Anglesey Mining PLC Labrador Iron Mines Annual Results, Plans for Houston

 
TIDMAYM 
 
30th June 2021        LSE:AYM 
 
                              Labrador Iron Mines 
                            Annual Financial Results 
                               Plans for Houston 
 
Anglesey Mining plc ("Anglesey") is pleased to report that Labrador Iron Mines 
Holdings Limited ("LIMH") in which Anglesey has a 12% holding has released its 
financial results for the year ending 31st March 2021 which includes commentary 
on LIMH's operational and funding plans for the Houston Project. 
 
This release can be found on LIMH's website at www.labradorironmines.ca 
 
The key points in the Houston plans are: 
 
Houston Operations 
 
(i)      Complete metallurgical test work of drill core collected from the 
Houston Project in a 2013 bulk sample, which is currently in storage.  Results 
of the test work will be used to refine the product specifications and process 
flowsheet assumed in the Preliminary Economic Assessment.  Among other things, 
this analysis will yield important product characterisation information which 
could be helpful in marketing the product. 
 
(ii)     Complete a trade-off study on use of LIM's Redmond property rail 
right-of-way for the Houston Project's rail loading operations. Although a 
longer truck haul is required (approximately 1.5 km greater), the Redmond 
property rail right-of-way was formerly used for loading iron ore trains (by 
IOC) and includes an existing rail bed with a rail loop at the end to 
turnaround, versus the current proposed Houston rail siding operation, which 
requires the train to be split multiple times. 
 
(iii)    Update the surface water management plan for the mine site based on 
the proposed localized handling and treatment of surface contact water. 
 
(iv)    Reactivate all necessary regulatory permits and approvals for 
construction. 
 
(v)     Continue engagement with adjacent First Nations communities. 
 
(vi)    Advance commercial negotiations with construction contractors, 
equipment vendors, rail, port and logistics counterparties. 
 
(vii)   Further refine the environmental and health and safety plans. 
 
(viii)  Further develop the human resources and recruitment plans. 
 
(ix)    Complete an off-take contract, including construction financing and 
product sale components. 
 
LIMH believes successful completion of these initiatives will favourably impact 
the terms of construction financing, which will be required in 2022. 
 
Houston Funding 
 
In order to fund its planned near-term initiatives, the Company plans to 
complete a working capital financing of approximately $2.5-$5 million.  The 
Company is exploring various working capital financing alternatives including a 
potential private placement of equity.  Various future construction financing 
alternatives being considered for 2022 include, without limitation, an advance 
payment component of an off-take contract, equipment leasing arrangement(s), 
potential project partners, potential government funding and potential equity 
financing. 
 
Anglesey Annual Report 
 
Anglesey has been working on completion and auditing of its Annual Report for 
the year ended 31st March 2021.  This will be published shortly and will 
contain updates on operational and funding progress at the Companies Parys 
Mountain copper-zinc-lead project in North Wales. 
 
About Anglesey Mining plc 
 
Anglesey Mining is listed on the London Stock Exchange and currently has 
225,475,732 ordinary shares in issue. 
 
Anglesey is developing its 100% owned Parys Mountain copper-zinc-lead deposit 
in North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3% 
combined base metals in the Indicated category and 11.7 million tonnes at 2.8% 
combined base metals in the Inferred category. 
 
Anglesey holds an almost 20% interest, and management rights to the Grangesberg 
Iron project in Sweden, together with a right of first refusal to increase its 
interest by a further 50.1%.  Anglesey also holds 12% of Labrador Iron Mines 
Holdings Limited which holds direct shipping iron ore deposits in Labrador and 
Quebec. 
 
Anglesey continues to review other compatible base metal projects at advanced 
stages suitable for incorporation into the Anglesey Group. 
 
 
For further information, please contact: 
 
Bill Hooley, Chief Executive [phone] 
 
Danesh Varma, Finance Director [phone] 
 
 
 
END 
 
 

(END) Dow Jones Newswires

June 30, 2021 09:25 ET (13:25 GMT)