492 541981
Ian Cuthbertson, Finance Director +44 (0) 1248 361333
Samantha Harrison / Shaun Whyte, Ambrian Partners Limited +44 (0) 2076
344700
Emily Fenton / Charlie Geller, Tavistock Communications +44 (0) 20 7920 3155
/ +44 (0) 7788 554035
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