🕐02.12.11 - 08:54 Uhr
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Anglesey Mining plc
2 December 2011
* _New phase of site exploration activities commenced at Parys Mountain_
* _Review of development options for Parys project by Spring 2012_
Anglesey Mining plc (AYM:LSE) 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 [1] for
further details of this event.
Links:
1.
mailto:
For further details:
Bill Hooley, Chief Executive
01492 541981
Ian Cuthbertson, Finance Director 01248
361333
Ambrian Partners, Samantha Harrison/Shaun Whyte 020 763 44700
Tavistock Communications, Emily Fenton/Jos Simson 020 7920 3155
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