Business
Projects update; LIM releases year end financials
Projects update; LIM releases year end financials.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc\n\n2 July 2014 LSE:AYM\n\nProjects update; LIM releases year end financials\n\nAnglesey Mining plc (\"Anglesey\") which is concentrating its activities in the\nbase and bulk minerals sectors is pleased to provide the following updates on\nits major areas of minerals interest in three different countries.\n\nParys Mountain\n\nMicon International Limited is now close to completing a detailed review of the\nmineral potential of the entire Parys Mountain property in North Wales. This\nreview will cover both those resources on which Micon has previously provided\nJORC compliant indicated and inferred resource estimates as well as studying a\nnumber of other deposits and locations within the property that were not\nincluded in those estimates.\n\nThe report, which is due within a month, will enable Anglesey to better plan\nits development strategy for Parys Mountain to ensure that the sizing of future\noperations is commensurate with the entire mineral potential and will not\nrequire expensive additions and compromises once operations begin.\n\nThe board continues to review the status of base metals markets and in\nimportantly the zinc market to ensure that the commencement of production at\nParys Mountain coincides as closely as possible with the expected resurgence in\ndemand for base metals concentrates particularly in the European environment.\nThere are now positive signs that the long expected future shortfall in zinc\nconcentrate supply related to major mine planned closures is coming closer to\nfruition.\n\nGrangesberg\n\nAnglesey completed its contractual arrangements over the Grangesberg iron ore\nmine in Sweden in late May and since then the board of Grangesberg Iron AB\n(\"GIAB\") on which Anglesey holds three out of five board seats has been\nactively pursuing the restart of development activities at Grangesberg. These\nactivities had been largely suspended for a number of months during the period\nin which GIAB was undergoing corporate reconstruction and refinancing.\n\nTwo major activities are now being progressed that together will enable GIAB\nand Anglesey to progress the development plan for the reopening of the\nGrangesberg mine. The first is a review of the resources at the property and it\nis expected that this will enable a resource estimate to be able to be made\nunder the NI 43-101 stan...