Anglesey Mining PLC - Interim Results

RNS No 0339j
ANGLESEY MINING PLC
23rd December 1997


Anglesey Mining plc

Interim Report to Shareholders

I am pleased to report that exploration drilling has started at the Parys 
Mountain property.

The objective of the new phase of exploration is to increase the overall 
geological resource at Parys Mountain.  The new drilling programme will 
explore for further mineral resources in the newly defined Central Zone to 
the east of the shaft development area and will also explore for lenses of 
massive sulphide within a second range of rhyolite domes which are believed 
to lie further to the east in an area of the property largely unexplored to 
date.

The first hole of the new programme, located about 500 metres east of the 
shaft, is to test the Central Zone.  The hole reached its target depth of 
290 metres and samples from the core are now being examined and analysed.  
The second hole is located about 250 metres to the north of the first hole 
and has a target depth of 500 metres.  It is not expected that this hole 
will be completed until January.  A total of five to seven holes are 
planned in this programme which will take three to four months to complete.

Other geological activities at Parys Mountain have been proceeding well.  
The British Geological Survey has been working on a survey of the 
hydrothermal alteration characteristics of drill core samples using its new 
state of the art portable infrared mineral analyser.  In addition the BGS 
is using its Vulcan computerised mine modelling programme to provide three 
dimensional modelling of the Parys Mountain deposits.  Meanwhile 
lithogeochemical and stratigraphic studies are continuing in conjunction 
with Cardiff University of Wales.

There is nothing new to report on the litigation initiated against the 
company in Canada in late 1995 concerning the Parys Mountain property.  The 
court case is, in essence, inactive.

At the Dolaucothi gold property near Lampeter in mid Wales, acquired by the 
company in late summer, initial work has been largely confined to 
reconnaissance and data gathering.  However in conjunction with Cardiff 
University of Wales, a short hole is being drilled as part of the 
UniversityFs research and training programme.  Because of the priorities at 
Parys Mountain, field work at Dolaucothi will not get underway until the 
new year. 

Following the acquisition of Parys Mountain Mines Limited and Anglo 
Canadian Exploration Limited in August we are now required to prepare group 
accounts. An unaudited consolidated balance sheet forms part of this 
report.  There is no profit or loss in respect of the subsidiaries which 
should be included in the group statements.  The loss for the six months 
has increased over the equivalent period in the previous year mainly due to 
legal fees in respect of the acquisition of the two new subsidiaries and 
the purchase of the Parys Mountain property.  In other respects there are 
no significant changes to the comparable period last year.

I am very pleased to announce two appointments to the companyFs board.  
Malcolm Burne, a company director with many years of experience in the 
financing and operation of mineral companies internationally, is joining 
the board as a non-executive director based in London.  Ian Cuthbertson who 
has served as company secretary and been a valuable member of management 
since 1988, will become finance director.

The new phase of work at Parys Mountain marks the beginning of the re-
emergence of Anglesey Mining as an active mining company.  The 
recommencement of drilling heralds the first significant site development 
work since 1992 when, following completion of a positive feasibility study 
site operations were suspended primarily because of market conditions.  The 
Parys Mountain property is the only known undeveloped polymetallic mineral 
deposit in the United Kingdom and contains an important geological resource 
of 6.5 million tonnes at a combined average grade of over 10% zinc, copper 
and lead together with appreciable quantities of gold and silver.

We look forward to the coming months with enthusiasm.

On behalf of the board of directors
John F Kearney
Chairman


Unaudited Consolidated Profit and Loss account for the 
six months to 30 September 1997

                                      Six months to        Six months to 
                                  30 September 1997     30 September 1996
                                              #                    #     
Net operating expenses
        - continuing operations             88,519              36,799
        Interest receivable                 (3,080)                 (1)
        Interest payable                        11               5,121
                                
Loss on ordinary activities
     before taxation                        85,450              41,919
                                
  Loss per share - basic                  0.1 pence          0.1 pence
  Loss per share - fully diluted          0.1 pence          0.1 pence


Unaudited Consolidated Balance Sheet at 30 September 1997

                                   30 September 1997     30 September 1996
                                             #                    #     
Fixed assets           
        Intangible assets                  11,364,383           11,060,611
        Tangible assets                       186,228               67,055
        Total fixed assets                 11,550,611           11,127,666
Current assets                                
        Debtors                               108,927               97,039
        Cash                                  318,967               13,182
        Total current assets                  427,894              110,221
Current liabilities                                
        Creditors - due within one yea       (245,528)          (2,919,161
        Net current assets/(liabilities)      182,366           (2,808,940)
                                
Net assets                                 11,732,977            8,318,726
                                
ShareholdersF funds                                
        Share capital                       6,518,371            2,809,984
        Share premium                       5,740,846            5,767,771
        Profit & loss account - deficit      (526,240)            (259,029)
                                
Total shareholdersF funds                  11,732,977            8,318,726

        Equity shareholdersF funds         10,871,799            7,457,548
        Non equity shareholdersF funds        861,178              861,178


Notes : -

1        Group accounts have been prepared for the first time following the 
         acquisition of subsidiaries in the current period.

2        The half year figures are unaudited.  The profit and loss account 
         and the balance sheet have been prepared on a basis consistent with
         that of  the accounts for the year ended 31 March 1997.   The
         auditors' report on  those accounts was not qualified and did not
         contain a statement under section 237 of the Companies Act 1985. 
3     Included in share capital is #490,000 in respect of shares which  were
      placed and paid for before 30 September 1997 but not formally allotted
      for statutory purposes until 1 October 1997.

4        Current liabilities include #95,571 due to Juno Limited, the ultimate
         parent company.

5        No dividend is proposed 

6        This interim statement is being posted to all shareholders and  copies
         will be available on request from the company's registered office.

Contacts :

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


END

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