Drilling Report Second hole of 2005 programme at Parys Mountain

    Drilling Report
  
  *    Encouraging Results from Second Drill Hole of 2005 Programme at Parys
             Mountain
  *    Three Target Zones Successfully Intersected
  *    New Fourth Mineralized Intercept

Anglesey Mining plc reports that it has received and analyzed the assay  results
from  hole  AMC16,  the  second hole drilled as part  of  the  2005  exploration
programme  on the companys Parys Mountain zinc-copper-lead-silver-gold  project
on the Island of Anglesey in North Wales.

AMC16  was drilled to a depth of 640 meters and was intensely altered throughout
most  of its depth. The hole  successfully intersected the three target horizons
and  an  additional, hitherto unrecognised, mineralized interval. The  hole  was
sited  approximately 175 meters west of hole AMC15, drilled earlier in the year,
along the northern edge of the Parys Mountain volcanic complex.

The pervasiveness of structural alteration encountered in Hole AMC-16, which is
not  seen  elsewhere  on  the  property, the  continuity  of  the  three  target
mineralized  horizons, and the associated sulphide mineralization between  these
three   mineralized  horizons,  together  with  the  nature  of   the   sulphide
mineralization are all considered extremely encouraging and, from  a  geological
perspective,  make  Hole AMC 16 perhaps one of the most significant  holes  ever
drilled  in  the  long history of Parys Mountain said Peter  Tyler,  Angleseys
Chief Geologist.

Copper Mineralization over 45.5 meters

At  a  depth  of  283  meters,  within  the Carreg-y-Doll  horizon,  hole  AMC16
intersected  45.5  meters of continuous copper mineralization,  with  associated
weak  lead  and  zinc mineralization, between 283m. and 329m. Within  this  zone
copper  values  over  3m  sections ranged from 1.64% to 0.24%,  the  highest  3m
section averaging 1.64% copper, 0.07% lead and 0.08% zinc.

North Central and Engine zones intersected

At  a  depth of 352 meters hole AMC16 intersected the North Central Zone horizon
with  reworked, fragmentary  massive sulphide mineralization  averaging  0.81%
copper,  0.23%  lead and 0.60% zinc over 1.5 meters, whilst at a  depth  of  529
meters a narrow zone of 0.35 meters averaging 14.18% combined base metals (2.19%
copper,  4.18%  lead and 7.81% zinc) indicated the presence of the  Engine  Zone
horizon.

Of  particular  interest in hole AMC-16 was the discovery,  between  the  target
horizons, of intensely altered volcanics and associated sulphide mineralization,
including  a mineralized intersection of 9.4 meters averaging 1.4% copper,  0.1%
lead and 0.2% zinc, which included a section grading 3.7% copper over 1.3 meters
lying between the North Central and Engine Zones at a depth of 389 meters.

Significant Target Zone Defined

AMC16  was  sited  to  test the three mineralized horizons intersected  in  hole
AMC15. All three horizons were successfully intersected as anticipated, and  all
were mineralized.

The results from AMC15 and AMC16, when taken together with earlier holes H30 and
A15,  indicate  a well defined target area that has now been outlined  by  these
four  widely  spaced holes, extending approximately 350 meters  east-west  along
strike, open both to the east and to the west and that appears to host zones  of
mineralization at three separate identified horizons, together with  an  as  yet
undefined separate fourth area of mineralisation.

This  target  along  the  northern edge of the volcanic  complex  is  considered
particularly  prospective from a geological point of view and has the  potential
to  add  to  the existing resource base at Parys Mountain. Exploration  of  this
target  is  at  a  very  early stage but the results  are  considered  extremely
encouraging  .  This  target area is considered particularly  important  because
these  potential zones are within reach of the existing 280m level of the Morris
shaft  and  have  the potential to provide new production areas,  additional  to
those  upon  which  the  1992  positive feasibility  study  was  based.  Further
definition of the zones in this area is clearly required.

Next Hole  AMC 17

The target area outlined by AMC15, AMC16, H30 and A15, along the northern margin
of  the  Parys Mountain volcanic complex, will remain the primary focus  of  the
remainder of the 2005 exploration program.

Hole  AMC17, which commenced drilling last week, has been sited 155 metres  west
of  hole  AMC16 and 65 metres west of hole A15 and is again a multi target  hole
aimed  at the same three mineralized horizons, successfully found in holes AMC15
and AMC16.

About Anglesey Mining plc:

Anglesey Mining is a UK company listed on the London Stock Exchange (Symbol LSE:
AYM) which is developing the Parys Mountain base metal deposit in Wales and  the
Iron Mountain Iron Ore Project in Labrador, Canada.

Parys Mountain Deposit
Anglesey holds the Parys Mountain copper-zinc, lead, silver, gold deposit on the
Isle  of  Anglesey  in  North  Wales. The property is  the  only  underdeveloped
polymetallic  mineral deposit in the United Kingdom and comprises  an  important
identified  geological  resource of 6.5 million tones with  a  combined  average
grade of over 10% zinc, copper and lead with gold and silver.

Labrador Iron Mountain Project

Anglesey  is  also  working on its recently acquired Iron  Mountain  Project  in
Labrador,  Canada.  This deposit of 100 million tonnes of direct  shipping  iron
ore  is already partially developed, has a short time to production, low capital
expenditure  requirements,  existing infrastructure transportation,  deep  water
ports, shipping facilities and hydro power. The company has commenced work on  a
feasibility  study for the Labrador Iron Ore project. Anglesey can  earn  a  70%
interest  in  the  Labrador  Iron Mountain Project  by  placing  the  mine  into
production.  The  company  is targeting production of  2mt  per  year  by  2008,
increasing to between 3 and 5mt after 3 years, and a potential mine life of more
than 20 years.

For further information contact :
J F Kearney + (1) 416 362 6686
Ian Cuthbertson + (44) 1248 361333
Cathy Malins / Annabel Leather,
       Parkgreen Communications + (44) 20 7493 3713
Anglesey Mining (LSE:AYM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024