🕐10.04.12 - 19:27 Uhr
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LIM starts up 2012 production season at James Mine
First train shipments to Port of Sept Iles
Anglesey Minings 26% owned associate Labrador Iron Mines Holdings Limited
(TSX: LIM) reports that its 2012 mining season commenced at the James Mine
on April 2, 2012 and full scale mining operations are now underway.
On April 4, 2012 the first loaded iron ore train departed Silver Yards for
the Port of Sept-Iles travelling over the TSH and QNS&L railways.
Mining Commenced at James Mine
Ore mining operations at James Mine commenced on April 2, 2012 and will
continue throughout 2012, with planned total ore mined of between 2.5 to 3.0
million tonnes, together with approximately 3.5 million tonnes of waste.
It is expected that mining operations at the James North and James South
deposits will continue for the season until November at a planned mining
rate of approximately 15,000 tonnes of ore per day, using conventional
open-pit mining methods and, where necessary employing standard drilling and
blasting practices.
As in 2011, iron ore mined from the James Mine will be classed into two
types, direct rail (DRO) and plant feed, with the plant producing both lump
ore and sinter fine, resulting in the production of three saleable iron ore
products, direct rail, lump and sinter, (collectively DSO).
The Silver Yards processing plant is expected to re-start for the season in
early May 2012.
The planned annual seasonal processing schedule will cover a
period of seven months, or approximately 210 days, from May to November,
depending on weather conditions.
Procurement and construction are well advanced for the Phase 3 expansion of
the Silver Yards processing plant, designed to increase production capacity
to about 2 million tonnes per year.
It is expected that the planned plant
expansion will be in place by mid 2012.
This expansion is intended to
increase plant throughput to 12,000 tonnes per day and improve weight
recovery to above 75%.
LIM expects that between 1.8 and 2.0 million tonnes (DMT) of ore, including
material from stockpiles, will be treated in the Silver Yards plant in 2012
which is expected to yield between 1.25 and 1.5 million tonnes (DMT) of
saleable product.
In addition, it is expected that between 500,000 and
750,000 tonnes of direct rail ore from both 2011 stockpiles and from 2012
mining operations will also be available for shipment in 2012, for a total
2012 saleable production target of approximately 2.0 million tonnes (DMT) of
iron ore.
Expanded train service started April 4, 2012
The first ore train of the 2012 season, loaded with direct rail ore,
departed Silver Yards for Sept-Iles on April 4, 2012.
This first train
represents the planned early start to the 2012 season compared to last year,
when the first train ran on June 30, 2011.
During 2011, LIM operated one
train throughout the summer and added a second train in September.
LIM has
commenced the 2012 railing season with three trains, and expects to add a
fourth train by early summer.
To enable increased railing capacity in 2012, LIM has introduced two
additional trains, for a total of four trains consisting of 120 railcars
each.
To achieve this, and to provide an adequate allowance for repairs, LIM
plans to have 555 railcars in service during 2012.
Included in this figure
are 400 railcars purchased in 2011, of which only 260 were in service in
2011, 10 leased railcars, and 145 used railcars that were recently purchased
earlier in 2012 and are expected to be in operation by early summer 2012.
LIM has established its Centre Ferro railcar maintenance and repair facility
in Sept-Iles which is now operating on a full time basis to maintain LIMs
enlarged fleet of railcars.
2012 Sales of Iron Ore
In February, 2012, LIM entered into an agreement with the Iron Ore Company
of Canada ("IOC") for the sale of all of LIMs 2012 iron ore production.
Under the 2012 confidential sales contract with IOC, the iron ore will be
sold by IOCs marketing organization on the spot market for delivery to
Asian markets.
IOC is Canadas largest iron ore producer from its mines located in Western
Labrador and is a leading global supplier of iron ore pellets and
concentrates.
IOCs major shareholder and operator is the international
mining group Rio Tinto which has activities in more than 40 countries
throughout the world.
IOC owns 100% of the Quebec North Shore and Labrador
("QNS&L") railway and, at the port of Sept-Iles, owns established storage
and ore handling facilities, including its ship dock capable of taking ocean
going vessels up to 240,000 (dwt) tonnes.
LIMs iron ore sales agreement
with IOC for 2012 enables utilization of Cape Size Ocean going ships, where
current freight rates are lower than the alternative Panamax vessels.
About Labrador Iron Mines Holdings Limited (LIM)
LIM is engaged in the production and development of its 100% owned
Schefferville Area direct shipping iron ore (DSO) properties in the Labrador
Trough of western Labrador and north-eastern 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.
LIM commenced production from the James Mine in June 2011, following the
successful construction and commissioning of the mine and Silver Yards
processing plant earlier in the year, and recorded its first sales of iron
ore in the fall of 2011.
LIM 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.
Through a phased
expansion program, LIM plans to grow its iron ore production through the
subsequent development of adjacent deposits.
Stage 2 comprises the development of the Houston deposits, which has now
completed environmental assessment and is moving to the permitting,
development and construction phase.
About Anglesey Mining plc
Anglesey holds 26% of Toronto-listed Labrador Iron Mines Holdings Limited
(TSX: LIM) which is now producing iron ore from its James deposit, one of
LIMs twenty direct shipping iron ore deposits in western Labrador and
north-eastern Quebec.
Development of other deposits is underway and
production of the high grade hematite iron ore is targeted to grow from 2Mt
in 2012 to 5Mt in 2015.
Anglesey is also carrying out development and exploration work at its 100%
owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where there
is estimated to be a total 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 / Klara Kaczmarek,
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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Parys Mountain
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