Business
Issue of Equity Placing for up to £1.16 mi...
Issue of Equity Placing for up to £1.16 mi....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n 26 January 2006\n\nAnglesey Mining plc - Placing for up to £1,160,000\n\nAnglesey Mining plc has arranged to raise up to £1,160,000 before expenses by\nway of a private placing of new ordinary shares at 12 pence per share. The\nshares will rank pari passu with the existing shares in issue. Application will\nbe made for the new ordinary shares to be admitted to trading on the main board\nof the London Stock Exchange.\n\nThe funds from the placing will be applied towards work on feasibility studies\ntogether with ongoing exploration and development work at the company's two\nprojects: the Parys Mountain base metal deposit in Anglesey and the Labrador\nIron Ore project in Canada.\n\nAt Parys Mountain, the company is updating the existing Project Plan and\nFeasibility Study for the 6.5 million tonne copper-lead-zinc deposit at 10.3%\ncombined grades as well as carrying out exploratory drilling.\n\nIn Labrador the company is preparing a first phase feasibility report on 100\nmillion tonnes of direct-shipping hematite iron ore where it holds an option to\nenter into a 70% joint venture. The target is to mine and ship 2 million tonnes\nper annum of iron ore by 2008, increasing later to between 3 and 5 million\ntonnes per annum.\n\nThe funds will also be applied to working capital, strategic developments and\ngeneral corporate purposes.\n\nJohn Kearney, the company's chairman said \"The outlook for prices of base and\nprecious metals remains very positive. Parys Mountain is a project with a short\nestimated time to production and we expect relatively short timescales for\nproduction to emerge from the Labrador feasibility work. We are keen to drive\nboth these projects forward to a production decision as fast as possible and we\nlook forward to reporting the results from the feasibility work over the next\nfew months\"\n\n\nFor further information please contact:\n\nIan Cuthbertson, Finance Director + (44) 1248 361333\nBill Hooley, Executive Director + (44) 1492 541981\nJohn F. Kearney, Chairman + (1) 416 362 6686\n\nCathy Malins / Annabel Leather,\nParkgreen Communications + (44) 20 7493 3713 \n ","length":2287,"tagName":"div"}]