Business
Trading Statement - Labrador acquires 50mt iro...
Trading Statement - Labrador acquires 50mt iro....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n 17 December 2009 LSE:AYM\n\nLabrador Iron Mines acquires an additional 50 million tons of DSO iron ore in\nQuebec and initiates manganese development\n\nAnglesey Mining plc is pleased to report that its 50% owned associate company\nLabrador Iron Mines Holdings Limited (TSX: LIM) announces that in a series of\nfive recent transactions it has acquired control over an additional 50 million\ntons of direct shipping iron ore (DSO) in the Province of Quebec, Canada\ntogether with a large package of mineral claims in the Schefferville area which\nare considered prospective for exploration for iron ore and which also host a\nnumber of small high grade manganese deposits.\n\nThe properties are all located in the Schefferville area, mostly in Quebec, and\nare located in the same general vicinity as LIM's planned DSO iron ore\noperations in Western Labrador which are scheduled to commence production in mid\n2010.\n\n\"The acquisition of these properties represents a very significant increase in\nthe resource base available to LIM and will both complement LIM's planned DSO\noperations in Labrador as well as providing LIM with an excellent base and\nadjacent portfolio of properties within the Labrador Trough in the Province of\nQuebec,\" said John F. Kearney, Chairman.\n\n\"Subject to future technical studies and environmental approvals, the addition\nof 50 million tons of DSO resource will enable LIM to increase its planned DSO\nproduction and potentially extend the mine life of its Schefferville Iron Ore\nProject. Development of the manganese properties should enable LIM to commence\nproduction of manganese concentrate as an additional feed material to our iron\nore customers,\" added Mr. Kearney.\n\nCanaccord Financial Ltd. acted as Financial Advisor to LIM in connection with\nthese transactions.\n\nQuebec Iron Ore Properties\n\nIn the first transaction, through a new wholly owned subsidiary Schefferville\nMines Inc (\"SMI\"), LIM has acquired from Hollinger North Shore Exploration Inc.\n(\"Hollinger\"), subject to the approval of the Government of Quebec, a 100%\nexclusive operating interest in the remaining properties which are part of the\noriginal mining lease issued to Hollinger in 1953 under a Special Act of the\nQuebec Parliament enacted in 1946.\n\nThe iron ore properties are part of the former operations identified and\npartia...