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Parys Mountain Mine Owners in Pounds 1.16m Shares Issue

Posted on: Friday, 27 January 2006, 12:00 CST

Anglesey Mining is seeking to raise up to pounds 1,160,000 through a share issue to fund further exploration in Wales and Canada. At Parys Mountain in North Wales, the company is updating its existing project plan and feasibility study for mining the 6.5m tonne copper- lead-zinc deposit.

In Labrador in Canada the company has an option to enter into a 70% joint venture and is preparing a first phase feasibility report on mining the 100m tonnes of direct-shipping iron ore at the site.

The target is to initially mine and ship 2m tonnes a year of iron ore by 2008, gradually increasing to between 3 and 5m tonnes.The funds for the research will be raised through a private placing of new ordinary shares at 12 pence per share.

Company chairman John Kearney, said, 'The outlook for prices of base and precious metals remains very positive. Parys Mountain is a project with a short estimated time to production and we expect relatively short time-scales for production to emerge from the Labrador feasibility work.

'We are keen to drive both these projects forward to a production decision as fast as possible and we look forward to reporting the results from the feasibility work over the next few months.'

Source: Western Mail

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