Business
Further re White Rock Scoping Study Confirms Vi...
Further re White Rock Scoping Study Confirms Vi....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc\n\n6 July 2007 LSE: AYM\n\nWhite Rock Scoping Study confirms Viable Project\n\nAnglesey Mining plc is pleased to report that it has received a Scoping Study\nfor the separate development of White Rock at its Parys Mountain Mine in North\nWales from Micon International Co Ltd (Micon). The study indicates that, even\nas a stand alone operation, White Rock is a viable project and can make\nsignificant positive cash return and will pave the way for the subsequent\ndevelopment of the Engine Zone at Parys Mountain. This study follows from the\nJORC resource estimate on White Rock prepared by Micon announced in February\n2007.\n\nThe key points from the Study are:\n\n· Sufficient `mineable resource' to sustain initial production from White\n Rock for in excess of 5 years at a rate of 500 tonnes per day.\n\n· Total operating cash flow of approximately £23 million could be generated\n before return of capital.\n\n· Total capital costs including decline access, studies and engineering, mine\n plant, infrastructure and a 500 tonnes per day mill forecast at £15 million.\n\n· Access to the orebody through a decline from surface with first\n intersection at a vertical depth of only 35 metres.\n\n· Operating costs forecast at £30.25 per tonne.\n\n· Additional White Rock `mineable resource' could be generated from a\n programme of underground drilling.\n\nBill Hooley, Executive Director of Anglesey commented; \"We are very pleased that\nthe well respected international consultant Micon concurs with our views on the\nviability of White Rock, and with its role as a stepping stone to the\ndevelopment of the entire resource base at Parys Mountain.\n\nWhite Rock is not regarded as a stand-alone project but the precursor to larger\nscale mining. It will form the first part of a phased approach to the\ndevelopment of these further resources that should ensure a continuity of\nproduction at Parys Mountain for many years to come.\n\nFinancing for the development of these resources will also be phased and we are\ncurrently in discussions regarding the finance necessary to commence the decline\ndevelopment and commission the bankable feasibility study.\n\nIt remains the company's intention to commence underground mining at White Rock\nduring 2007 with the initial production of concentrates from a newly constructed\nmill beginning ...