Business
LIM operations update & annual financial re...
LIM operations update & annual financial re....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc LSE:AYM\n\n29 June 2011\n\nLIM Reports Year End Financial Results\n\nSilver Yards Plant Commissioned\n\nFirst Iron Ore Rail Shipment from Silver Yards to Port\n\nAnglesey's 33% owned associate Labrador Iron Mines Holdings Limited (TSX: LIM)\nreports that it has filed its audited financial statements and MD&A for the\nfourth quarter and year ended March 31, 2011. The documents are available under\nLIM's profile at www.sedar.com and on LIM's website at\nwww.labradorironmines.ca.\n\nLIM has made significant strides towards the start-up of production at its\nSchefferville Area direct shipping iron ore project in western Labrador, near\nthe town of Schefferville Quebec. On June 29, 2011 the first loaded iron ore\ntrain departed Silver Yards for the Port of Sept-Iles travelling over the TSH\nand QNS&L railways. This historic event is the first commercial iron ore train\nfrom the Schefferville area in almost 30 years.\n\nProduction Commenced at James Mine and Silver Yards Plant\n\nOre mining operations commenced at the James Mine in June 2011 and full scale\nmining operations are now underway. Development of the first mining bench in\nthe north end of the James pit has exposed a mining face over 400 metres along\nstrike in the higher grade blue ore, the first ore to be mined and directly\nshipped without further processing. The waste rock has proven to be largely\nfree digging and mine development is currently ahead of schedule.\n\nApproximately 120,000 tonnes of iron ore has been stockpiled to date. Ore\nmining will continue for the season until November at a mining rate of\napproximately 15,000 tonnes of ore per day, using conventional open-pit mining\nmethods and, where necessary employing standard drilling and blasting\npractices. Overburden and waste mining, and some ore mining, will continue\nthrough the winter period. Ore mined will be classed into three products for\ndirect shipping, plant feed, and stockpiling for treatment in 2012.\n\nThe first phase of the Silver Yards plant has been commissioned, including the\nprimary and secondary crushers, screens, scrubbers, stackers and conveyers.\nOverall, the commissioning process was trouble free and performed within the\nscheduled time. The Silver Yards plant is now operating largely to\nspecification though a number of minor issues are being resolv...