ANGLESEY MINING PLC: LIM finalises joint venture agreement with Tata

ANGLESEY MINING PLC: LIM finalises joint venture agreement with Tata
Anglesey Mining plc 
18 September 2013 LSE:AYM 
LIM finalises joint venture agreement with Tata to develop Howse deposit
$30 million cash injection into LIM 
Anglesey's 15% owned associate Labrador Iron Mines Holdings Limited (LIM) has
today announced that the previously announced joint venture agreement with Tata
Steel Minerals Canada Ltd. ("TSMC") for the exploration and development of
LIM's Howse iron ore deposit in the Schefferville region of the Labrador Trough
has been finalised. 
The Howse Deposit is located in Labrador about 25 kilometres north of LIM's
currently producing James Mine and Silver Yards processing facility and
adjacent to TSMC's Timmins Area mines and new processing plant. The Howse
Deposit has a historical resource of 28 million tonnes at a grade of 58% Fe
(natural basis). 
Under the terms of the joint venture agreement, TSMC and LIM have agreed to
form an unincorporated joint venture pursuant to which Howse Minerals Limited,
a wholly owned subsidiary of TSMC has acquired an initial 51% participating
interest in the Howse Property for a total cash consideration of $30 million.
"Completion of the Howse joint venture agreement with TSMC is an important step
forward for LIM and will significantly fast track the development timeline for
this new mine" commented John Kearney, LIM's Chairman and Chief Executive
Officer. "We are very pleased to be co-operating with Tata Steel, one of the
world's major steel companies, in this venture and we look forward to working
with TSMC to advance the Howse project into production." 
Co-operation Arrangements 
As part of the strategic relationship between LIM and TSMC that was announced
on March 12, 2013, the two companies have been co-operating with each other in
various aspects of their respective iron ore operations in the Labrador Trough.
The strategic relationship includes multi-part co-operation agreements in areas
of logistics, property rationalisation and various ancillary mutual support and
potential off-take arrangements. 
As part of the logistics agreements, the companies have formalised arrangements
for construction of the new rail line that will extend LIM's current rail line
from Silver Yards to TSMC's new Timmins Area processing plant and thus connect
both companies to the TSH main rail line. 
The construction of the rail line between TSMC's Timmins Area processing plant
to LIM's Silver Yard is already underway. Pending the construction of the new
rail line to the Timmins Area plant, TSMC is loading iron ore trains at LIM's
Silver Yards rail facility and the two companies are sharing iron ore rail cars
and rail locomotives. 
For the full LIM press release with further details of the joint-venture please
see LIM's release today on its website at www.labradorironmines.ca 
About Labrador Iron Mines Holdings Limited (LIM) 
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. LIM has commenced its third year of operations and is
targeting 1.7 million tonnes of saleable iron ore production in 2013. 
About Anglesey Mining plc 
Anglesey holds 15.3% of Toronto-listed Labrador Iron Mines Holdings Limited
which is producing high grade hematite from its James mine, one of LIM's direct
shipping iron ore deposits in western Labrador and north-eastern Quebec. 
Anglesey is also carrying out exploration and development work at its 100%
owned Parys Mountain zinc-copper-lead deposit in North Wales, UK where a JORC
Code-compliant resource of 2.1mt at 6.9% combined base metals in the indicated
category and 4.1mt at 5.0% combined in the inferred category was published in
November 2012. 
For further information, please contact: 
Bill Hooley, Chief Executive +44 (0)1492 541981; 
Danesh Varma, Finance Director +44 (0)207 6539881; 
Samantha Harrison: RFC Ambrian +44 (0)20 3440 6800; 
Emily Fenton/Jos Simson: Tavistock Communications +44 (0)20 7920 3155. 
END 
-0- Sep/18/2013 10:23 GMT
 
 
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