Business
Trading Statement - Labrador Iron to rationali...
Trading Statement - Labrador Iron to rationali....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n Anglesey Mining plc LSE:AYM\n\n23 October 2009\n\nLabrador Iron Mines and New Millennium rationalize mineral property ownership\n\nAnglesey Mining plc is pleased to report that its 50% owned associate company\nLabrador Iron Mines Holdings Limited (TSX: LIM) announced on 22 October that it\nhas entered into an Agreement with New Millennium Capital Corp. (\"NML\") to\nexchange certain of their respective mineral licences in Labrador. The exchange\neliminates the fragmentation of the ownership of certain mining rights in the\nSchefferville area and will enable both parties to separately mine and optimise\ntheir respective direct shipping ore (DSO) deposits in as efficient a manner as\npossible.\n\nThe Agreement represents the exchange by each party of equal quantities of\napproximately 13 million tons of iron ore. These exchanges are based on historic\nestimates of gross quantities of iron ore (non NI 43-101 compliant) contained in\nthe various DSO deposits. Under the Agreement, NML has agreed to transfer to LIM\nten mineral licenses in Labrador and six adjacent claim blocks in Quebec, which\nclaims adjoin or form part of LIM's Phase One James, Houston, Redmond and Knob\nLake deposits, and a small portion of LIM's Phase Three Howse deposit. LIM has\nagreed to transfer to NML two mineral licenses in Labrador comprising part of\nLIM's Phase Three Kivivic 2 and Kivivic 1 deposits, which claims adjoin NML's\nArea 4 Kivivic and Goodwood deposits.\n\nUnder the Agreement the parties have agreed to work collaboratively to\nfacilitate their respective extraction, processing and transportation activities\nby enabling each party to apply for all required surface rights. The parties\nhave also agreed to finalize the layout or detailed technical descriptions of\nthe surface rights that each requires to access the DSO deposits on their\nrespective mineral claims, including any necessary roads, rail lines, processing\nand storage areas.\n\nJohn F. Kearney, chairman, said \"We are pleased to have entered into this\nmutually beneficial exchange agreement with New Millennium. The agreement\nrationalizes the ownership of various DSO deposits in the Schefferville area and\nwill enable both companies to independently develop the DSO deposits in their\nrespective areas of intended operations as efficiently as possible.\"\n\nThe exchange now gives LIM...