Anglesey Mining Unit Remains In Talks With Quebec Innu

LONDON (Dow Jones)--Anglesey Mining PLC (AYM.LN) said Thursday that its 41% owned associate company Labrador Iron Mines Holdings Limited (LIM.T) has recently been in negotiations towards an Impact Benefit Agreement with the Innu Community of Matimekush-Lac John (Schefferville), one of four First Nations who claim Aboriginal rights in the general Schefferville area. MAIN FACTS: -LIM has been in discussions and consultations with the Chief, Council and Elders of Matimekush continuously from March 2008. -In May 2010 LIM offered a comprehensive package of jobs, contracts, social benefits, infrastructure grants and revenue sharing, which addressed all of the demands made by Matimekush. -This offer has not been accepted and the Chief has declined to discuss the proposals or negotiate further. -The Innu Matimekush are currently in an election period, with the elections for Chief and Band Council to be held July 7. -LIM's operations are proceeding normally at this time. -LIM's Schefferville area project involves the development of twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec near Schefferville, Quebec. -Labrador Iron Mines contemplates mining in four stages, the first phase of Stage 1 comprising the James and Redmond deposits, which are located in close proximity to existing infrastructure. -Shares closed Wednesday at 27.25 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires June 10, 2010 02:40 ET (06:40 GMT) Anglesey Mining