AYM Anglesey Mining Plc

 
TIDMAYM 
 
Anglesey Mining plc (LSE:AYM) 
 
28 March 2012 
 
Projects Update 
 
Parys drilling continues - now in new area 
 
Labrador receives Houston environmental approval 
 
Anglesey Mining plc (Anglesey) is pleased to present the following update on 
project activities since the last report on 15 February 2012. 
 
Parys Mountain 
 
The diamond drilling programme to test the continuity of the Engine Zone 
between a depth of 200 metres and surface has now been successfully completed. 
The previous programme conducted in 2007 and 2008 had determined the position 
of the zone between the bottom of the Morris Shaft at some 300 metres deep as 
far upwards as 200 metres deep. 
 
The first stage of this year's program involved four holes totalling 
approximately 700 metres of drilling. The first two holes indicated the 
continuing upward presence of the zone in reasonable widths with significant 
mineralization at depths between 180 metres and 220 metres. The second two 
holes at shallower depths indicated continuing presence of the zone but with 
narrower widths. 
 
As a result of this initial drilling a further short three hole programme was 
completed to follow the zone through to surface. These holes also located the 
zone but mineralization was fairly narrow or weakly developed. 
 
The total program of seven holes comprised 860 metres of drilling. Samples from 
all seven holes have been sent for assay and results are expected within a few 
weeks. 
 
Geologically it would appear that the Engine Zone is present in mineable widths 
from the bottom of the Morris Shaft up to around 180 metres deep but is 
unlikely to be easily mineable at shallower depths. The programme has therefore 
successfully determined the limits of the Engine Zone, and this will now be 
incorporated into development planning for possible mining in association with 
the nearby White Rock Zone. 
 
Following a review of recent geological information and the resulting 
reassessment of opportunities at the Parys Mountain site, a further series of 2 
or 3 holes has been planned. Drilling has commenced on the first of these holes 
where the target is mineralization of Engine zone type at a depth of 240 to 300 
metres. The target is located below the old open pit site below and separated 
from all previous historical workings in the area about 900 metres away from 
the Morris Shaft; this area could be accessed by underground drifts from the 
shaft bottom. 
 
This initial 2 to 3 hole programme is expected to be completed in around 8 
weeks' time and assuming satisfactory results could be immediately extended. 
 
Labrador Iron Mines 
 
Today Anglesey's 26% owned associate, Labrador Iron Mines Holdings Limited 
(LIM), announced that it has received environmental approval and project 
release from the Government of Newfoundland and Labrador for its Houston iron 
ore mining project in Western Labrador. On 26 March 2012, the Minister of 
Environment and Conservation informed LIM that, in accordance with the 
Environmental Protection Act, the Houston 1 and 2 Deposits Mining Project is 
released from further environmental assessment, subject to a number of 
conditions. 
 
LIM Chairman and Chief Executive Officer John Kearney commented, "Receiving 
Environmental approval from the Government of Newfoundland and Labrador for our 
Stage 2 Houston Project represents another major step in LIM's development 
plans. We are pleased that our efforts in planning the proper development of 
the Houston Project, recognizing the requirements of sound environmental 
management and social responsibility, and addressing the regulations and 
policies of the Province of Newfoundland and Labrador, have been acknowledged 
and accepted by this release and approval". 
 
The Houston deposits are situated in Labrador about 15 km southeast of LIM's 
currently operating James Mine and Silver Yards Processing Plant and 
approximately 20 km from Schefferville, Québec. The Houston deposits have a 
combined measured and indicated resource of 22.1 million tonnes at an average 
grade of 57.3% Fe. 
 
This environmental release of the Houston Project will allow LIM to complete 
the applications for permits and regulatory approvals required for the 
construction of mine infrastructure and related facilities to enable the 
commencement of development and construction at the Houston deposits planned 
for summer of 2012. 
 
Subject to permitting, it is expected that initial mine development at the 
Houston deposit, including construction of a haulage road, a railway siding and 
pre-stripping of the ore will commence in the summer and fall of 2012, leading 
to commencement of production of ore, including in-pit dry crushing and 
screening, in the second half of 2013. 
 
Work at the Schefferville site has, as expected, been kept at a minimal level 
during the winter period. The work level will increase as the winter conditions 
at both Schefferville and at the port at Sept-Iles relent and activities are 
expected to accelerate through April and May. 
 
During the winter the major activities have involved ensuring that 
infrastructure and operational equipment and services, and management and 
support manning have been put in place so that the target level of production 
of 2 million tonnes of saleable product during the current year can be readily 
achieved. This work specifically includes the increase and upgrading of the 
rail transportation facilities, the completion of the 2012 port agreements and 
the delivery of key components of the Phase 3 processing facilities at Silver 
yards and is well advanced and on schedule. 
 
About Labrador Iron Mines Holdings Limited (LIM) 
 
LIM is engaged in the production and development of its 100% owned 
Schefferville Area direct shipping iron ore (DSO) properties in the Labrador 
Trough of western Labrador and north-eastern Quebec. LIM commenced production 
from the James Mine in June 2011, following the successful construction and 
commissioning of the mine and Silver Yards processing plant earlier in the 
year, and recorded its first sales of iron ore in the fall of 2011. 
 
LIM contemplates mining in stages. The first phase of Stage 1 comprises the 
James Mine and the Silver Yard processing plant which is connected by a rail 
spur to the main Schefferville to Sept-Iles railway. Through a phased expansion 
program, LIM plans to grow its iron ore production through the subsequent 
development of adjacent deposits. Stage 2 comprises the development of the 
Houston deposits which has now completed environmental assessment and is moving 
to the permitting, development and construction phase. 
 
About Anglesey Mining plc 
 
Anglesey Mining with its LSE main board listing is primarily focused on its 26% 
interest in Labrador Iron Mines (TSX:LIM). In addition to any new projects that 
may be brought forward Anglesey 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 contact: 
 
Bill Hooley, Chief Executive +44 (0)1492 541981; 
 
Ian Cuthbertson, Finance Director +44 (0)1248 361333; 
 
Samantha Harrison / Klara Kaczmarek, 
 
Ambrian Partners Limited +44 (0)2076 344700; 
 
Emily Fenton / Jos Simson, 
 
Tavistock Communications +44 (0)20 7920 3155 / +44 (0) 7788 554035. 
 
 
 
END 
 

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