Anglesey Mining plc              

23 December 2003

Interim Report  30 September 2003

Is it too much to hope that we are finally beginning to see the long
awaited improvement in metal prices? Since the beginning of 2003 the
price of our metals has moved upwards, although at least part of this
rise must be due to the weakness of the US dollar - the currency in
which the price of metals is dominated in international markets. In
round terms, the price of copper has improved from $1,600 to $2,200 per
tonne; lead from $450 to $690 while zinc, the most important metal for
Anglesey, has moved from $780 to $980 per tonne; however the price of
zinc is still well below its historical long term average. On the
precious metals side, gold has moved from $340 to more than $400 per
ounce while silver has reached US$5.70 per ounce. Parys Mountain
contains important quantities of precious metals including about 60,000
ounces of gold and about 8 million ounces of silver.
The long period of low prices for zinc has resulted in the closure of
many mines, smelters and refiners and delayed the development of new
projects. Looking forward a few years this situation is very likely to
lead to a supply gap, in turn this should lead to higher zinc prices.
The financial results for the six month period show a loss of 68,551,
little changed from the same period in the previous year, largely
arising from the accrual of interest due on the loan from Juno Limited
and corporate and administrative activities. The company has, for some
time, been in negotiation with a royalty holder in respect of advance
royalties payable by a subsidiary. Unfortunately these negotiations have
not been fruitful and it is anticipated that they may result in legal
action. The amount involved is of the order of 100,000.
Following the dewatering earlier in the year of the old Parys Mountain
Mine we have been re-evaluating the geological potential of the area
closer to the old mines. In the 1960s an extensive drilling programme,
carried out chiefly by Noranda, outlined a large low grade resource of
about 36 million tonnes of copper with an average grade of 0.66%. This
deposit which lies immediately to the north of and parallel to the old
mine workings, also contains silver and gold, however an insufficient
number of drill holes were assayed to enable a reliable estimation of
the silver or gold grade.
It is well established that further exploration is required at Parys
Mountain, with the objective of developing a significantly larger
deposit which could support a higher production rate. A larger deposit
should also improve the economics of the project and result in a longer
mine life. A drilling program would form a major part of such
exploration. The directors are pursuing all opportunities to raise the
necessary financing for these activities. There have been improvements
in the financial markets for mineral companies recently and these should
aid the company in its efforts to obtain funding.
On behalf of the board of directors
John F Kearney
23 December 2003
Unaudited consolidated balance sheet
                                     30 September 2003 30 September 2002
Fixed assets                                                          
   Intangible assets                          5,186,651         7,126,666
   Tangible assets                              186,352           185,136
   Total fixed assets                         5,373,003         7,311,802
Current assets                                                          
   Debtors                                      105,784           103,535
   Cash                                               -             2,271
   Total current assets                         105,784           105,806
Current liabilities (note 1)                                            
   Creditors - amounts due within           (1,371,128)       (1,188,873)
  one year
   Net current liabilities                  (1,265,344)       (1,083,067)
Net assets                                   4,107,659         6,228,735
Shareholders' funds                                                     
   Share capital - equity                     1,162,414         1,162,414
   Share capital - non equity                 5,510,833         5,510,833
   Share premium - equity                     5,737,146         5,737,146
   Profit & loss account - deficit -        (8,302,734)       (6,181,658)
Total shareholders' funds                    4,107,659         6,228,735
Notes : -
1 Current liabilities include 1,074,508 (2001 - 936,677) due to Juno
Limited, the ultimate parent company.
2 The half year figures are neither audited or reviewed by the auditors.
They have been prepared on a basis consistent with that of the accounts
for the year ended 31 March 2003. The auditors' report on those accounts
was not qualified (but contained reference to fundamental uncertainties)
and did not contain a statement under section 237 of the Companies Act
3 This interim statement is being posted to all shareholders and is
displayed on the company's website at Copies
are available on request from the company's registered office.

Unaudited consolidated profit and loss account
                                     Six months to 30   Six months to 30
                                       September 2003     September 2002
Turnover                                            -                  -
Net operating expenses                         31,821             32,683
 - continuing operations
Interest receivable                              (24)                  -
Interest payable                               36,754             36,090
Loss on ordinary activities before             68,551             68,773
and after taxation
Loss per share - basic                     0.06 pence         0.06 pence
Loss per share - fully diluted             0.06 pence         0.06 pence

The directors are unable to recommend a dividend.
There are no minority interests or extraordinary items.

Unaudited consolidated cash flow statement
                                       Six months to 30 Six months to 30
                                         September 2003   September 2002
Net cash outflow from continuing               (22,360)         (23,380)
 operating activities
Returns on investments and servicing                                    
of finance
   Interest paid                                     (1)              (2)
   Interest received                                  24                -
                                                      23              (2)
Capital expenditure and financial                                       
   Payments to acquire intangible                (5,042)          (7,513)
  fixed assets
Net cash outflow before financing               (27,379)         (30,895)
   Increase in loans                             25,000           20,000
(Decrease) in cash                              (2,379)         (10,895)

Corporate office telephone - 01248 361333 fax - 01248 361419
Email - Web –

Registered office - Parys Mountain, Amlwch, Anglesey, LL68 9RE

Contacts :  
Ian Cuthbertson John F. Kearney
Company Secretary Chairman
(44)1248 361333 (1)416 362 6686

Press releases
© 1996-2010
  Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
  Phone  +44 1248 361333

share price