17 November 2009

Labrador Iron Mines files second quarter financial statements

               

Anglesey Mining plc is pleased to report that its 50% owned associate company Labrador Iron Mines Holdings Limited (TSX: LIM) has filed its unaudited financial statements and MD&A (management discussion and analysis) for the second quarter ended September 30, 2009. The documents are available under LIM's profile at www.sedar.com and on its website at www.labradorironmines.ca. 

At September 30, 2009, LIM had cash and cash equivalents in excess of Canadian $28 million. Working capital was Canadian $27 million with no borrowings or debt. 

Throughout the six months ended September 30, 2009, and subsequently, LIM has made steady progress in advancing its Schefferville Project towards production with ongoing active programs, including drilling, metallurgical testing, environmental permitting and marketing. 

A 72 hole, 4,830 metre reverse circulation drilling program, supported by 1,525 metres of trenching was completed on five separate deposits, resulting in 2,278 samples being sent for assay.  These deposits comprise the four deposits of the Phase 1 development plan (James, Redmond, Knob Lake and Houston), including some drilling on the Phase 3 Howse deposit. 

New NI 43-101 compliant resource estimates were completed on the James and Redmond deposits almost doubling the previous non-compliant historical estimates.  A Rail Co-operation Agreement was signed with New Millennium Corp. Limited on the re-construction and operation of the Timmins rail spur line.  Of major significance was the announcement that the regulatory review of LIM's Environmental Impact Statement had been completed and no further work is required under the Provincial environmental assessment process.

 

 About Anglesey Mining

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