Business
Trading Statement - Labrador Iron Mines files ...
Trading Statement - Labrador Iron Mines files ....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\n17 November 2009\n\nLabrador Iron Mines files second quarter financial statements\n\nAnglesey Mining plc is pleased to report that its 50% owned associate company\nLabrador Iron Mines Holdings Limited (TSX: LIM) has filed its unaudited\nfinancial statements and MD&A (management discussion and analysis) for the\nsecond quarter ended September 30, 2009. The documents are available under LIM's\nprofile at www.sedar.com and on its website at www.labradorironmines.ca.\n\nAt September 30, 2009, LIM had cash and cash equivalents in excess of Canadian\n$28 million. Working capital was Canadian $27 million with no borrowings or\ndebt.\n\nThroughout the six months ended September 30, 2009, and subsequently, LIM has\nmade steady progress in advancing its Schefferville Project towards production\nwith ongoing active programs, including drilling, metallurgical testing,\nenvironmental permitting and marketing.\n\nA 72 hole, 4,830 metre reverse circulation drilling program, supported by 1,525\nmetres of trenching was completed on five separate deposits, resulting in 2,278\nsamples being sent for assay. These deposits comprise the four deposits of the\nPhase 1 development plan (James, Redmond, Knob Lake and Houston), including some\ndrilling on the Phase 3 Howse deposit.\n\nNew NI 43-101 compliant resource estimates were completed on the James and\nRedmond deposits almost doubling the previous non-compliant historical\nestimates. A Rail Co-operation Agreement was signed with New Millennium Corp.\nLimited on the re-construction and operation of the Timmins rail spur line. Of\nmajor significance was the announcement that the regulatory review of LIM's\nEnvironmental Impact Statement had been completed and no further work is\nrequired under the Provincial environmental assessment process.\n\n\nAbout Anglesey Mining\nAnglesey Mining plc is a UK based company listed on the London Stock Exchange\nwith a 50% interest in a 90 million ton iron ore project in Labrador, Canada,\nwhich is under active development towards mining production in 2010. The company\nalso holds the Parys Mountain base metals project with a historical resource of\n7.7 million tonnes at 9.3% combined copper, lead and zinc in Anglesey, UK.\n\n For further information:\n Bill Hooley, Chief Executive +(44) 1492 541981\n Ian Cuthbertson, Finance Di...