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Drilling Report - LIM’s Houston Deposits
Drilling Report - LIM’s Houston Deposits.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc LSE:AYM\n\n11 February 2011\n\nNew Mineralized Extension at LIM's Houston Deposits\n\nIncreases Houston Resource to 20 Million Tonnes\n\nAnglesey Mining's 41% owned associate Labrador Iron Mines Holdings Limited\n(TSX: LIM) is pleased to report a new resource estimate for its 100% owned\nHouston deposits located in western Labrador following the 2010 exploration\ndrilling program. The new resource estimate of 19,499,000 million tonnes of\nmeasured and indicated resources represents a significant increase over\nprevious estimates.\n\nCommenting on the increased resource estimate at the Houston deposits, John F.\nKearney, Chairman and CEO of Labrador Iron Mines said, \"As a result of the\nexploration success and this significant increase, the Houston deposits are\nnow of sufficient tonnage to merit evaluation of a stand-alone operation. We\nare now assessing the development of a new separate \"South Central Zone\", with\nits own dedicated processing plant, which, subject to environmental assessment,\npermitting and detailed engineering, could be brought into production in 2013 \nat a rate of 2 to 3 million tonnes per year. This would be in addition to LIM's\nexisting processing plant at Silver Yards scheduled to start up in April and \nwhich with planned expansions will have a similar design capacity.\"\n\nThe Houston 1, 2 and 3 deposits comprise 12 mineral rights licenses\nrepresenting 112 mineral claim units that cover approximately 2,800 hectares,\nsituated 15 km south-east of LIM's James Mine and Silver Yards processing area\nand approximately 20 km from the town of Schefferville, Quebec. The Houston\ndeposits form part of the Stage 1 planned production at LIM's Schefferville\narea direct shipping iron ore projects.\n\nThe new estimate, prepared in accordance with NI 43-101, represents an\nincrease in tonnage of over 25% from the previous NI 43-101 estimate announced\nin April 2010 and more than double the historical resource (not NI 43-101\ncompliant) previously estimated by the Iron Ore Company of Canada (IOC) prior\nto 1982. The new resource also includes about one million tonnes of\nmanganiferous ore (Mn) grading about 54.4% Fe and 5% manganese.\n\nThe Houston Deposits -Resource Summary - February 2011 (See attached table for\ndetails)\n\n 43-101 (February 2011) 43-101 (April 2010*) Historical 1982...