Business
Interim Results
Interim Results.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Interim Results for the six months to 30 September 2005\n\nHighlights\n\n- Acquisition of the Labrador Iron Ore Project in Canada\n- Success with drilling programme at Parys Mountain\n- Completion of £464,000 financing in April 2005\n\nCommenting on the results, John F. Kearney, chairman of Anglesey\nMining, said:\n\n\"The past six months has been certainly the most encouraging period for\nthe company in the last ten years. We have made considerable progress:\nthe drilling program at Parys Mountain has yielded very encouraging\nresults; simultaneously we have embarked on a new major initiative to\ndevelop an iron ore mine in Labrador, Canada.\n\nMeanwhile the zinc price finally burst into life and the company's\nshare price improved strongly. The outlook for all of the company's\nmetals: zinc, copper, lead, silver and gold at Parys Mountain and iron\nore In Labrador is extremely positive. We look forward to the further\ndevelopment of the company's two mining projects in 2006.\"\n\nFor further information please contact:\n\nIan Cuthbertson, Finance Director + (44) 1248 361333\nJohn F. Kearney, Chairman + (1) 416 362 6686\nCathy Malins / Annabel Leather, Parkgreen Communications + (44) 20 7493 3713\n\n\n\nChairman's statement\n\nThis has been the most encouraging period for the company in the past\nten years.\n\nThe past six months has been a very active, productive and successful\nperiod which has seen the company steadily moving forward on a number\nof fronts. Heightened investor interest in the mining sector, buoyed by\nstrong metal prices particularly for copper and zinc, the major metals\nat Parys Mountain, saw the company's share price increase strongly from\n4p per share in April to a high of almost 17p in September, before\nsettling back to the 9p to 12p range recently. Importantly, the trading\nvolume in the company's shares has been strong, reflecting renewed\ninvestor interest in the company.\n\nHowever, recently, the market capitalization of the company has been\nonly £12 million compared with a market capitalization of more than £40\nmillion way back in 1990 - the last time the zinc price was over £850\nor $1,500 per tonne. Note, of course, that in 1990 the company had\nessentially the same Parys Mountain assets, but with the geology less\nwell understood and did not have its new Labrador Iron ore project.\n\nActi...