Last checked at 21 Nov 2012 16:39
Anglesey Mining plc LSE:AYM21 November 2012LIM CFO and director changes
Anglesey Mining plc is pleased to announce that its 19.7% owned associate Labrador Iron Mines Holdings Limited ("LIM") has appointed Richard Pinkerton as Chief Financial Officer.
Mr. Pinkerton is a Chartered Accountant and has been Vice President Finance of LIM since 2010. He obtained his BA (Economics) from Harvard University and also holds the Chartered Financial Analyst designation. Prior to joining LIM, Richard was an investment banker for ten years and prior thereto, he was a Chartered Accountant at PricewaterhouseCoopers LLP for five years.
LIM also announces that Danesh K. Varma, who has served as Chief Financial Officer of LIM since its Initial Public Offering in 2007, has been appointed as a Director to fill the vacancy arising from the retirement of Terence McKillen as Executive Vice President and Director.
In recognising Mr. McKillen's contribution to LIM, John Kearney, LIM's Chairman and Chief Executive Officer, stated: "Terence McKillen was one of three founding directors of Labrador Iron Mines and was intimately involved in the evaluation and acquisition of the properties that today comprise LIM's Schefferville area iron ore deposits where his expertise in exploration geology, together with his leadership in aboriginal and community relations greatly contributed to the successful start-up of the Company."
About Labrador Iron Mines Holdings Limited
Labrador Iron Mines (LIM) is Canada's newest iron ore producer with a portfolio of direct shipping (DSO) iron ore operations and projects located in the prolific Labrador Trough. Initial production commenced at the James Mine in June 2011, with the sale of 400,000 tonnes of iron ore recorded in the first start-up year. The first full production season commenced in April 2012, with nine cape-size shipments totalling approximately 1,456,000 dry tonnes of iron ore sold in the seven months ended October 31, 2012.
The James Mine is connected by a direct rail link to the Port of Sept-Iles, Qu©bec. The project also benefits from established infrastructure including the town, airport, hydro power and railway service. Starting with the James Mine and leading to the development of the expanding Houston flagship project, LIM's objective is to provide shareholders with long-term value with a plan to increase production towards 5 million tonnes per year from a portfolio of 20 iron ore deposits in Labrador and Quebec, all within 50 kilometres of the town of Schefferville.
LIM is currently the only independently-owned Canadian iron ore producer listed on the Toronto Stock Exchange and trades under the symbol LIM. For further information see www.labradorironmines.ca.
About Anglesey Mining plc
Anglesey now holds 19.7% of Toronto-listed Labrador Iron Mines Holdings Limited which is producing iron ore from its James deposit, one of LIM's twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec.
Anglesey is also carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK.
For further information, please contact:
Bill Hooley, Chief Executive +44 (0)1492 541981;
Ian Cuthbertson, Finance Director +44 (0)1248 361333;
Samantha Harrison / Klara Kaczmarek: RFC Ambrian +44 (0)20 3440 6800;
Emily Fenton / Jos Simson: Tavistock Communications +44 (0)20 7920 3155
XLON