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.