Anglesey Mining PLC LIM - Elizabeth taconite resource


 
TIDMAYM 
 
Anglesey Mining plc 
 
24 June 2013 LSE:AYM 
 
LIM - Elizabeth taconite resource 
 
Estimated 620 million tonne resource at Elizabeth No. 1 taconite deposit 
 
Additional potential of 350 to 600 million tonnes in Elizabeth No. 2 
 
Anglesey's 15% owned associate Labrador Iron Mines Holdings Limited (LIM) has 
announced that its exploration efforts over the past two years have identified 
a large iron orebody hosted within its 100%-owned Elizabeth Taconite Project, 
leading to an independent National Instrument 43-101 ("NI 43-101") inferred 
mineral resource estimate of 620 million tonnes and exploration potential of 
350 to 600 million tonnes. 
 
The Elizabeth Project is located in Western Labrador, approximately four 
kilometres ("km") west of LIM's currently producing James Mine, alongside 
existing infrastructure, including roads, rail bed and power line corridor. 
 
In 2011 and 2012, LIM identified two parallel deposit areas at the Elizabeth 
Project by conducting airborne and ground geophysics over the region. LIM's 
exploration drilling in 2012 was successful in defining an inferred mineral 
resource at Elizabeth No. 1 by completing five, HQ-sized diamond drill holes 
totalling 1,728 metres. Exploration drilling was also successful in identifying 
exploration potential in Elizabeth No.2, which is oriented in a parallel zone 
located immediately to the southwest of Elizabeth No.1. 
 
Elizabeth Taconite Project Highlights 
 
  * A total inferred mineral resource of 620 million tonnes at 31.8% Fe has 
    been estimated within Elizabeth No. 1. 
 
  * A potential 350 million to 600 million tonnes at 31.9% Fe has been 
    estimated in Elizabeth No. 2 . 
 
  * The initial Elizabeth target measures approximately four km long and is 
    made up of magnetite and hematite dominant zones. There is significant 
    potential for resource expansion, as the deposit remains open along strike 
    to the northwest and southeast. 
 
  * Results from Davis Tube test work have been extremely positive, indicating 
    concentrate grades of greater than 68.8% Fe in the magnetite zones. 
 
  * The Elizabeth Project is situated next to the former producing Wishart 
    mine, alongside existing roads, rail bed and power line corridor and is 
    within five km of the town of Schefferville. LIM's current direct shipping 
    iron ore operations are located four km from the Elizabeth Project, with 
    direct rail access to the Port of Sept-Îles. 
 
  * Airborne and ground geophysics have also highlighted the Gagnon taconite 
    target, located in Québec, a few km from the Elizabeth Project. 
 
For further details of these new resources please see LIM's release today on 
its website at www.labradorironmines.ca 
 
About Labrador Iron Mines Holdings Limited (LIM) 
 
Labrador Iron Mines (LIM) is Canada's newest iron ore producer with a portfolio 
of direct shipping (DSO) iron ore operations and projects located in the 
prolific Labrador Trough. LIM has commenced its third year of operations and is 
targeting 1.75 to 2.0 million tonnes of saleable iron ore production in 2013. 
 
About Anglesey Mining plc 
 
Anglesey holds 15.3% of Toronto-listed Labrador Iron Mines Holdings Limited 
which is producing high grade hematite from its James pit, one of LIM's direct 
shipping iron ore deposits in western Labrador and north-eastern Quebec. 
 
Anglesey is also carrying out exploration and development work at its 100% 
owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where a JORC 
Code-compliant resource of 2.1mt at 6.9% combined base metals in the indicated 
category and 4.1mt at 5.0% combined in the inferred category was published in 
November 2012. 
 
For further information, please contact: 
 
Bill Hooley, Chief Executive                               +44 (0)1492 541981; 
Ian Cuthbertson, Finance Director                          +44 (0)1248 361333; 
 
Samantha Harrison: RFC Ambrian                             +44 (0)20 3440 6800; 
 
Emily Fenton/Jos Simson: Tavistock Communications          +44 (0)20 7920 3155. 
 
 
 
END
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