Anglesey Mining PLC Preliminary Economic Assessment in progress

 
TIDMAYM 
 
Anglesey Mining plc 
 
01 October 2020        LSE:AYM 
 
Parys Mountain Preliminary Economic Assessment in progress 
 
Anglesey Mining plc is pleased to report that it has appointed Micon 
International Limited ("Micon") to carry out a Preliminary Economic Assessment 
("PEA") on its Parys Mountain copper, zinc, lead, gold and silver project, 
located on the island of Anglesey in North Wales. 
 
Micon is an experienced minerals industry consultant that has reviewed mining 
projects across all continents.  Micon has long experience with Parys Mountain 
commencing in 2006 and including preparation of the JORC compliant resource 
estimate in 2012 and the Scoping Study in 2017.  This background will enable 
Micon to move swiftly and knowledgeably to completion of this important PEA. 
 
The PEA is the next step in the development of Parys Mountain on the road to 
production and follows from the optimisation studies recently completed by QME 
Mining Technical Services ("QME").  The QME work highlighted up to 10 million 
tonnes of potentially mineable material available at Parys Mountain which is 
significantly larger than the 2.1 million tonnes of indicated resource that was 
utilised in Micon's positive 2017 Scoping Study. 
 
QME also identified that it should be possible to utilise a lower cut-off grade 
for mine planning purposes than used in the Micon 2017 study.  QME based this 
on their review of the expected operating costs at Parys Mountain based on 
their long and detailed experience in underground mine operations in Ireland 
and elsewhere. 
 
As a result of the QME work it is expected that the planned production rate of 
1,000 tonnes per day utilised in 2017 will be expanded, and that the projected 
mine life of just 8 years will be significantly extended. 
 
In preparing the PEA, Micon will review all the QME work including capital and 
operating cost estimates, ore-body modelling and mine production planning.  It 
is intended that Micon will evaluate several separate development scenarios 
based on the various ore zones available for mining and on differing production 
rates to best optimise the assets at Parys Mountain.  Micon will incorporate 
the results into detailed production and financial models to produce 
comprehensive and compliant reports that will be in a form that can be publicly 
released.  It is expected that the PEA will be finalised by the end of 
November. 
 
Subsequent to completion of the PEA, Anglesey would intend to press on to 
undertake a Preliminary Feasibility Study to support financing for development 
of the mine at Parys Mountain. 
 
Anglesey Chief Executive, Bill Hooley, said: "I am very pleased that we are 
able to announce the appointment of Minco to complete this PEA.  The QME 
optimisation work has given us a sound basis from which to complete the PEA. 
We are confident that the results from the PEA will confirm our expectation in 
the extent of the mineral resources at Parys Mountain, and will demonstrate 
improved outcomes and a longer mine life beyond those indicated previously." 
 
About Anglesey Mining plc 
 
Anglesey is in evaluation work at its 100% owned Parys Mountain 
copper-zinc-lead deposit in North Wales, UK with a 2012 reported resource of 
2.1 million tonnes at 6.9% combined base metals in the indicated category and 
4.1 million tonnes at 5.0% combined base metals in the inferred category. 
 
Anglesey holds a 10% interest, and management rights to the Grangesberg Iron 
project in Sweden, together with a right of first refusal to increase its 
interest by a further 50.1%.  Anglesey also owns 12% of Labrador Iron Mines 
Holdings Limited which holds direct shipping iron ore deposits in Labrador and 
Quebec. 
 
 
Anglesey is also actively reviewing other compatible base metal projects 
suitable for incorporation into the Anglesey Group. 
 
 
For further information, please contact: 
 
Bill Hooley, Chief Executive +44 (0)7785 572517 
 
Danesh Varma, Finance Director +44 (0)7740 932766 
 
 
 
END

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October 01, 2020 02:00 ET (06:00 GMT)

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