LIM announces C$71.6 million underwritten equity financing

Anglesey Mining’s 33% owned associate Labrador Iron Mines Holdings Limited (TSX:LIM) announces that in connection with its previously announced overnight marketed public offering on February 28, 2012 (the “Offering”), it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Jennings Capital Inc., Octagon Capital Corp., RBC Capital Markets, Haywood Securities Inc., Scotia Capital Inc., Paradigm Capital Inc. and Raymond James Ltd. (the “Underwriters”) to sell 11,500,000 common shares of LIM (the “Common Shares”) at a price of C$5.30 per Common Share and 1,750,000 flow-through shares (the “FT Shares”, and together with the Common Shares, the “Underwritten Shares”) of LIM at a price of C$6.10 per FT Share, for aggregate gross proceeds of C$71,625,000.

LIM has also granted the Underwriters an over-allotment option to purchase up to 1,725,000 additional common shares (the “Over-Allotment Common Shares”), exercisable at any time up to 30 days after and including the closing of the Offering at a price equal to the offering price of the Common Shares of C$5.30 per share for additional gross proceeds of up to C$9,142,500.

LIM intends to use the net proceeds from the Offering for upgrades and expansion of its Silver Yards project, additional rail equipment and upgrades of its transportation infrastructure, development of its Houston project, exploration of LIM’s mineral properties, and for general corporate and working capital purposes.

The Offering is being made pursuant to a short form prospectus filed in each of the provinces of Canada other than Quebec. The Offered Securities are not registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Labrador Iron Mines Holdings Limited (LIM)

LIM is engaged in the production and development of its 100% owned Schefferville Area direct shipping iron ore (DSO) properties in the Labrador Trough of western Labrador and north-eastern Quebec. LIM commenced production from the James Mine in June 2011, following the successful construction and commissioning of the mine and Silver Yards processing plant earlier in the year, and recorded its first sales of iron ore in the fall of 2011.

LIM contemplates mining in stages. The first phase of Stage 1 comprises the James Mine and the Silver Yard processing plant which is connected by a rail spur to the main Schefferville to Sept-Iles railway. Through a phased expansion program, LIM plans to grow its iron ore production through the subsequent development of adjacent deposits. Stage 2 comprises the development of the Houston deposits, which is currently undergoing environmental assessment and planning.

About Anglesey Mining plc

Anglesey Mining with its LSE main board listing is primarily focused on its 33% interest in Labrador Iron Mines (TSX:LIM). In addition to any new projects that may be brought forward Anglesey 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 / Klara Kaczmarek, Ambrian Partners Limited +44 (0) 2076 344700;

Emily Fenton / Jos Simson,

Tavistock Communications +44 (0) 20 7920 3155 / +44 (0) 7788 554035.

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