30 September 2009
At the Annual General Meeting of Anglesey Mining plc held in London today, all of the resolutions put before the meeting were passed. David Lean, Howard Miller and Danesh Varma were re-elected as directors. Details of voting are on the company's website at www.angleseymining.co.uk
John Kearney the chairman addressed the meeting and reported the satisfactory progress being made by Labrador Iron Mines Holdings (TSX:LIM), the company's 50% owned associate, which was progressing the development of its iron ore deposits in eastern Canada.
He expressed his confidence that the revised Environmental Impact Statement filed with the Government of Newfoundland and Labrador on 21 August 2009 would result in regulatory approval for the proposed operations which remained on track to commence commercial production in the middle of 2010.
A presentation on developments in Labrador was given. The key points of this presentation were:
A further 1,000 metres of drilling has been completed since the statement made on 22 September 2009 and exploration for the year is expected to be completed by mid-October
Metallurgical testwork has indicated that a high grade product with low levels of deleterious elements can be produced
Subject to timely project release from the Government of Newfound and Labrador the project is on track for first commercial production during the summer of next year.
The chairman further noted that following the fall in iron ore prices after the downturn of 2008, prices had recovered (driven by strong demand from China) and that the outlook for iron ore demand remains positive. He also commented on recent broker reports in respect of LIM. Copies of all relevant research of which the company is aware and permitted to publish can be found on the website.
In respect to the group's Parys Mountain copper, lead and zinc property in North Wales, John Kearney stated that he had been encouraged by recent recoveries in base metal prices which, if consolidated and improved, would result in further efforts being made by the group to unlock the value of the Parys Mountain project. The group would also use this opportunity to source additional projects within its commodity and regional experience.
Anglesey Mining plc is a UK based company listed on the London Stock Exchange with a 50% interest in a 90 million ton iron ore project in Labrador, Canada, which is under active development towards mining production in 2010. The company also holds the Parys Mountain base metals project with a historical resource of 7.7 million tonnes at 9.3% combined copper, lead and zinc in Anglesey, UK.
Bill Hooley, Chief Executive +(44) 1492 541981
Ian Cuthbertson, Finance Director +(44) 1248 361333
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333