Business
Interim Mangement Statement
Interim Mangement Statement.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\n24 September 2007\n\nInterim Management Statement for the period from 1 April to 20 September 2007.\n\nDuring this period the company continued with the development of its two major\nprojects - base metals at Parys Mountain in Wales and iron ore in Labrador,\neastern Canada. On 20 July 2007 an institutional placing of £1,100,000 before\nexpenses was completed which enabled the company to increase its activities. On\n11 September a preliminary prospectus was filed in Toronto in respect of a\nproposed fund-raising in Canada for the further development of the group's\nLabrador iron ore project.\n\nThe results for the year ended 31 March 2007 were issued on 29 June 2007. The\nannual report is expected to be published within the next two weeks.\n\nParys Mountain\n\nAt Parys Mountain, international consultants Micon International Co Ltd (Micon)\ndelivered a Scoping Study for the separate development of the White Rock area\nwest of the existing shaft. The study indicates that, even as a stand alone\noperation, White Rock is a viable project and can make significant positive cash\nreturns. The company intends to amend its development plans for the Parys Mine\nso that the White Rock area is mined first; this will pave the way for the\nsubsequent development in a second phase of the Engine Zone most of which is\ndeeper and higher in grade than the White Rock.\n\nApplication has been made to the Local Authority for detailed approval of the\nrevised site plans and quotations are now being obtained for fencing,\nexcavation, portal design and construction, and other works. The environmental\nbaseline studies are being reviewed and updated where necessary. Quotations are\nalso being sought for the work required to undertake a bankable feasibility\nstudy of the White Rock project. Further funding will be needed to proceed\nbeyond these activities towards full scale development.\n\nLabrador Iron\n\nExtensive work has been carried out during the period on a proposed fund raising\nfor the Labrador project. This resulted in a decision to float the Labrador iron\nore operations in Canada subject to shareholder approval and a number of\nregulatory clearances. The filing of the preliminary prospectus in Toronto on 11\nSeptember is the first step towards the fund raising and flotation.\n\nOutlook\n\nThe group is now st...