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Trading Statement - Labrador Iron Mines reports...
Trading Statement - Labrador Iron Mines reports....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM 8 April 2010\n\nLabrador Iron Mines reports new Resource Estimates for Houston Deposit\n\n · Significant increase in iron ore resources\n\n · Project life extended\n\n · Deposits open for further exploration\n\nAnglesey Mining plc is pleased to announce that its 41% owned associate company\nLabrador Iron Mines Holdings Limited (TSX: LIM) is pleased to report new\nresource estimates, prepared in accordance with NI 43-101, for its 100% owned\nHouston deposit located close to the town of Schefferville, which comprises part\nof LIM's Stage 1 direct shipping iron ore project located in western Labrador\nand north-eastern Quebec.\n\nThe new resource estimates for Houston, combined with the previously announced\nresource estimates for the James and Redmond deposits (see LIM press release\ndated 12 November 2009), brings the total Measured and Indicated (NI 43-101\ncompliant) resource for LIM's Stage 1 deposits to 25.71 million tonnes at a\ngrade of 58.5% Fe.\n\nLIM's resource estimates for the Houston deposit total 14.68 million tonnes at a\ngrade of 59.3% iron in the Measured and Indicated categories and 1.5 million\ntonnes of resources have been classified in the Inferred category. A further\n0.831 million tonnes of manganiferous iron resources have been classified in the\nMeasured and Indicated categories.\n\nThe new estimates show a significant increase in tonnage over the historical\nresources (not NI 43-101 compliant), previously estimated by the Iron Ore\nCompany of Canada (IOC) prior to 1982.\n\nHouston Deposit - New Resource Estimate at 50% Fe cut-off\nCategory New resource Grade (% Historical\n (Million Fe) resource\n tonnes) (Million\n tonnes)\nMeasured 8.029 59.7\nIndicated 6.656 58.8\nTotal M+I 14.684 59.3 9.114\nInferred 1.498 57.0\nManganiferous 0.831 54.3\n\nCommenting on the Houston resource estimates, John F. Kearney, Chairman and CEO\nof Labrador Iron Mines said, \"The new resource estimates for Houston have\nindicated a substantial increase in tonnage over the historic estimates for this\ndeposit. This is of particular significance as the increase will extend the\nexpected life of our Stage 1 project. The Houston deposit remains open to the\nnorthwest and southeast and to depth.\"\n\nThe resource estimates have been prepared under the supervision of Terence N.\nMcKillen, P.Geo, in acco...