Anglesey advances revival plan
Article Date: Feb 08 2006Twenty-two investors have subscribed £1.16 million at 12p for feasibility studies on Anglesey Mining's Parys Mountain and Labrador prospects.
Executive director Bill Hooley says fully listed Anglesey raised the money without using a City agent or intermediary, but is now looking for a broker to help with its longer-term goals. Anglesey has commissioned two feasibility studies due for September delivery.
One study will analyse the company's Parys Mountain prospect in Anglesey, with 6.25 million tonnes of ore on an indicated and inferred resource measure, capable of yielding ten per cent copper, lead and zinc. The other will consider projects further afield, notably Canada's Iron Mountain project in Labrador, where Anglesey reckons there could be 100 million tonnes of ore, capable of yielding two million tonnes a year by 2008.
Hooley says the market expects a ten to 15 per cent iron ore price hike when the big steel companies renew their contracts, and envisages taking Parys Mountain underground. He argues Parys Mountain could hold 40 per cent copper, 40 per cent zinc and 20 per cent lead, silver and gold.
At 13p, Anglesey shares value the company at £16.6 million. The Anglesey project has been around so long that more seasoned investors have grown sceptical, but Hooley insists this time the company means business, while Labrador is potentially much larger.
They are worth a punt.
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