Business
3rd Quarter Results for LIM and outlook
3rd Quarter Results for LIM and outlook.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nLIM Reports Third Quarter Results and Outlook for First Year of Production\n\n15 February 2011\n\nAnglesey Mining's 41% owned associate Labrador Iron Mines Holdings Limited\n(TSX: LIM) is pleased to report that it has filed its unaudited financial\nstatements and MD&A for the third quarter and nine months ended December 31,\n2010. The documents are available under the Company's profile at www.sedar.com\nand on LIM's website at www.labradorironmines.ca.\n\nDuring the quarter and nine months ended December 31, 2010, LIM invested\nC$5,040,338 and C$8,334,887 respectively in its mineral property interests,\ncompared to C$1,607,373 and C$5,911,071 respectively in the prior year, the\nincrease relating to significant mine development activities in anticipation of\nthe commencement of production in 2011. For the same periods, LIM also saw\nincreased investment in property, plant and equipment of C$5,022,643 and\nC$15,227,374, compared to C$2,598,817 and C$4,209,769 in the prior year, due to\nthe significant investment in processing plant equipment, rail spur line and\nrelated construction costs.\n\nLIM reported a loss of C$995,200 or C$0.02 per share in the quarter ended\nDecember 31, 2010, compared to net income of C$2,356,601 or earnings of C$0.06\nper share for the same quarter in the prior year in which an income tax\nrecovery had been recognized.\n\nAt December 31, 2010, LIM had cash and cash equivalents of C$27,949,904 and no\ndebt. LIM had 43,927,514 common shares outstanding at December 31, 2010.\nSubsequent to the end of the quarter, LIM granted additional stock options on\n132,500 shares to new employees exercisable at C$11.65 per share for a period\nof five years vesting over a two-year period.\n\nProject Update and Outlook\n\nMining Activities Underway\n\nWaste stripping at the James North deposit commenced in January 2011 and by the\nsecond week of February about 300,000 tonnes of material had been moved. Most\nof the James North pit area has now been stripped of overburden and the orebody\nis exposed along the first production bench.\n\nDevelopment of the first mining bench in the north end of the James pit has\nbegun to prepare a mining face in the higher grade blue ore, which will be the\nfirst ore to be mined, and some of which may be directly shipped with only\nminimal crushing and without further processing....