26 January 2006
Anglesey Mining plc has arranged to raise up to £1,160,000 before expenses by way of a private placing of new ordinary shares at 12 pence per share. The shares will rank pari passu with the existing shares in issue. Application will be made for the new ordinary shares to be admitted to trading on the main board of the London Stock Exchange.
The funds from the placing will be applied towards work on feasibility studies together with ongoing exploration and development work at the company’s two projects: the Parys Mountain base metal deposit in Anglesey and the Labrador Iron Ore project in Canada.
At Parys Mountain, the company is updating the existing Project Plan and Feasibility Study for the 6.5 million tonne copper-lead-zinc deposit at 10.3% combined grades as well as carrying out exploratory drilling.
In Labrador the company is preparing a first phase feasibility report on 100 million tonnes of direct-shipping hematite iron ore where it holds an option to enter into a 70% joint venture. The target is to mine and ship 2 million tonnes per annum of iron ore by 2008, increasing later to between 3 and 5 million tonnes per annum.
The funds will also be applied to working capital, strategic developments and general corporate purposes.
John Kearney, the company’s chairman said “The outlook for prices of base and precious metals remains very positive. Parys Mountain is a project with a short estimated time to production and we expect relatively short timescales for production to emerge from the Labrador feasibility work. We are keen to drive both these projects forward to a production decision as fast as possible and we look forward to reporting the results from the feasibility work over the next few months”
For further information please contact:
Ian Cuthbertson, Finance Director + (44) 1248 361333
Bill Hooley, Executive Director + (44) 1492 541981
John F. Kearney, Chairman + (1) 416 362 6686
Cathy Malins / Annabel Leather,
Parkgreen Communications + (44) 20 7493 3713
|Anglesey Mining plc
Parys Mountain, Amlwch,
Anglesey, LL68 9RE, UK
|Phone +44 1248 361333