6 November 2009
Anglesey Mining plc is pleased to report that its 50% owned associate company Labrador Iron Mines Holdings Limited (TSX: LIM) has advised that the Minister of Environment and Conservation today announced that review of the Environmental Impact Statement (“EIS”) for LIM’s proposed Schefferville Area Iron Ore Project in Western Labrador has been completed.
The Minister has confirmed that the EIS complies with the Environmental Protection Act and requires no further work under the Provincial environmental assessment process. The Minister has advised LIM that she will be making a recommendation for consideration by the Government of Newfoundland and Labrador on release of the Project from further environmental assessment.
The EIS relates to Phase One of LIM’s proposed Schefferville Area Iron Ore Project in Western Labrador and covers the development of the James and Redmond deposits, which are the first of eight separate deposits that LIM plans to develop in the coming years.
“Acceptance of our EIS is a major step forward in LIM’s Schefferville Area Iron Ore Project”, said John F. Kearney, Chairman at the annual Mineral Resources review 2009 and Provincial Mining Week in St. John’s, Newfoundland, Canada. “We are pleased that our efforts in planning the proper development of the Project, recognizing the requirements of sound environmental management, social responsibility, the support and aspirations of the Labrador Innu and the policies of the Province of Newfoundland and Labrador, have been acknowledged and accepted by this review and recommendation”.
Upon Government approval and Project release LIM will progress the applications for the permits and licenses required for the construction of the necessary infrastructure for commencement of production planned for 2010. It is expected that these permits and licenses will be issued during the next few months.
LIM intends to commence construction of infrastructure immediately upon project release, including re-laying a 4 km rail spur line from the mine site to main railroad and the construction of the major items of process plant and equipment ahead of assembly on site in the spring of 2010.
“This successful completion of the environmental assessment process is particularly timely given the current outlook for both iron ore prices and demand. LIM is on track and we look forward to first production of direct shipping iron ore in the summer of 2010, in what we hope and expect will be a buoyant iron ore market,” added John Kearney.
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.
For further information:
Bill Hooley, Chief Executive +(44) 1492 541981
Ian Cuthbertson, Finance Director +(44) 1248 361333