14 June 2001
John F. Kearney, chairman of Anglesey Mining plc reports a number of recent developments as follows:
- A potential new mineral zone has been identified at the Parys Mountain property which opens up a second major exploration target and confirms yet again the unexplored potential of the entire Parys Mountain property. For further geological detail click here.
- The company is in negotiation with the lessor of the eastern part of the Parys Mountain property, who also holds a royalty on the entire property, with regard to settlement of outstanding rent and a reduction of the rent and royalty payable.
- Anglesey Mining was not successful in its joint offer with Minco plc to acquire the Bula zinc deposit in Ireland. Anglesey was advised that the Receiver appointed by Bula's banks had entered into a contract with Tara Mines Limited, a wholly owned subsidiary of Outokumpu OYJ, to sell the Bula assets to Tara for IR£27.5 million (£21.4 million) subject to court approval and other conditions.
- The company continues to evaluate a number of potential new projects in the mineral business both within Europe and overseas.
- The company plans as soon as possible to undertake financing for a drilling programme to explore the exploration targets at Parys Mountain.
- Malcolm Swallow, who served as a director of the company since 1988 and as Mining director from 1988 to 1994 has resigned from the board. Malcolm was previously vice-president of corporate development of Imperial Metals Corporation and left Imperial to become president of Canadian Zinc Corporation. The directors would like to acknowledge the contribution of Malcolm Swallow to Anglesey Mining and to thank him for his service and advice.
Contacts : Ian Cuthbertson John F. Kearney Company Secretary Chairman (44)1248 361333 (1)416 362 6686
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333