Parys 2012 drilling results

Anglesey Mining plc is pleased to report that it has now completed the diamond drilling programme at Parys Mountain that was initiated in January 2012.  The programme consisted of 12 drill holes totalling almost 2,000 metres of core drilling. Assay results have now been returned for the first ten of these holes.

The programme was divided into three stages:

Upper Engine Zone

The first stage targeted the upper levels of the Engine Zone which comprised a major portion of the resources identified at and below the bottom of the Morris Shaft. This part of the programme was designed to test the upward continuity of the Engine Zone through to surface.  Each of the seven holes in this stage intersected the Zone and significant assays were recorded in the deepest two holes. The remaining five holes all showed fairly narrow and relatively low grade intersections.

Details of the most significant intersections in this stage are shown in the following table:

——————————————Intercepts————————————————
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
CZ14 246 203.2 210.3 7.1 0.8 3.2 5.3 47 1.7 9.3
Including: 204.4 205.6 1.2 1.8 7.5 12.7 93 3.3 22.0
CZ15 236 171.2 175.0 3.8 2.1 4.6 8.0 141 0.6 14.7
Including: 171.7 173.0 1.3 4.8 10.9 18.5 153 0.5 34.2
CZ16 136 42.8 43.4 0.6 0.3 1.0 2.0 8 0.1 3.3
CZ17 79 48.4 48.9 0.5 0.4 0.0 0.0 0 0.1 0.4
CZ18 78 24.8 27.1 2.3 0.4 0.6 1.2 9 0.0 2.2
32.4 33.6 1.2 0.0 0.5 1.1 4 1.6 1.6
CZ19 25 12.4 14.5 2.1 0.1 0.4 1.0 6 0.0 1.5
CZ20 66 39.2 41.2 2.0 0.1 0.8 1.2 31 0.2 2.1

It is evident that the Engine Zone does persist upward from the originally identified location but does not appear to continue through to surface at economic grades and widths. These holes have now been added to the Engine Zone drill data base and will form part of a JORC compliant resource estimate which is currently in the course of production.

This upward extension of the Engine Zone lies in relatively close proximity to the White Rock Zone and could be mined from an underground decline in association with production from White Rock and would provide an important bonus to the potential economics of an initial White Rock production programme.  These results are now being included as part of major update to the White Rock Scoping Study and the results are expected in the autumn.

Great Open Cast Area

The second stage of drilling comprised two holes on the edge of the old open pit to explore the potential of the Engine Zone horizon at the base of the rhyolite succession, beneath the mineralisation hosted by the Central Shales and which in some areas was mined historically in the Great Open Cast.  If this area proves of interest it could eventually be reached via underground drives from the Morris Shaft associated with potential development of the main Engine Zone

Details of the major intersections in this stage are shown in the table below:

——————————————Intercepts————————————————
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
AMC20 282 72.2 77.4 5.2 1.8 0.5 1.0 7 0.1 3.3
Including: 72.2 74.6 2.4 2.9 1.0 2.2 14 0.1 6.1
AMC21 276 70.6 72.6 2.0 0.2 0.3 1.6 4 0.1 2.1

These results whilst not high grade do give an indication of some potential for this area and additional drilling associated with these structures may be planned for later in the year from the northern edge or bottom of the Great Open Cast.

New Pearl Engine House area

The final stage of the programme consisted of three holes drilled on the eastern boundary of the property to test areas of the Northern Copper Zone that historically were partially exploited in this area.  AMC22 was drilled at 65 degrees inclination, AMC23 at 75 degrees inclination and AMC24 was vertical, all from the same site.  Assay results from the first of these holes have been received and are shown in the following table.  Results from the last two holes are expected in several weeks.

——————————————Intercepts———————————————–
Hole Total From To Width Cu Pb Zn Ag Au Combined
number Depth m m m % % % ppm ppm %
AMC22 161 111.0 113.0 2.0 2.5 0.0 0.0 0 0.0 2.5
plus 138.8 153.7 14.9 1.1 1.2 2.0 11 0.1 4.3
Including: 145.6 149.6 4.0 2.6 2.6 6.2 20 0.3 11.4
AMC23 185 No assay results to hand
AMC24 212 No assay results to hand

These are very encouraging results and further work on this area will be considered when the final assay results are received.

Summary

All the stages of this programme are considered to have been successful.

Whilst it was a little disappointing that the Engine Zone could not be established at economic grades and widths at higher levels, nevertheless the results in the first two holes did extend the potentially viable zone upwards and will enable a combined White Rock – Upper Engine Zone mining operation to be reviewed in a very positive light.

The work in the Great Open Cast was always somewhat speculative in nature but has provided an opportunity to develop additional resources that could be developed in conjunction with a production operation based on the Morris Shaft.

The Pearl area drilling is particularly encouraging as it opens up an area that is more than one kilometre away from the Morris Shaft and in conjunction with previous results from the Garth Daniel area which lie midway between the Pearl Engine House and Morris Shaft locations demonstrates that mineralisation at potentially economic grades and widths persists across the entire property. This can only generate further optimism and interest in the overall potential for Parys Mountain.

About Anglesey Mining plc

Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings Limited which is now producing iron ore from its James deposit, one of LIM’s twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec.

Anglesey is also carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where there is estimated to be a total 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:  RFC Ambrian +44 (0)2076 344700;

Emily Fenton / Jos Simson:  Tavistock Communications +44 (0)20 7920 3155

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