Business
Trading Statement - Labrador Rail Co-operation...
Trading Statement - Labrador Rail Co-operation....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n 28 October 2009\n\nAnglesey Mining plc LSE:AYM\n\nLabrador Rail Co-operation Agreement advances development of Schefferville\nProject\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 signed a Rail Co-operation Agreement with New Millennium Capital Corp.\n(\"NML\") regarding the reconstruction of the \"Timmins Extension\" rail spur line\nwhich will run from the TSH Railroad main rail line near Schefferville\napproximately 2.5 miles to LIM's planned processing center at Silver Yards and\non a further approximately 13 miles to NML's planned processing center at the\nTimmins mining area.\n\nThe Rail Co-operation Agreement provides the framework under which both LIM and\nNML have agreed to co-operate in the development of the transportation\nfacilities for their direct shipping iron ore (DSO) projects in the\nSchefferville area and which will enable each company to rebuild the necessary\nrail infrastructure in their respective operating areas, including the\nconstruction of passing tracks and sidings in common areas.\n\n\"The Rail Co-operation Agreement with New Millennium represents a positive step\nforward which recognizes the common interests of both companies\", said John F.\nKearney, Chairman. \"This Agreement will advance the development and construction\nof the rail facilities required to meet LIM's planned production start-up in mid\n2010.\"\n\nThe Timmins Extension rail line will be laid on a 16 mile long existing rail bed\nthat extends from Mile 353 on the TSH main line to the Timmins train turning\ncircle. The Timmins Extension spur line, which passes from Labrador into Quebec\nand back into Labrador, was previously used for iron ore mining operations. The\nrails and ties were removed when the previous mining operations ceased in 1982\nbut the rail bed itself remains in place. Reconstruction of the Timmins\nExtension will require only relaying new rails and ties and replacement of some\nballast.\n\nEach of LIM and NML will enter into the requisite agreements with third parties\nto design and construct their respective portions of the Timmins Extension to\nstandards required to transport the iron ore to be extracted from their DSO\ndeposits. LIM intends to commence construction on the first 2.5 miles conn...