Anglesey Mining PLC - Final Results

RNS No 5462p
ANGLESEY MINING PLC
30th September 1997


Anglesey Mining plc

Preliminary Announcement

Anglesey Mining plc today announces its preliminary results for 
the year ended 31 March 1997.

The company recorded a loss for the year of #98,446 compared with 
a loss last year of #49,571.  Most of the variation compared to 
last year is accounted for by the issue of shares with a nominal
value of #40,000 to a director and the company secretary by way 
of a bonus.  The company had no turnover as its property is 
still under development.  There is no dividend.

Edited extracts from Chairman's statement

"I am pleased to report that as a result of developments during the past year
Anglesey Mining is back on the road to again becoming a viable and active
mining company.  The year has been one of many milestones and significant
progress for the company.

Financial Restructuring

At an Extraordinary General Meeting held in October 1996, shareholders
overwhelmingly approved a financial restructuring whereby almost #3 million
of the company's debt was eliminated by the issue of new ordinary shares.
This placed the company on an essentially debt free basis for the first time
in over five years and provided it with the necessary working capital to
continue its operations during the past year. 

Parys Mountain Property

In August 1997 the company announced a number of new developments which,
although completed since the financial year end, were being worked on
continuously during the past twelve months.

Most importantly, perhaps, is that the company has secured its ownership of
the Parys Mountain property by:
  -  purchasing the freehold including the land and minerals (subject to a
     royalty) of the major part of the Parys Mountain property including the
     area containing all the identified reserves and resources and the site
     of the proposed mill complex;
  -  obtaining a new head lease of the land and minerals over the remainder
     of the Parys Mountain property and;
  -  acquiring Parys Mountain Mines Limited, the original lessee of the Parys
     Mountain mining lease and the owner of a residual nets profits interest
     under the lease.

These transactions have reduced the annual rent on the property from
approximately #36,000 to #18,000.  The company already holds the beneficial
leasehold interest in the mining lease on the property.  The acquisition of
the freehold, the new lease and Parys Mountain Mines Limited further
strengthens and improves the company's title to and rights over the Parys
Mountain property.

Acquisition of Dolaucothi Gold Property

Subsequent to the year end the company announced that it has acquired the
Dolaucothi gold property near Lampeter in mid Wales. The property is held
under a mining lease from the Crown for gold and silver over an area of about
11,000 acres.  The Dolaucothi property contains the former producing Ogofau
gold mine which was worked in Roman times but was recently mined in the
period 1931 to 1939.

The acquisition of the Dolaucothi property is an exciting new initiative
which presents the company with opportunities in an area with past production
and good gold exploration potential.  The new project is complementary to
Anglesey's existing polymetallic property at Parys Mountain and is an
important first step in diversifying the asset base of the company.

Progress at Parys Mountain

The complete geological reassessment of the Parys Mountain property which has
been carried out by the company over the past two years has resulted in the
development of an exciting new geological model which indicates that there is
potential for the discovery of substantial additional mineral resources at
Parys Mountain.

A new exploration programme was recently launched, which is expected to
include about 2,500 metres of diamond drilling during the remainder of 1997.
An initial five holes are planned in unexplored areas east of the already
identified resource.  The objective of the new exploration programme is to
develop a significantly larger mineral deposit at Parys Mountain.

New Financing

To provide the funding for its ongoing activities, subsequent to the year end
the company completed a private placing of 9.8 million shares at a placing
price of 5 pence per share to raise net proceeds of #485,000.  Some of the
proceeds of the placing were used to complete the purchase of the freehold of
the Parys Mountain property and to pay current liabilities.  The balance will
be used to continue exploration and development at Parys Mountain, commence
exploration on the new Dolaucothi gold property, undertake diamond drilling
scheduled for both properties for late 1997 and for general corporate
purposes.

Outlook

The next year promises to be particularly exciting for Anglesey; we are once
again an active company and we shall press ahead with the development of
Parys Mountain with renewed enthusiasm.  Exploration programmes will be
continuing and important drilling will be undertaken.  We are looking forward
to commencing exploration at the Dolaucothi gold property.  We will also be
seeking appropriate new projects in order to diversify the asset base of the
company.

John F. Kearney
Chairman "


Profit and Loss Account for the year ended 31 March 1997

                                                     1997          1996
                                                       #             #
Turnover - continuing operations                       -             -
Net operating expenses                            (97,040)       (44,357)

Operating loss - continuing operations            (97,040)       (44,357)

Interest receivable                                 3,718          2,966
Interest payable                                   (5,124)        (8,180)

Loss on ordinary activities before taxation       (98,446)       (49,571)

Tax on loss on ordinary activities                     -             -

Retained loss for the year                        (98,446)       (49,571)

Loss per share - basic                            (0.1) pence     (0.1) pence
Loss per share - fully diluted                    (0.1) pence     (0.1) pence

The annual general meeting is called for 12 noon on 12 November 1997.  
The accounts on which the preliminary statement is based
have been audited and the auditors have not qualified their report.

Contacts :

Ian Cuthbertson                        John F. Kearney
Company Secretary                      Chairman
01248 361333                           001 416 362 6686


END

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