Optimisation Study on Parys Mountain Mine Project

About this update from Anglesey Mining Plc

[{"type":"text","content":"\n \nAnglesey Mining plc (“AYM”) is pleased to announce a major development on the path forward for the advancement of its Parys Mountain copper, zinc, lead, gold and silver project, located on the island of Anglesey in North Wales.\n\nUnder a Project Development and Cooperation Agreement (“Agreement”) entered into with QME Mining Technical Services, a division of QME Ltd, (“QME”), QME will, at no cost to AYM, carry out an agreed programme of design, engineering and optimisation studies relating to the future development of Parys Mountain.\n\nOver the period to the end of June 2019, QME will carry out a detailed review of various development and mining alternatives for Parys Mountain. The primary objective is to determine the optimum production plan for Parys Mountain, utilising all available and potential means of accessing both the indicated resources and inferred resources, (as currently defined and estimated by Micon International) at various “cut-off” grades.\n\nAnglesey Chief Executive, Bill Hooley, said: \"We consider this to be a very important and positive step forward in the development of the Parys Mountain mine. QME is experienced in underground mine development and has developed and recruited the necessary skills in mine planning to deliver local and relevant underground mining expertise to Parys Mountain that will assist Anglesey to move forward with the development of the Parys Mountain project at no direct cash cost to Anglesey or dilution of its shareholders.”\n\nAYM has agreed to grant QME various rights and options relating to the future development of Parys Mountain. On completion of the optimisation study and delivery to AYM of the results thereof:\n\n(i)         AYM will award QME, on an exclusive basis, contracts for the development of the decline and underground mine development, including rehabilitation of the shaft. This will be done on terms to be agreed following a decision by AYM to proceed with the development of Parys Mountain;\n\n(ii)        In the event Anglesey and QME are not able to agree terms AYM may offer such contracts to third parties, subject to a right of first refusal in favour of QME, and subject to a payment by AYM to QME, upon the award of such contracts to a third-party, of a break-fee; and...

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