Half-yearly Report LIM


 
TIDMAYM 
 
15 November 2010 Anglesey Mining LSE:AYM 
 
                   LIM Second Quarter and Half Year Results 
 
                Update on project construction and development 
 
Anglesey Mining plc's 41% owned associate Labrador Iron Mines (TSX: LIM) (`LIM' 
or `the Company') is pleased to report that it has filed its unaudited 
financial statements and MD&A for the second quarter and six months ended 
September 30, 2010. The documents are available under the Company's profile at 
www.sedar.com and on its website at www.labradorironmines.ca. 
 
During the quarter and six months ended September 30, 2010 LIM invested 
$2,014,537 and $3,294,549, respectively, in its mineral properties, and also 
invested $3,401,634 and $10,204,731, respectively, in property, plant and 
equipment. The substantial increase in investment in property, plant and 
equipment was due to the significant investment in processing equipment and 
rail spur line and to procurement and commencement of construction of the 
processing plant for LIM's direct shipping iron ore project in western 
Labrador. 
 
For the quarter ended September 30, 2010 LIM reported a net loss of $897,421, 
or $0.02 per share, compared to a net loss of $530,273, or $0.02 per share, 
during the same period in the prior year. For the six months ended September 
30, 2010 LIM reported a loss of $1,512,110, or $0.03 per share, compared to a 
loss of $816,997, or $0.02 per share, for the same period in the prior year. 
 
At September 30, 2010, the Company had cash and cash equivalents in excess of 
$35.2 million. Working capital was $30.6 million, with no borrowings or bank 
debt. 
 
Project Construction 
 
Construction of the beneficiation plant and associated facilities has 
progressed well since early September. All the foundations required for 
erection of the plant have been poured and are complete. All the piers for the 
conveyors have been installed, including those leading to the radial stackers 
and to the secondary crusher, and a significant number of the conveyor 
structures are in place. The steel structure for the secondary screens tower 
has been completed and the chutes, stairs and flooring for the transfer tower 
are all installed. 
 
All the major items of processing equipment have been installed, including the 
primary and secondary screens, tumblers and chutes. The dome roof structure is 
being assembled at site and is expected to be installed by the end of November. 
This will enable installation of the piping, electrical and other work to be 
carried out during periods of poor winter weather. 
 
The accommodation camp at Bean Lake has also progressed rapidly. The 
installation of the kitchen-recreation complex is complete and a number of the 
accommodation units are in place. It is expected that the camp will be all 
complete before the end of November and available for use over the winter. 
 
Mine site preparation at the James Mine has commenced with the development of 
the mine haul road and clearing and grubbing of the entire mining site almost 
complete, and exposing the ore body. Development of the first production bench 
in the Mine will follow shortly. Some small ore stock piles have been moved to 
Silver Yards and, together with the first ore mined from the bench development, 
will be stockpiled ahead of the primary crusher ready for feed to the 
processing plant at the commencement of production. 
 
As a result of recent progress, the Company believes it is on track to 
substantially complete construction of the processing plant and accommodation 
camp by the end of calendar 2010 and to commence production activities in April 
2011. The Company is currently targeting production of about 2 million tonnes 
of iron ore in calendar 2011, which assumes completion of construction, plant 
commissioning and a satisfactory start up of mining operations in the second 
quarter of calendar 2011. 
 
Exploration 
 
The 2010 exploration program has been completed with 4,500 metres of drilling 
and 1,400 metres of trenching having been achieved at the Denault, Ruth 8, and 
Houston properties. Drilling at Houston has indicated some extensions to the 
resource and these, together with Denault results, will be incorporated into 
revised resource estimates when assay results are received. 
 
Political / First Nations Developments 
 
In September 2010 LIM entered into an Impact Benefits Agreement ("IBA") with 
the Naskapi Nation of Kawawachikamach (the "Naskapi Nation") with respect to 
the development and operation of the Schefferville Project in Labrador. 
Discussions continue with the Innu Matimekush-Lac John and with the Innu 
Takuaikan Uashat Mak Mani-Utenam towards concluding Impact Benefits Agreements. 
 
Qualified Person 
 
Information of a scientific or technical nature contained in this release has 
been prepared by or under the supervision of Terence McKillen, P.Geo., 
Executive Vice President of the Corporation and a Qualified Person within the 
meaning of National Instrument 43-101 of the Canadian Securities 
Administrators. 
 
About 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. The Company'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, located in close proximity 
to existing infrastructure, for which all operating permits have been issued 
and where construction is now well underway. 
 
About 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 Anglesey Mining's website at www. 
angleseymining.co.uk 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) 207 429 6608 / +44 (0) 7788 
554035 
 
Cautionary Statements: 
 
Some of the statements contained herein may be forward-looking statements which 
involve known and unknown risks and uncertainties. Without limitation, 
statements regarding potential mineralization and resources, exploration 
results, and future plans and objectives of the Company are forward looking 
statements that involve various degrees of risk. The following are important 
factors that could cause the Company's actual results to differ materially from 
those expressed or implied by such forward looking statements: changes in the 
world wide price of iron ore and steel, general market conditions, the 
uncertainty of future profitability and access to additional capital, risks 
inherent in mineral exploration and risks associated with development, 
construction and mining operations, delays in obtaining or failures to reach 
agreements with any potentially impacted aboriginal groups or to obtain 
required governmental, environmental or other project approvals. There can be 
no assurance that the Company will be successful in reaching any agreement with 
any First Nations groups who may assert aboriginal rights or may have a claim 
which affects the Company's properties or may be impacted by the Schefferville 
Area project. Caution should be exercised on placing undue reliance on forward 
looking information. 
 
 
 
END
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