Parys Mountain Project Update

About this update from Anglesey Mining Plc

[{"type":"text","content":"\n \n8th September 2017        LSE:AYM\n\nParys Mountain Project Update\n\nPlanning for production in 2020\n\nAnglesey Mining plc (“Anglesey” or the “Company”) is pleased to provide the following update on the Parys Mountain project in North Wales.\n\nOn 24th July 2017, Anglesey reported on the Scoping Study completed by Micon International Limited and Fairport Engineering Limited.  The financial figures used in the Scoping Study were based on metal prices prevailing at that time.  Since July all the metals to be produced at Parys Mountain have increased in price with copper at $3.10/lb compared to $2.50/lb in the Scoping Study, zinc has increased to $1.40/lb compared to $1.25/lb in the Study and lead has moved to $1.09/lb compared to $1.00.  There has also been upward movement in both gold and silver.  In contrast, the pound has strengthened somewhat against the US dollar and is now trading around $US1.30 to £1.00 compared to $US1.25 in the Study.\n\nThe overall impact of these changes would be very positive on the pre-tax NPV and IRR.\n\nThe fundamentals underlying the recent increases in these metal prices are well founded and are likely to continue to support upward growth through the next several years.\n\nAnglesey believes that it is now opportune to progress a number of steps to move the Parys Mountain project forward with the expectation that financing can be obtained and the project developed to production as soon as practicable.  The major steps to be taken in the short term will include:\n\n\nCommencement of an Environmental Impact Assessment\n\nConversion of the Scoping Study to a Definitive Feasibility Study\n\nRecruitment of key corporate staff\n\nDiscussions with potential providers of project finance, including investment funds, metal traders, smelters and banks\n\n\nIt is planned to immediately commence all of these steps with the hope that a Definitive Feasibility Study, including an Environmental Impact Assessment, can be completed in the first half of 2018 so that meaningful project financing discussions can take place immediately thereafter.  It is the intention of the Company to bring in new personnel into key positions to drive these matters forward and move the project and the Company to a successful long-term future.\n\nThe Company...

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