Anglesey Mining PLC
14 June 2001
14 June 2001
Recent Developments
John F. Kearney, chairman of Anglesey Mining plc reports a number of
recent developments as follows:
* A potential new mineral zone has been identified at the Parys
Mountain property which opens up a second major exploration target and
confirms yet again the unexplored potential of the entire Parys
Mountain property.
* The company is in negotiation with the lessor of the eastern part of
the Parys Mountain property, who also holds a royalty on the entire
property, with regard to settlement of outstanding rent and a
reduction of the rent and royalty payable.
* Anglesey Mining was not successful in its joint offer with Minco plc
to acquire the Bula zinc deposit in Ireland. Anglesey was advised that
the Receiver appointed by Bula's banks had entered into a contract
with Tara Mines Limited, a wholly owned subsidiary of Outokumpu OYJ,
to sell the Bula assets to Tara for IR£27.5 million (£21.4 million)
subject to court approval and other conditions.
* The company continues to evaluate a number of potential new projects
in the mineral business both within Europe and overseas.
* The company plans as soon as possible to undertake financing for a
drilling programme to explore the exploration targets at Parys
Mountain.
* Malcolm Swallow, who served as a director of the company since 1988
and as Mining director from 1988 to 1994 has resigned from the board.
Malcolm was previously vice-president of corporate development of
Imperial Metals Corporation and left Imperial to become president of
Canadian Zinc Corporation. The directors would like to acknowledge the
contribution of Malcolm Swallow to Anglesey Mining and to thank him
for his service and advice.
Contacts :
Ian Cuthbertson John F. Kearney
Company Secretary Chairman
(44)1248 361333 (1)416 362 6686