Trading Statement - Labrador Iron financing for C$25 million


 
TIDMAYM 
 
Anglesey Mining plc    LSE:AYM 
 
5 March 2010 
 
Labrador Iron announces C$25 million bought deal financing 
 
Anglesey grants underwriters an option to purchase 546,000 shares of Labrador 
Iron for C$3 million 
 
Anglesey Mining plc is pleased to report that its 50% owned associate company 
Labrador Iron Mines Holdings Limited (TSX:LIM) announced today that it has 
entered into an agreement with Canaccord Financial Ltd. and a syndicate of 
underwriters (collectively, the "Underwriters"), which has agreed to purchase, 
on a bought deal basis, 3,640,000 common shares from LIM's treasury (the 
"Treasury Common Shares") and 760,000 "tax flow-through" common shares from 
LIM's treasury (the "FT Shares" and together with the Treasury Common Shares, 
the "Underwritten Shares") at a price of C$5.55 per Treasury Common Share and 
C$6.65 per FT Share, for aggregate gross proceeds of C$25,256,000 (collectively 
the "Underwritten Offering"). 
 
In addition, Anglesey Mining plc has granted the Underwriters an option to 
purchase from Anglesey up to 546,000 previously issued common shares of LIM (the 
"Secondary Common Shares" and together with the Underwritten Shares, the 
"Offered Securities"), at a price of C$5.55 per LIM common share, for the 
purpose of covering the Underwriters' over-allocation position, for gross 
proceeds of up to C$3,030,300 in cash, (approximately GBP2 million). This Over- 
Allotment Option represents up to 15% of the amount to be raised by LIM pursuant 
to the sale of LIM's Treasury Common Shares, on the same terms and conditions. 
 
The Offering is being made by LIM pursuant to a Short Form Prospectus to be 
filed in the Canadian provinces of British Columbia, Alberta, Saskatchewan, 
Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and 
Newfoundland and Labrador. The Offered Securities will not be registered under 
the U.S. Securities Act of 1933, as amended, and may not be offered or sold in 
the United States absent registration or an applicable exemption from the 
registration requirements. 
 
The LIM Underwritten Offering is expected to close on or about 25 March 2010. 
The Over-Allotment Option is exercisable by the Underwriters at any time, in 
whole or in part, up to 30 days after the date of the closing of LIM's 
Underwritten Offering. 
 
Anglesey currently holds 18,600,000 common shares of LIM and the Over-Allotment 
Option represents approximately 2.9% of Anglesey's shareholding in LIM.  If the 
Over-Allotment Option is exercised by the Underwriters the proceeds from the 
sale of the Secondary Common Shares, of up to C$3,030,300 (before commission and 
expenses), will be used by Anglesey for general corporate costs and working 
capital purposes. 
 
The net proceeds from the Underwritten Offering will be used by LIM for 
exploration and development of LIM's mineral projects, and for general corporate 
and working capital purposes. LIM has 37,148,451 common shares outstanding, 
prior to the Underwritten Offering. 
 
About Labrador Iron Mines Holdings Limited (LIM) 
 
LIM Schefferville area project involves the exploration and development of direct 
shipping iron ore deposits in Western Labrador and north eastern Quebec near 
Schefferville. LIM's properties are part of the historic Schefferville area iron 
ore district where mining of adjacent deposits was previously carried out by the 
Iron OreCompany of Canada from 1954 to 1982. LIM plans to mine its deposits in 
varying stages, the first stage comprising the James and Redmond deposits, located 
in Labrador, in close proximity to existing infrastructure.  Subject to timely 
receipt of all permits and licences, LIM plans to commence iron ore production in 
the summer of 2010. 
 
Effect of the transaction 
 
Should the proposed Over-Allotment Option proceed in full, Anglesey will receive 
C$3,030,300 (approximately GBP2 million before commission and expenses) in cash in 
respect of the disposal of part of its shareholding in LIM.  After the LIM 
financing this Over-Allotment Option will reduce the Company's holding in LIM by 
1.3%. 
 
LIM is accounted for in the group financial statements as an associated company 
and this treatment is not expected to change. 
 
 
About Anglesey Mining 
 
Anglesey Mining plc is a UK based company listed on the London Stock Exchange 
which currently holds 18,600,000 shares in Labrador Iron Mines Holdings Limited. 
The Company also holds the Parys Mountain base metals project in Anglesey, Wales, UK, 
with a historical mineral resource of 7.7 million tonnes at 9.3% combined copper, 
lead and zinc. 
 
This press release does not constitute an offer of securities for sale in the 
United States. The securities being offered have not been, nor will be, registered 
under the United States Securities Act of 1933, as amended, and may not be offered 
or sold within the United States absent U.S. registration or an applicable exemption 
from U.S. registration requirements. 
 
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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