Last checked at 2 Dec 2011 07:00
Anglesey Mining plc
2 December 2011
Continuation of Parys Mountain Review
Exploration activities underway
* New phase of site exploration activities commenced at Parys Mountain
* Review of development options for Parys project by Spring 2012
Anglesey Mining plc is pleased to announce that it has commenced a new phase of site exploration activities at its Parys Mountain site on the island of Anglesey, North Wales. These activities are part of the first stage in a review of the development options available for the Parys Mountain project.
Parys Mountain in which Anglesey Mining holds a 100% interest is a copper-zinc-lead project with historical resources of 7 million tonnes at over 9% combined metal.
This first stage includes an Induced Polarisation (IP) geophysical survey and an associated Deep Overburden (DOB) geochemical survey. This work is targeting the potential sub-outcrop location of the Engine Zone mineralisation. The Engine Zone has been shown to be a major resource bearing structure in the area around the bottom of the Morris shaft at some 300 to 400 metres below surface. It has been traced up-dip to a depth of about 200 metres and the present programme is aimed at determining its location closer to surface. This current work is expected to be completed within one week and the analysis and review of the resulting data will be available shortly thereafter.
The second stage will involve a diamond drilling program targeting the Engine Zone above the 200 metre level. The initial drilling programme will consist of 4 holes totalling around 800 metres of drilling, and depending upon results obtained, a further six to eight holes for an additional 1,200 metres of drilling could follow. This drilling program is expected to commence within a month.
The location of the Engine Zone at these shallower locations is likely to be close to the shallow White Rock zone which was identified during a drilling programme which took place between 2006 and 2008. If this zone extension can be identified then the economics of a relatively small decline-based mining operation on both the White Rock and shallow Engine Zones will be much enhanced. Consultants Micon International carried out a scoping study on the White Rock concept in 2007. Planning permission for a decline and mining in this vicinity and for the operation of a processing plant adjacent to the decline portal remains in place.
In parallel with the drilling programme a review of the current options available for the development of Parys Mountain will be carried out. This review will initially concentrate on near term alternatives including the shallow White Rock and Engine zones but could be expanded to include the entire resource base and exploration potential at Parys Mountain. The results from this review will be expected by spring 2012 and will provide sufficient information to enable the future development plan for the project to be determined. In addition these results will provide guidance on the best commercial route for such development and the extent of any third party technical and financial input that may be required.
Investor activities
Anglesey Mining plc will be exhibiting at this year's Mines and Money Show at the Business Design Centre in Islington on Tuesday and Wednesday 6 and 7 December from 8.30am to 5.000pm. Any shareholders wishing to visit us on stand B9 will be welcome.
Investors or potential investors are also warmly invited to attend our One2One Investor Forum at the Chesterfield Mayfair Hotel in London on Thursday 8 December from 6pm where the chief executive Bill Hooley will be making a presentation. Please contact events@proactiveinvestors.com for further details of this event.
For further details:Bill Hooley, Chief Executive 01492 541981Ian Cuthbertson, Finance Director 01248 361333Ambrian Partners, Samantha Harrison/Shaun Whyte 020 763 44700Tavistock Communications, Emily Fenton/Jos Simson 020 7920 3155
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