TIDMAYM 
 
Anglesey Mining plc 
 
3 July 2017        LSE:AYM 
 
                 Parys Mountain Scoping Study Progress Update 
 
                  Increase in annual production rate expected 
 
In May Anglesey Mining plc ("Anglesey" or the "Company") reported that work on 
the Scoping Study on the Parys Mountain copper-lead-zinc project in North Wales 
was being modified to examine increased throughput alternatives at 700 and 
1,000 tonnes per day compared to the 500 tonnes per day used initially.  This 
stage of the study continues to be carried out by Micon International Limited 
and Fairport Engineering, in collaboration with company personnel and is based 
on the resource estimate made by Micon in 2012. 
 
The Micon 2012 JORC Code compliant resource estimate reported a 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. 
 
The Company previously indicated that it expected that the inputs from the new 
phase would be incorporated into updated financial models, with a view to 
having optimized development scenarios available for consideration before the 
end of June 2017.  The Company is pleased to report that both consultants have 
made very significant progress and based on preliminary reviews improved inputs 
to the financial model, including reduced operating costs and increased annual 
production, are indicated. 
 
It was previously expected that an increased annual production rate would 
usually result in a significant increase in capital costs.  Whilst it is 
expected that there will be some increase in capital costs these are likely to 
be less than previously expected and together with the production and operating 
cost adjustments should justify the increased production approach. 
 
Both consultants are now working to complete their respective exercises 
imminently and the Company expects to review the results and issue a detailed 
summary as soon thereafter as is practicable.  The Company is firmly of the 
opinion that it is preferable to allow the consultants adequate time to 
properly complete their work to the highest standards than to insist on a hasty 
completion that may be subject to error.  The Company's current plan is that 
the results of the Scoping Study will be announced ahead of the publication of 
the Annual Report and Accounts during this month of July. 
 
The Company has noted that there has been some significant trading volume and 
volatility in the price of the Companies shares during the last few weeks.  The 
Company is unaware of any corporate related reason for these movements but 
notes the recent positive momentum in the prices of both zinc and copper, with 
zinc inventories on the LME declining to eight year lows and copper inventories 
also declining. 
 
About Anglesey Mining plc 
 
Anglesey is carrying out development and exploration work at its 100% owned 
Parys Mountain zinc-copper-lead deposit in North Wales, UK with a 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 6% 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 51%. Anglesey also holds 11.8% of Labrador Iron Mines 
Holdings Limited which has direct shipping iron ore deposits in Labrador and 
Quebec. 
 
For further information, please contact: 
 
Bill Hooley, Chief Executive +44 (0)7785 572517 
Danesh Varma, Finance Director +44 (0)207 653 9881 
Eliliot Hance, Beaufort Securities +44 (0)207 382 8300 
 
 
 
END 
 

(END) Dow Jones Newswires

July 03, 2017 03:00 ET (07:00 GMT)

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