Business
LIM mining & plant commissioning underway
LIM mining & plant commissioning underway.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc LSE:AYM\n\n27 May 2011\n\nLIM closes $11.25 million over-allotment option\n\nMining and plant commissioning underway\n\nAnglesey Mining's 33% owned associate Labrador Iron Mines Holdings Limited\n(\"LIM\" or the \"Company\") (TSX: LIM) is pleased to announce today that the\nunderwriters of the recently completed $110,000,500 public offering of common\nshares (the \"Offering\") have exercised the over-allotment option (the \"Option\")\ngranted in connection with Offering and have purchased an additional 900,000\nshares for gross proceeds of $11,250,000, bringing the total gross proceeds of\nthe Offering to $121,250,500.\n\nOver-allotment Option exercised for $11.25 million\n\nThe syndicate of underwriters, led by Canaccord Genuity Corp. and including BMO\nNesbitt Burns Inc., Jennings Capital Inc., Haywood Securities Inc. and Scotia\nCapital Inc., elected to purchase 900,000 additional common shares of the\nCompany at the Offering price of $12.50 per share. The Option was granted as\npart of the Offering which was closed on April 26, 2011. LIM has completed the\nissuance of shares pursuant to the exercise of the Option and has received\ngross proceeds of $11,250,000.\n\nExercise of the Option has increased the aggregate gross proceeds of the\nOffering to $121,250,500. LIM intends to use the net proceeds from the Offering\nfor upgrades to and expansion of the Silver Yards plant, for payments under\nrail transportation agreements, for exploration and development of the\nCompany's mineral projects, and for general corporate and working capital\npurposes.\n\nFollowing completion of the Offering and giving effect to the exercise of the\nOption, LIM now has 53,855,791 common shares issued and outstanding.\n\nMining and Plant Commissioning Underway\n\nJames Mine\n\nMining operations at LIM's Schefferville Area direct shipping iron ore project\nin Western Labrador commenced in April, 2011. Waste stripping of the first\nbench at the James North deposit is nearing completion and has exposed over 400\nmetres of ore along strike. Over 1,100 grade control holes have been completed\nand assayed to date towards detailed information for mining grade control.\nApproximately 100,000 tonnes of iron ore has been stockpiled to date.\n\nSilver Yards Beneficiation Plant Commissioned\n\nMechanical dry commissioning of the Silver ...