Trading Statement - Labrador barriers to be removed


 
TIDMAYM 
 
3 September 2010      Anglesey Mining plc      LSE:AYM 
 
    Labrador Iron reaches agreement with Quebec Innu to remove barriers 
 
         Mine and plant construction to commence immediately 
 
Anglesey Mining plc's 41% owned associate Labrador Iron Mines Holdings Limited 
(TSX: LIM) has reported that agreement has been reached with the Innu 
Matimekush-Lac John to immediately remove the barriers that had restricted 
normal access from the town of Schefferville to adjacent mining properties 
and thereby enable the ongoing development of the LIMs iron ore projects 
in Western Labrador and Quebec. 
 
Thia agreement was achieved following detailed negotiations between LIM and 
representatives of the Quebec Innu, including Innu Matimekush - Lac John 
(Schefferville) and Innu Takuaikan Uashat Mak Mani-Utenam (Sept-Iles), and 
following discussions and consultations between the Quebec Innu and the various 
Governments, including meetings in Schefferville attended by representatives of 
the Government of Newfoundland and Labrador and the Government of Quebec and 
representatives of the Federal Minister of Indian and Northern Affairs. Each of 
the Governments has made certain commitments to the Innu towards resolving a 
number of issues that will help facilitate the mining projects in the 
Schefferville area to move forward on an ongoing basis. 
 
Under the agreement with Innu Matimekush - Lac John, which was ratified by 
public meeting of the community on September 1, Labrador Iron Mines, together 
with New Millennium Capital Corp., have committed to jointly support a number 
of local social activities, including some education, training, health and 
youth programs and, with Government participation, improvements to the 
community arena facility in Schefferville. 
 
Following the agreement, construction of LIM's iron ore project in Western 
Labrador will now proceed on a fast track basis and LIM and will proceed with 
negotiations with the Innu Matimekush-Lac John towards concluding an Impact 
Benefits Agreement. 
 
LIM will also continue detailed negotiations towards signing an Impact Benefits 
Agreement with Innu Takuaikan Uashat Mak Mani-Utenam who, as had been 
previously anticipated, have initiated legal action against the Government of 
Newfoundland and Labrador regarding the Crown's duty of consultation with 
respect to the permitting of LIM's Schefferville Area Iron Ore Project in 
Western Labrador. 
 
"LIM is extremely pleased that, with the co-operation of all three Governments, 
agreement has been reached with the Quebec Innu paving the way for construction 
of our project so that commercial production of iron ore can commence in 2011." 
said John Kearney, Chairman and Chief Executive. "We look forward to concluding 
negtiations on the IBA agreements and to further developing a harmonious and 
long term working relationship with all of our aboriginal partners for the 
mutual benefit of all stakeholders" added Mr. Kearney. 
 
Project Construction to Commence Immediately 
 
LIM is now planning to immediately commence ground clearing, in parallel with 
contractor mobilization, to be followed by civil construction and mechanical 
erection of the plant in the subsequent weeks. It is expected that the 
beneficiation plant will be fully erected in about 12 weeks. In parallel to the 
plant construction the mine accommodation camp will be brought to site and 
erected some 4 kilometers south-east of the plant site. 
 
During the last several weeks a significant portion of the infrastructure and 
beneficiation plant has been transported by rail from a railhead near Labrador 
City to Schefferville via the TSH aboriginal railroad, which is jointly owned 
by the two Quebec Innu communities and the Naskapi Nation. These items are now 
being assembled in Schefferville and ready for road transport over three 
kilometers to LIM's Silver Yard beneficiation site in Labrador. Further rail 
shipments, direct to Silver Yard on LIM's spur line, are planned for the coming 
weeks. 
 
Initial open-pit waste removal and mine extraction will also be carried out 
using local contractors to enable ore to be stockpiled on the crusher pad ahead 
of dry run testing of the beneficiation plant. 
 
The construction of the plant and camp and the initiation of mining activities, 
prior to the onset of the mid-winter, will enable commercial production 
activities to commence in the spring of 2011. 
 
The last two major operating permits, for the operation of the mine and the 
operation of the rail spur, are expected to be issued shortly by the Government 
of Newfoundland and Labrador following a consultation process with potentially 
affected First Nations. 
 
Labrador Iron Mines Holdings Limited (LIM) 
 
LIM's Schefferville Area project involves the development of twenty direct 
shipping iron ore deposits in western Labrador and north-eastern Quebec near 
Schefferville, Quebec. 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 Ore Company of Canada from 1954 to 1982. Labrador Iron Mines 
contemplates mining in four stages, the first phase of Stage 1 comprising the 
James and Redmond deposits, which are located in close proximity to existing 
infrastructure and for which construction permits have been issued. 
 
Anglesey Mining plc 
 
Anglesey Mining with its LSE main board listing is primarily focused on its 41% 
interest in LIM. In addition to any new projects that may be brought forward 
the company owns 100% of Parys Mountain in North Wales with an historical 
resource in excess of 7 million tonnes at over 9% combined copper, lead and 
zinc. 
 
For further information, please view LIM's website at www.labradorironmines.ca 
or contact: 
 
Bill Hooley, Chief Executive +44 (0) 1492 541981 
Ian Cuthbertson, Finance Director +44 (0) 1248 361333 
Emily Fenton/Charlie Geller, Conduit PR +44 (0) 20 7429 6608 / +44 (0) 7788 554035 
 
 
END
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