Business
Notice of Results for the year ended 31 March 2007
Notice of Results for the year ended 31 March 2007.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\nPreliminary Announcement 2007 29 June 2007\n\nChairman's statement\n\nWe have made excellent progress at Parys Mountain and Labrador\nduring this last year with the main challenge facing us being\nobtaining the major finance required to start development of both\nprojects.\n\nAt the Labrador project an initial feasibility study was\ncompleted and Anglesey earned an 80% joint venture interest in\nthe properties.\n\nAt Parys Mountain a new JORC resource was published for the\nWhite Rock Zone and a recently completed scoping study on White\nRock has demonstrated its viability.\n\nBoth these projects are distinguished by their short time to\nproduction, a feature which should enable us to take advantage of\nthe present levels of metal prices. There is a strong consensus\namongst analysts that these historically high levels of metal prices\nwill continue for the foreseeable future.\n\nThe group reported a profit for the year of £6.76 million, which\nincluded a reversal of a £7.2 million impairment provision made in\nprevious years, compared to a loss last year of £517,405.\n\nLabrador\n\nOur iron ore properties in eastern Labrador, formerly part of the\nIron Ore Company of Canada, have been the subject of intensive work\nduring the year. This culminated in the production of an initial\nfeasibility study which demonstrated the viability of the project.\nThe study looked at all the major technical, commercial and social\nfunctions including resources, mining, metallurgy, infrastructure,\ntransportation, environmental issues and First Nation affairs. As a\nconsequence of this study and of the summer 2006 exploration\nprogramme, and by committing to put the properties into production,\nthe company earned a 80% undivided interest in the properties.\n\nThe respected Canadian consultant SNC-Lavalin was retained to review\nthe development options for our Labrador properties. Its report was\ncarried out against the Canadian National Instrument 43-101 standard\nand has not yet been finalised, but SNC generally conclude that the\nhistorical resources on which the initial feasibility study was\nbased can be brought to a modern compliant standard with a\nrelatively limited confirmatory drilling programme.\n\nThere is considerable worldwide interest in iron ore deposits of the\nsize and style of our Schefferville ...