Business
Final Results for the year ended 31 March 2006
Final Results for the year ended 31 March 2006.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc - Preliminary statement of results 2006\n\nHighlights\n · Two financings completed raising £1,624,000\n · Option secured to earn a 70% interest in the Labrador Iron Mines\n project in Canada\n · Continued drilling success at Parys Mountain including delineation of the\n new Engine zone deposit in the Garth Daniel area\n · Appointment of Bill Hooley as Executive Director and\n Roger Turner as Non-Executive Director\n\nCommenting on the results, John F. Kearney, chairman of Anglesey Mining, said:\n\"We have seen significant developments for the company over the past year and\nare very pleased with our progress. The drilling programme at Parys Mountain has\ncontinued to produce excellent results and we are confident that further\ndrilling will lead to an increase in the resources. The Labrador Iron project is\nan exciting new initiative and the dramatic improvement in commodity prices over\nthe past year has placed Anglesey in a strong position to become a metal\nproducer on two continents. We will work hard to achieve this within a short\ntime frame.\"\n\nFor further information please contact:\nIan Cuthbertson, Finance Director + (44) 1248 361333\nBill Hooley, Executive Director + (44) 1492 541981\nJohn F. Kearney, Chairman + (1) 416 362 6686\nCathy Malins / Annabel Leather,\nParkgreen Communications + (44) 20 7493 3713\n\n\nChairman's statement\n\nThe last year has been a most exciting one for our company and I am pleased to\nbe able to report to shareholders that the improvements outlined last year have\ncontinued apace.\n\nDespite some corrections in recent weeks, metal prices have increased very\nsignificantly over the past year and there is now a consensus that the prices\nfor the metals we plan to produce are likely to stabilise at far higher levels\nthan those experienced over the past ten years. Higher prices will, of course,\nensure that the Parys Mountain project is profitable and financeable.\n\nOf particular importance this year was our success in securing an option to earn\na 70% interest in an advanced iron-ore project in eastern Canada. Given the\ncontinuing strength of iron-ore prices in recent negotiations this project is\nlikely to be highly valuable to the company in the coming years.\n\nAt Parys Mountain we have been very encouraged by the success of our drilling\nprogramme and the delin...