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Market: LSE
Sector: General Mining - Iron Ore and Bauxite
EPIC: AYM
Latest Price: 15.75p  (-8.06% Descending)
52-week High: 74.00p
52-week Low: 15.25p
Market Cap: 24.98M
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Anglesey Mining plc
www.angleseymining.co.uk

26% of Labrador Iron Mines in Canada

100% of Parys Mountain in Wales

Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings Limited (TSX:LIM) which is now producing iron ore from its James deposit, one of LIM’s twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec. Development of other deposits is underway and production of the high grade hematite iron ore is targeted to grow from 2Mt in 2012 to 5Mt in 2015. 

LIM’s properties are part of the Schefferville area iron ore district in the Labrador Trough where the Iron Ore Company of Canada mined from 1954 to 1982. See the Labrador Iron Mines website for further details.

Anglesey is also carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where there is estimated to be a total historical resource in excess of 7 million tonnes at over 9% combined copper, lead and zinc.

Anglesey owns 17.8m LIM shares (26%) and has 158m of its own shares in issue.

 

Full Anglesey Mining plc profile here
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Anglesey Mining starts drilling at Parys Mountain copper-zinc-lead project

11th Jan 2012, 7:40 am by Jamie Ashcroft The wholly owned Parys Mountain project is located on the island of Anglesey.

Anglesey Mining (LON:AYM) today told investors that it has restated drilling at the Parys Mountain project in north Wales.

The firm hopes to identify near surface areas of a target called the engine zone.

The wholly owned Parys Mountain project is located on the island of Anglesey. The copper-zinc-lead project has over 7 million tonnes, at over 9% combined metal, in historic resources.

With this current exploration push Anglesey Mining plans to reassess the project. The findings will contribute to a review of the mining and production options available for the White Rock and Engine Zone parts of the project.  

Anglesey Mining is aiming to complete this review in the second quarter of this year.

Last month an induced polarisation (IP) survey was carried out as well as a deep overburden (DOB) survey. The results have now been received and analysed. Anglesey says that this has provided good guidance for the location of holes for the drill programme.

Work is now focused on the first of four holes in the initial stage of drilling. Anglesey Mining says that drilling is progressing satisfactorily. The first hole will be drilled to a target depth of 220-250 metres.

The drill programme is expected last for five to six weeks. A further 8 holes may be drilled after that depending on results.

Previous drilling traced the engine zone upwards to a depth of about 200 metres.

Anglesey says that the engine zone could enhance a potential mining operation at the White Rock, a nearby area of the Parys Mountain project. However it must prove that the engine zone is in these shallower depths in sufficient size.

It added that planning permissions for such a mining operation are still in place.

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