Trading Statement - Labrador Iron to rationalise mineral properties


 
TIDMAYM 
 
Anglesey Mining plc                                     LSE:AYM 
 
23 October 2009 
 
Labrador Iron Mines and New Millennium rationalize mineral property ownership 
 
Anglesey Mining plc is pleased to report that its 50% owned associate company 
Labrador Iron Mines Holdings Limited (TSX: LIM) announced on 22 October that it 
has entered into an Agreement with New Millennium Capital Corp. ("NML") to 
exchange certain of their respective mineral licences in Labrador. The exchange 
eliminates the fragmentation of the ownership of certain mining rights in the 
Schefferville area and will enable both parties to separately mine and optimise 
their respective direct shipping ore (DSO) deposits in as efficient a manner as 
possible. 
 
The Agreement represents the exchange by each party of equal quantities of 
approximately 13 million tons of iron ore. These exchanges are based on historic 
estimates of gross quantities of iron ore (non NI 43-101 compliant) contained in 
the various DSO deposits. Under the Agreement, NML has agreed to transfer to LIM 
ten mineral licenses in Labrador and six adjacent claim blocks in Quebec, which 
claims adjoin or form part of LIM's Phase One James, Houston, Redmond and Knob 
Lake deposits, and a small portion of LIM's Phase Three Howse deposit. LIM has 
agreed to transfer to NML two mineral licenses in Labrador comprising part of 
LIM's Phase Three Kivivic 2 and Kivivic 1 deposits, which claims adjoin NML's 
Area 4 Kivivic and Goodwood deposits. 
 
Under the Agreement the parties have agreed to work collaboratively to 
facilitate their respective extraction, processing and transportation activities 
by enabling each party to apply for all required surface rights. The parties 
have also agreed to finalize the layout or detailed technical descriptions of 
the surface rights that each requires to access the DSO deposits on their 
respective mineral claims, including any necessary roads, rail lines, processing 
and storage areas. 
 
John F. Kearney, chairman, said "We are pleased to have entered into this 
mutually beneficial exchange agreement with New Millennium. The agreement 
rationalizes the ownership of various DSO deposits in the Schefferville area and 
will enable both companies to independently develop the DSO deposits in their 
respective areas of intended operations as efficiently as possible." 
 
The exchange now gives LIM sole ownership of all DSO deposits in its Phase One 
(Area 1) area, and in proximity to LIM's planned processing facilities at Silver 
Yard, parts of which deposits had been previously held by NML. In exchange LIM 
has transferred to NML an equivalent tonnage of iron ore from LIM's Phase Three 
area, in proximity to NML's Kivivic and Goodwood Area 4 deposits where NML plans 
to concentrate its mining activities, and which LIM had only planned to develop 
in Phase Three towards the latter part of its overall project life. 
 
Further details of LIM are at http://www.labradorironmines.ca 
 
 
About Anglesey Mining 
 
Anglesey Mining plc is a UK based company listed on the London Stock Exchange 
with a 50% interest through LIM in a 90 million ton iron ore project in Labrador, 
Canada, which is under active development towards mining production in 2010. The 
company also holds the Parys Mountain base metals project with a historical 
resource of 7.7 million tonnes at 9.3% combined copper, lead and zinc in 
Anglesey, UK. 
 
For further information: 
Bill Hooley, Chief Executive        +(44) 1492 541981 
Ian Cuthbertson, Finance Director   +(44) 1248 361333

Anglesey Mining (LSE:AYM)
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