Last checked at 4 Oct 2011 07:00
Anglesey Mining plc LSE:AYM
3 October 2011
Anglesey Mining's 33% owned associate Labrador Iron Mines Holdings Limited is pleased to announce that the first shipment of LIM iron ore sailed today bound for China.
The Salt Lake City departed the Port of Sept-Iles at 4.50am EDT today carrying a total of 167,167 wet tonnes of iron ore.
This ore was sold to the Iron Ore Company of Canada ("IOC") under the arrangements LIM has entered into with IOC for the sale and shipping of all of LIM's calendar 2011 iron ore production. The sale price for the iron ore is based on the actual realized prices to Chinese customers, less an allocation for handling, loading, shipping and sales costs.
John Kearney, Chairman and Chief Executive of LIM stated "This is a momentous day in the history of LIM and is the culmination of six years of endeavor. We are very proud to join the limited group of Canadian mining companies exporting iron ore and we are particularly proud that we have done so whilst maintaining our independence and without taking on debt. We now look forward to expanding on this first sailing in the months and years to come."
About Labrador Iron Mines Holdings Limited (LIM)
LIM's Schefferville Projects involve the development of twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec near Schefferville, Quebec. The properties are part of the historic Schefferville area iron ore district where mining of adjacent deposits was previously carried out by the Iron Ore Company of Canada from 1954 to 1982.
Labrador Iron Mines contemplates mining in stages. The first phase of Stage 1 comprises the James Mine and the Silver Yard processing plant which is connected by a rail spur to the main Schefferville to Sept-Iles railway.
For further information, please view www.labradorironmines.ca.
About Anglesey Mining plc
Anglesey Mining with its LSE main board listing is primarily focused on its 33% interest in Labrador Iron Mines . In addition to any new projects that may be brought forward the company owns 100% of Parys Mountain in North Wales with an historical resource in excess of 7 million tonnes at over 9% combined copper, lead and zinc.
For further information, please contact: Bill Hooley, Chief Executive +44 (0) 1492 541981; Ian Cuthbertson, Finance Director +44 (0) 1248 361333; Samantha Harrison / Shaun Whyte, Ambrian Partners Limited +44 (0) 2076 344700; Emily Fenton / Jos Simson,
Tavistock Communications +44 (0) 20 7920 3155 / +44 (0) 7788 554035.
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