Stage 2 Mineral Resources Double to 40.6 Million Tonnes
Anglesey Mining’s 15% held associate Labrador Iron Mines Holdings Limited (TSX: LIM) has today updated its NI 43-101 mineral resource as at its fiscal year-end March 31, 2013 for the Schefferville/Menihek direct shipping iron ore (“DSO”) operations and projects located in Western Labrador and Quebec.
- At March 31, 2013, LIM’s total measured and indicated mineral resource (excluding stockpiles) was estimated at 59.5 million tonnes grading 56.7% iron (“Fe”), a 33% increase from March 31, 2012.
- The measured and indicated resource for the Houston 1, 2 and 3 deposits increased to 31.3 million tonnes grading 57.5% Fe, a 37% increase over 2012.
- A new measured and indicated mineral resource estimate was calculated for the Malcolm-1 deposit, located adjacent to the Houston deposits, totalling 9.2 million tonnes grading 57.8% Fe. This represents a significant increase over the historical estimate of 2.9 million tonnes grading 56.2% Fe1.
- Overall, the Stage 2 Houston and Malcolm deposits are estimated to contain 40.6 million tonnes of measured and indicated resource grading 57.6% Fe.
- The mineral resource for LIM’s Stage 1 Silver Yards deposits decreased to 18.9 million tonnes grading 54.9% Fe, from 21.7 million tonnes grading 55.7% Fe in 2012, due to mine depletion and reconciliation at the James Mine.
- An initial mineral resource was estimated for selected historical stockpiles, totalling 3.5 million tonnes of indicated resource grading 49.1% Fe and 2.9 million tonnes of inferred resource grading 48.8% Fe.
In addition to the NI 43-101 compliant resource estimates mentioned in this press release, a significant amount of historical resources have been defined on LIM’s properties by the Iron Ore Company of Canada (“IOC”) during its historical operations in the area.
For further information on resource calculation methods and resource tables please see www.labradorironmines.ca
About Labrador Iron Mines Holdings Limited (LIM)
Labrador Iron Mines (LIM) is Canada’s newest iron ore producer with a portfolio of direct shipping (DSO) iron ore operations and projects located in the prolific Labrador Trough. Initial production commenced at the James Mine in June 2011. LIM has commenced its third year of operations and is targeting 1.75 to 2.0 million tonnes of saleable iron ore production in 2013.
For further information, please visit LIM’s website at www.labradorironmines.ca
About Anglesey Mining plc
Anglesey currently holds 19,289,100 shares in LIM which comprise 15.3% of LIM’s outstanding share capital. Toronto-listed Labrador Iron Mines Holdings Limited is producing high grade hematite from its James pit, one of LIM’s direct shipping iron ore deposits in western Labrador and north-eastern Quebec.
Anglesey is also carrying out exploration and development work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where a JORC Code-compliant resource of 2.1mt at 6.9% combined base metals in the indicated category and 4.1mt at 5.0% combined in the inferred category was published in November 2012.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981;
Ian Cuthbertson, Finance Director +44 (0)1248 361333;
Samantha Harrison: RFC Ambrian +44 (0)20 3440 6800;
Emily Fenton / Jos Simson: Tavistock Communications +44 (0)20 7920 3155