Anglesey Mining plc
19 September 2013 LSE:AYM
LIM – Annual General Meeting
LIM Operations Update
Anglesey’s 15% owned associate Labrador Iron Mines Holdings Limited (LIM) held its Annual Meeting of Shareholders in Toronto on September 18, 2013, and provided an operations update of its direct shipping iron ore mines and projects in the Schefferville area of the Labrador Trough, with the following highlights:
LIM reported the completion of the Joint Venture Agreement with Tata Steel Minerals Canada for the exploration and development of LIM’s Howse Deposit.
For the fiscal second quarter ending September 30, 2013, LIM expects to report the sale of four iron ore shipments (Ships 3 – 6) totalling approximately 700,000 wet metric tonnes (“wmt”) of 62% Fe lump and sinter product. Three iron ore shipments were completed in July and August 2013 and the next shipment (Ship 6) is awaiting loading at the Port of Sept-Îles.
LIM’s four shipments during the quarter should benefit from more favourable iron ore market conditions, where the average iron ore price on the Platts Index has been above US$125 per tonne (CFR China 62% Fe).
LIM’s 2013 exploration program is budgeted at $8 million to drill approximately 14,000 metres (“m”) on a number of key projects including the Howse, Gill and Houston Deposits.
Iron Ore Sales
For the quarter ending September 30, 2013, LIM expects to report the sale of four iron ore shipments (Ships 3 – 6) totaling approximately 700,000 wet metric tonnes (“wmt”) of 62% Fe lump and sinter products, outlined as follows:
Ship 3, SamJohn Dream, departed the Port in mid-July carrying approximately 186,500 wmt of sinter;
Ship 4, Hydra Warrior, departed the Port in early August carrying approximately 175,000 wmt (combined cargo of 128,000 tonnes of sinter and 47,000 tonnes of lump);
Ship 5, Cape Althea, departed the Port at the end of August carrying approximately 175,000 wmt of sinter; and,
Ship 6, Cape Northville, is currently docked at the Port awaiting loading with approximately 165,000 wmt of sinter.
During the first quarter ended June 30, 2013, LIM completed its first two shipments of iron ore totaling approximately 351,500 wmt, which brings total shipments in 2013 to date to approximately 1,050,000 wmt. LIM is working to complete four more shipments during the balance of the year to achieve its target of 1.7 million tonnes of iron ore production in 2013.
In addition to a $5 million Howse exploration program, LIM has budgeted $3 million for exploration drilling mainly on the Gill and Houston Deposits. Gill is located less than one kilometre north of Silver Yards and is expected to provide ore feed to the process plant in future operating years. The Gill Deposit currently has a historic resource of 4.1 million tonnes at a grade of 56% Fe (dry basis).
Drilling will also be carried out on the Houston Deposits, which will test for potential extensions (Houston remains open along strike) and to collect further metallurgical information.
A copy of LIM’s AGM presentation can be found at: http://www.labradorironmines.ca/pdf/LIM-AGM-2013-f.pdf.
For the full LIM press release regarding the AGM please see LIM’s release today on its website at 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. LIM has commenced its third year of operations and is targeting 1.7 million tonnes of saleable iron ore production in 2013.
About Anglesey Mining plc
Anglesey holds 15.3% of Toronto-listed Labrador Iron Mines Holdings Limited which is producing high grade hematite from its James mine, 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;
Danesh Varma, Finance Director +44 (0)207 6539881;
Samantha Harrison: RFC Ambrian +44 (0)20 3440 6800;
Emily Fenton/Jos Simson: Tavistock Communications +44 (0)20 7920 3155.