Anglesey Mining PLC LIM - update on Schefferville situation


 
TIDMAYM 
 
Anglesey Mining plc LSE:AYM 
 
3 July 2012 
 
Labrador Iron Mines - update on Schefferville situation 
 
Anglesey Mining's 26% owned associate Labrador Iron Mines Holdings Limited 
("LIM") (TSX: LIM) reported today that a barricade is currently blocking access 
to its mining operations in the Schefferville area, which has also affected 
other mine developers and exploration companies within the region. LIM believes 
that the barricade consists of a local group of Schefferville residents, not 
sanctioned by any aboriginal community. 
 
At this time, LIM's operations have been minimally impacted: 
 
=- LIM continues to load its trains and transport its iron ore product to 
   the Port of Sept-Iles. 
 
=- LIM is still on track to meet its 2012 saleable production target of 2 
   million tonnes of iron ore. 
 
=- LIM continues to advance construction on its Phase 3 expansion of the 
   Silver Yards Process Plant. 
 
=- For the safety and well-being of employees, mining operations, 
   including the Silver Yards Processing Facility, as well as exploration 
   work have been temporarily halted. 
 
At present, the nature of the barricade is not completely understood as no 
direct contact has been made from any of the protestors. Initial reports and 
protest signs indicate some dissatisfaction with the Quebec Government's Plan 
Nord initiatives. LIM is committed to open and honest dialogue with 
stakeholders and members of the local community. Currently, LIM is engaged in 
dialogue with the local aboriginal band councils in an attempt to understand 
the protesters' concerns. LIM also understands that the local band councils are 
not in support of this barricade. LIM is taking a non-confrontational approach 
to the situation in order to affect a quick resolution of the dispute. 
 
As part of a continuing commitment to establish long-term, cooperative, 
respectful and mutually-beneficial positive relationships with First Nations, 
LIM has signed an Impact Benefits Agreement (IBA) with four First Nations 
groups since 2008. Two of the four IBAs were signed with local First Nations: 
the Naskapi Nation of Kawawachikamach and the Innu Matimekush-Lac John. 
 
While the protest has not disrupted planned sales activities in July at this 
point, it does have the potential to impact operations if the protest continues 
for a protracted period of time. LIM is, therefore, monitoring the situation 
closely. 
 
About Labrador Iron Mines Holdings Limited 
 
Labrador Iron Mines is Canada's newest iron ore producer. It owns a portfolio 
of direct shipping iron ore operations and projects located in the prolific 
Labrador Trough. Initial production commenced at the 100%-owned James Mine in 
June 2011 and LIM recorded the sale of nearly 400,000 tonnes of iron ore in the 
first start-up season. The first full production season commenced on April 2, 
2012, with a sales target of 2 million tonnes of iron ore for the 2012 year. 
 
LIM is focused on a strategic and robust growth plan arising from its portfolio 
of 20 iron ore deposits in Labrador and Quebec, all within 50 kilometres of the 
town of Schefferville. The James Mine is connected by a direct rail link to the 
Port of Sept-Iles, Québec. The area also benefits from established 
infrastructure including the town, airport hydro power and railway service. 
Starting with the James Mine and leading to the development of the expanding 
Houston flagship project, the objective is to provide shareholders with 
long-term value as production and sales ramp up towards 5 million tonnes per 
year by 2015. 
 
LIM is currently the only independently-owned Canadian iron ore producer listed 
on the Toronto Stock Exchange and trades under the symbol LIM. 
 
About Anglesey Mining plc 
 
Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings Limited which 
is now producing iron ore from its James deposit, one of LIM's twenty direct 
shipping iron ore deposits in western Labrador and north-eastern Quebec. 
 
Anglesey is also carrying out development and exploration work at its 100% 
owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where there is 
estimated to be a total 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: RFC Ambrian +44 (0)2076 344700; 
 
Emily Fenton / Jos Simson: Tavistock Communications +44 (0)20 7920 3155 
 
 
 
END
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