AYM.GB Anglesey Mining PLC

 
TIDMAYM 
 
Trading Symbol 
 
                                                                       LSE: AYM 
 
17th February 2022 
 
                              Anglesey Mining plc 
 
                         ("Anglesey" or "the Company") 
 
                        Operations and Corporate Update 
 
Anglesey Mining plc (LSE:AYM), the UK minerals development company, is pleased 
to provide an operations and corporate update regarding the current work 
programmes ongoing at both its Parys Mountain Cu-Zn-Pb-Ag-Au VMS project on the 
Isle of Anglesey in North West Wales, its Grängesberg iron ore project in 
Sweden and the recent announcement proposing to move the Company's listing to 
AIM. 
 
Progress in all areas has been good and the Board believes the proposed move to 
AIM will be beneficial to all shareholders. 
 
Jo Battershill, Chief Executive of Anglesey Mining, commented: "Good progress 
has been made at Parys Mountain over the last 3 months and drilling is going 
well.  The logging shed is now operational and drill core samples will be 
submitted to the assay laboratory this month. The assay results will feed 
directly into the metallurgical testwork programme, which will take several 
months to complete. The environmental and tailings work programmes are both 
critical to the permitting requirements for restarting operations at Parys 
Mountain, subsequently we would expect to see activity levels start to increase 
as we receive feedback from the North Wales Mineral and Waste Planning 
Services. 
 
With respect to Grängesberg, we were targeting receipt of the initial results 
from the study internally before the end of the March quarter, although this 
timeline will ultimately be dependent on our consultants getting to site. 
However, the current iron ore price, now back around the US$140 per tonne 
level, provides a very strong backdrop for the Grängesberg Project. 
 
The proposed move to AIM will ultimately provide Anglesey Mining with greater 
flexibility over corporate transactions, including funding. The AIM market has 
an established reputation for growth companies and provides potential tax 
benefits to investors." 
 
Parys Mountain Cu-Zn-Pb-Ag-Au Project 
 
  * Infill drilling of the White Rock and Engine Zone deposits continues with 
    four of the nine planned holes now finished and the fifth hole nearing 
    completion. We anticipate the current programme to be completed towards the 
    end of March. 
  * Site work on the existing mine buildings has also continued with the core 
    logging and sampling shed now operational, which has allowed geological 
    logging of the drill core to commence. 
  * Core samples will be sent to the ALS assay laboratory in Ireland with 
    results expected to be returned during the next quarter, dependent on 
    industry backlogs. 
  * The review of previous environmental studies has now been completed. Next 
    steps involve the submission of an application to the North Wales Mineral 
    and Waste Planning Services to determine the environmental assessment and 
    permitting requirements to develop and operate a new underground mine, 
    producing copper, zinc and lead concentrates, with gold and silver credits 
  * The company has been progressing discussions regarding confirmatory 
    metallurgical testwork over recent weeks. Core from the current drilling 
    programme will be used to conduct pre-concentration testwork and subsequent 
    comminution and flotation studies. 
  * Discussions are also ongoing with tailings specialists to determine the 
    optimal design for storage. Importantly, successful pre-concentration of 
    the ore will significantly reduce the volume of tailings produced. 
 
Grängesberg Iron Ore Project 
 
  * A review of the historical information that fed into the 2012 
    Pre-Feasibility Study has now been finalised by the consultants. 
  * The next steps involve more detailed work on the geotechnical, 
    hydrogeological and permitting aspects. 
  * A site visit to Grängesberg, which is a requirement of the consultants' due 
    diligence process, will be conducted later this month. 
 
Proposed AIM listing 
 
  * As announced on 9 February 2022, the Company has proposed moving its 
    listing from the Official List (premium segment) to AIM. 
  * The Company's board of directors believes that AIM is a market and 
    environment more appropriate for companies with a market capitalisation 
    such as Anglesey and has a more flexible regulatory regime which is more 
    suited to the Company's current plans and strategy. 
  * Subject to the passing of the necessary shareholder resolution at the 
    General Meeting, to be held on 8 March 2022, the proposed Delisting and 
    Move to AIM will take effect simultaneously at 8.00a.m. on 8 April, 
    utilising the AIM Designated Market Route. 
 
About Anglesey Mining plc 
 
Anglesey Mining is listed on the London Stock Exchange and currently has 
248,070,732 ordinary shares on issue. 
 
Anglesey is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit in 
North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3% 
combined base metals in the Indicated category and 11.7 million tonnes at 2.8% 
combined base metals in the Inferred category. 
 
Anglesey holds an almost 20% interest in the Grangesberg Iron project in 
Sweden, together with management rights and a right of first refusal to 
increase its interest to 70%.  Anglesey also holds 12% of Labrador Iron Mines 
Holdings Limited, which through its 52% owned subsidiaries, is engaged in the 
exploration and development of direct shipping iron ore deposits in Labrador 
and Quebec. 
 
 
For further information, please contact: 
 
 
John Kearney, Chairman + 1 416 362 6686 
 
Jo Battershill, Chief Executive +44 (0)7540 366000 
 
LEI: 213800X8BO8EK2B4HQ71 
 
 
 
END 
 
 

(END) Dow Jones Newswires

February 17, 2022 02:00 ET (07:00 GMT)

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