8 February 2006
Anglesey Mining plc is pleased to report the success of its Placing, first announced on 26 January 2006. The fund raising has been completed for the target figure of £1,160,000 before expenses by way of a private placing of 9,666,667 new ordinary shares at 12 pence per share to 22 institutional and/or sophisticated investors.
Application has been made for the new ordinary shares to be admitted to trading on the main board of the London Stock Exchange and dealings in shares are expected to commence on 13 February 2006. The shares will rank pari passu with existing shares. Following the placing there will be 137,508,051 shares in issue.
The funds from the placing will be applied to feasibility work together with ongoing exploration and development work at the company’s two projects: Parys Mountain copper-zinc and Labrador iron.
At Parys Mountain, Anglesey the company is carrying out exploratory drilling and updating the existing Project Plan and Feasibility Study for the 6.5 million tonne copper-zinc-lead deposit at 10.3% combined grades.
In Labrador, Canada 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 which plans to mine and ship 2 million tonnes per annum of iron ore initially, increasing to 5 million tonnes per annum.
The funds will also be applied to working capital, strategic developments and general corporate purposes.
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