Anglesey Mining PLC LIM finalises joint venture agreement with Tata


 
TIDMAYM 
 
Anglesey Mining plc 
 
18 September 2013 LSE:AYM 
 
LIM finalises joint venture agreement with Tata to develop Howse deposit 
$30 million cash injection into LIM 
 
Anglesey's 15% owned associate Labrador Iron Mines Holdings Limited (LIM) has 
today announced that the previously announced joint venture agreement with Tata 
Steel Minerals Canada Ltd. ("TSMC") for the exploration and development of 
LIM's Howse iron ore deposit in the Schefferville region of the Labrador Trough 
has been finalised. 
 
The Howse Deposit is located in Labrador about 25 kilometres north of LIM's 
currently producing James Mine and Silver Yards processing facility and 
adjacent to TSMC's Timmins Area mines and new processing plant. The Howse 
Deposit has a historical resource of 28 million tonnes at a grade of 58% Fe 
(natural basis). 
 
Under the terms of the joint venture agreement, TSMC and LIM have agreed to 
form an unincorporated joint venture pursuant to which Howse Minerals Limited, 
a wholly owned subsidiary of TSMC has acquired an initial 51% participating 
interest in the Howse Property for a total cash consideration of $30 million. 
"Completion of the Howse joint venture agreement with TSMC is an important step 
forward for LIM and will significantly fast track the development timeline for 
this new mine" commented John Kearney, LIM's Chairman and Chief Executive 
Officer. "We are very pleased to be co-operating with Tata Steel, one of the 
world's major steel companies, in this venture and we look forward to working 
with TSMC to advance the Howse project into production." 
 
Co-operation Arrangements 
 
As part of the strategic relationship between LIM and TSMC that was announced 
on March 12, 2013, the two companies have been co-operating with each other in 
various aspects of their respective iron ore operations in the Labrador Trough. 
The strategic relationship includes multi-part co-operation agreements in areas 
of logistics, property rationalisation and various ancillary mutual support and 
potential off-take arrangements. 
 
As part of the logistics agreements, the companies have formalised arrangements 
for construction of the new rail line that will extend LIM's current rail line 
from Silver Yards to TSMC's new Timmins Area processing plant and thus connect 
both companies to the TSH main rail line. 
 
The construction of the rail line between TSMC's Timmins Area processing plant 
to LIM's Silver Yard is already underway. Pending the construction of the new 
rail line to the Timmins Area plant, TSMC is loading iron ore trains at LIM's 
Silver Yards rail facility and the two companies are sharing iron ore rail cars 
and rail locomotives. 
 
For the full LIM press release with further details of the joint-venture 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 1.7 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 mine, 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; 
 
Danesh Varma, Finance Director +44 (0)207 6539881; 
 
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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