...have a mine with planning permission in Anglesey. They have been drilling this year after raising funds.

Things are starting to look encouraging after a long time in the doledrums.

LONDON (AFX) - Anglesey Mining PLC said drilling results from Parys Mountain
in North Wales are "highly encouraging", including an intersection grading 40
pct combined base metals and 886 grams per tonne of silver over 2.5 metres.
The company said the high grade intersections recorded in both zones in AMC
15 contain metal grades which are amongst the highest recorded at Parys
Mountain. Previous drilling had encountered quite a number of intersections with
a total metal content over 30 pct.
Chairman John Kearney said: "We have been waiting for results like this for
some years."
He said the high grade of the mineralisation, particularly of zinc and
copper, demonstrates the potential of the Parys Mountain property, confirms the
validity of the group's geological model and justifies its confidence in this
drilling programme.

http://www.advfn.com/p.php?pid=nmona&article=12387465

Anglesey Mining - SPECULATIVE BUY

12/04/2010 Robert Tyerman @ Growth Company Investor

Anglesey Mining expects 41%-owned Labrador Iron Mines (LIM) to boost annual production from an initial 650,000 tonnes to 2m tonnes next year. Fully-listed Anglesey, which has put its longstanding Parys Mountain poly-metallic project in North Wales on the back burner, stands to receive nearly 3m from Toronto-quoted LIMs recent 22.2m placing in Canada, which cut its stake from 50%. Entrepreneur John Kearney and chief executive Bill Hooley head both Anglesey and LIM, which they hope will boost annual production from its high-grade Houston deposit near the town of Schefferville to 3m tonnes in 2012 at a cost of little more than $48 a tonne, less than half the prices struck in recent contracts. Hooley maintains Angleseys proceeds from the LIM placing virtually cover the companys commitments to LIMs planned further exploration and insists Anglesey has no more money to raise. The other day, LIM increased its measured and indicated resource estimate 60% to almost 14.7m tonnes at a grade of 59.3% iron ore and Anglesey says that brings its own share, as measured in compliance with industry standards, to 25m tonnes plus an historical resource of 125m tonnes. Anglesey is seeking a joint venture partner to take Parys Mountain forward. Hooley says it will use cash raised through LIMs fundraising to explore zinc and other deposits around the world, though Africa and the former Soviet Union are not destinations of choice. Shares in Anglesey were market dogs for years on disappointment and impatience over Parys Mountain, but have perked up of late from a 12-month low of 4.13p to 37.5p. With iron ore prices surging, bulls argue that represents a 35% discount to its LIM stake alone. Investors comfortable with commodity risk should consider a punt.

http://www.growthcompany.co.uk/recommendations/1247563/anglesey-mining.thtml

Penny Sleuth have just sent this out on e-mail - might bring in a bit of interest.

Of course the resource play that RHPS is recommending is AFAICS a completely speculative punt with bugger-all backstop if things don't go perfectly to plan (BPC) and is a share he's been pushing for months now. Anyway...I'll stick with AYM thanks!

"Why junior miners can hardly believe their luck

22nd April 2010
Why the market thinks Angleseys 7m tonne Parys deposit is worthless

Signs that Angleseys market value could double
Dear Reader,

Commodity prices are booming again and thats great news for penny shares.

As I pointed out to readers of Red Hot Penny Shares back in January, this is a key year for many natural resource hopefuls. Its a great opportunity for investors to make some hefty gains.

Mining ventures that were started four or five years ago are now coming to fruition. The money has been raised, the commodity has been found and the mine has been built. These mining minnows have the product to sell which could turn them into next years big fish.

These miners can hardly believe their luck. Even in the middle of a global economy crisis, they are able to sell their new output at prices that are comparable or in some cases even better than those prevailing before the roof fell in on markets two years ago.

Take just two examples. The price of coal is some 40% above last years level. Spot prices for iron ore, meanwhile, are twice those quoted 12 months ago...

That is superb news for a host of penny share companies. Two that spring to mind are Waless last remaining coal producer Energybuild (ticker: EBG) and Anglesey Mining (ticker: AYM).

Energybuild shares have climbed by a massive 50% since January. Over at Anglesey the story is even more impressive. Since I first mentioned this one on 6 October last year, its up a staggering 282%. In fact, chief executive Bill Hooley has seen his companys share price rise nearly ten-fold over the last 12 months!

Why the market thinks Angleseys 7m tonne Parys deposit is worthless

If ever a share has proved the extraordinary power of penny shares Anglesey is it. Key to its success has been the rising price of iron ore and its 41% stake in Canadian iron ore miner Labrador Iron.

Labrador(LIM:CN) is quoted on the Toronto Stock Exchange where at a price of $7.06 it is valued at C$306m. This gives a value of C$125m, or 80m, to Angleseys stake.

Given that this is some way above Angleseys London stock market value of 65m, this implies that its other mining interest, the Parys mountain deposit on the island of Anglesey, is worth less than nothing which I am sure it is not.

Parys is a seven million tonne resource of copper, lead and zinc first exploited by the Romans. But having seen repeated attempts to revive the mine fall flat, the City has become wary.

Anglesey is planning to bring in a partner to finance the resumption of production. But this has become a minor issue, as the stake in Labrador has become the driving force of Angleseys share price. Let me tell you a bit about this Canadian interest.

Labrador has a 150m tonne iron ore resource in Canadas premier iron ore belt, the Labrador trough to the north-east of Quebec. The company plans to start producing later this year, building up to an annual rate of six million tonnes.

This is a low-risk operation. This is partly thanks to the high quality of Labradors ore, but also because mining has been conducted here for over 50 years, so almost all the vital infrastructure has long been in place.

Because this is such a low-risk operation on the production side, the only big thing that Labrador (and by extension, Anglesey) needs to worry about is the price of iron ore. And to gauge this, we need to watch China.

Why Angleseys stock market value could be about to double

Canada s east coast is closer to Europe than the worlds biggest supplier of iron ore, Brazil. With this freight advantage, Hooley expects the majority of Labradors output to be taken to Rotterdam. But the global price is dependent upon China.

Thanks to its plan to shift tens of millions of rural dwellers into its gleaming new cities, China has an insatiable need for iron and steel. Three-quarters of sea-borne supplies end up here.

The questions now are whether China can sustain its extraordinary growth rate and how much it will be prepared to pay for supplies of iron ore.

While predicting a price of over $100 per tonne for iron ore in 2011 and 2012, analysts at Canaccord Adams warn of potential steel demand destruction as steel producers attempt to pass on substantially higher input prices during 2010.

They have assumed that the price will subside to a long-term equilibrium price of $61 per tonne by 2014.

Even on this basis, though, they have set a 12-month target price for Labrador of C$10.80, which takes the value of Angleseys stake to some 123m more than double todays stock market value.

So Bill Hooley is smiling. He is bringing new supplies of iron ore to the market just as the world is prepared to pay a handsome price. Other small miners now find themselves in a similar position. No wonder the junior mining sector is hot.

The next great penny share resource play

Anglesey is not a share Im recommending in Red Hot Penny Shares. This story has already taken off and I think there are more interesting ones with potentially bigger gains on offer.

If you own Anglesey shares and are making money, then congratulations. Youve seen the incredible power of penny share resource stocks."

.cyril

On the move again,yet so little interest in this Gem.
Iron ore prices still rising,mining licence days/weeks away and then all systems go with first shipment expected Aug/Sept?
cyril

From 4th May annouvement, 30days to completion of rail link? So within a week?

cyril

Rail news imminent and along with projected iron ore prices,looks a safe
for a syeady rise(up 9% today?)
cyril

Any news on the recent fall of AYM - Is there any trouble in Canada?

Innu Matimekush no longer wish to discuss jobs,contracts,social benefits, grants and revenue
sharing with LIM.
"Innu Strategic Alliance" are to set up a barricade on friday, june 11, which may block access to mining properties in Schefferville area.
All about ancestral rights on their traditional lands on both sides of quebec/labrador border.
Hope this helps Brigg.

At last we can now get on with the business of producing.This is imo undervalued,ISABLE and worth checking out,was 44p prior to ir's problems.
cyril


Trading Statement - Labrador barriers to be removed


TIDMAYM

3 September 2010 Anglesey Mining plc LSE:AYM

Labrador Iron reaches agreement with Quebec Innu to remove barriers

Mine and plant construction to commence immediately

Anglesey Mining plc's 41% owned associate Labrador Iron Mines Holdings Limited
(TSX: LIM) has reported that agreement has been reached with the Innu
Matimekush-Lac John to immediately remove the barriers that had restricted
normal access from the town of Schefferville to adjacent mining properties
and thereby enable the ongoing development of the LIMs iron ore projects
in Western Labrador and Quebec.

Thia agreement was achieved following detailed negotiations between LIM and
representatives of the Quebec Innu, including Innu Matimekush - Lac John
(Schefferville) and Innu Takuaikan Uashat Mak Mani-Utenam (Sept-Iles), and
following discussions and consultations between the Quebec Innu and the various
Governments, including meetings in Schefferville attended by representatives of
the Government of Newfoundland and Labrador and the Government of Quebec and
representatives of the Federal Minister of Indian and Northern Affairs. Each of
the Governments has made certain commitments to the Innu towards resolving a
number of issues that will help facilitate the mining projects in the
Schefferville area to move forward on an ongoing basis.

Under the agreement with Innu Matimekush - Lac John, which was ratified by
public meeting of the community on September 1, Labrador Iron Mines, together
with New Millennium Capital Corp., have committed to jointly support a number
of local social activities, including some education, training, health and
youth programs and, with Government participation, improvements to the
community arena facility in Schefferville.

Following the agreement, construction of LIM's iron ore project in Western
Labrador will now proceed on a fast track basis and LIM and will proceed with
negotiations with the Innu Matimekush-Lac John towards concluding an Impact
Benefits Agreement.

LIM will also continue detailed negotiations towards signing an Impact Benefits
Agreement with Innu Takuaikan Uashat Mak Mani-Utenam who, as had been
previously anticipated, have initiated legal action against the Government of
Newfoundland and Labrador regarding the Crown's duty of consultation with
respect to the permitting of LIM's Schefferville Area Iron Ore Project in
Western Labrador.

"LIM is extremely pleased that, with the co-operation of all three Governments,
agreement has been reached with the Quebec Innu paving the way for construction
of our project so that commercial production of iron ore can commence in 2011."
said John Kearney, Chairman and Chief Executive. "We look forward to concluding
negtiations on the IBA agreements and to further developing a harmonious and
long term working relationship with all of our aboriginal partners for the
mutual benefit of all stakeholders" added Mr. Kearney.

Project Construction to Commence Immediately

LIM is now planning to immediately commence ground clearing, in parallel with
contractor mobilization, to be followed by civil construction and mechanical
erection of the plant in the subsequent weeks. It is expected that the
beneficiation plant will be fully erected in about 12 weeks. In parallel to the
plant construction the mine accommodation camp will be brought to site and
erected some 4 kilometers south-east of the plant site.

During the last several weeks a significant portion of the infrastructure and
beneficiation plant has been transported by rail from a railhead near Labrador
City to Schefferville via the TSH aboriginal railroad, which is jointly owned
by the two Quebec Innu communities and the Naskapi Nation. These items are now
being assembled in Schefferville and ready for road transport over three
kilometers to LIM's Silver Yard beneficiation site in Labrador. Further rail
shipments, direct to Silver Yard on LIM's spur line, are planned for the coming
weeks.

Initial open-pit waste removal and mine extraction will also be carried out
using local contractors to enable ore to be stockpiled on the crusher pad ahead
of dry run testing of the beneficiation plant.

The construction of the plant and camp and the initiation of mining activities,
prior to the onset of the mid-winter, will enable commercial production
activities to commence in the spring of 2011.

The last two major operating permits, for the operation of the mine and the
operation of the rail spur, are expected to be issued shortly by the Government
of Newfoundland and Labrador following a consultation process with potentially
affected First Nations.

Labrador Iron Mines Holdings Limited (LIM)

LIM's Schefferville Area project involves the development of twenty direct
shipping iron ore deposits in western Labrador and north-eastern Quebec near
Schefferville, Quebec. LIM's 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. Labrador Iron Mines
contemplates mining in four stages, the first phase of Stage 1 comprising the
James and Redmond deposits, which are located in close proximity to existing
infrastructure and for which construction permits have been issued.

Anglesey Mining plc

http://www.investegate.co.uk/Article.aspx?id=20110630121200PE04E

The 1st shipment of iron ore is most significant by Labrador,after many years and hurdles overcome(a few still to clear)the next few years should see substancial gains?
I'm copying a spreadsheet from probably the most knowledgable and respected pi,regarding the mining sector?

I have tried to keep it up to date but have not had much time recently for fresh research so please treat with caution.
Chip
............................ . ..... . CY2011 ...... CY2012 ...... CY2013

Breakdown of LIM financials -
Average price of 67% Fines ... US$/t . 162 ......... 170 ......... 179
Average price of 67% Lump .... US$/t . 180 ......... 189 ......... 198
Production level (stage 1/2) . t ..... 1,500,000 ... 2,500,000 ... 3,500,000
Production (Fines) ore ....... t ..... 900,000 ..... 1,875,000 ... 2,625,000
Production (Lump) ore ........ t ..... 600,000 ..... 625,000 ..... 875,000
Production ore (stage 3) ..... t .....
Total tonnage shipped ........ t ..... 1,500,000 ... 2,500,000 ... 3,500,000
Revenue (Fines) .............. US$ ... 145,800,000 . 318,937,500 . 468,838,125
Revenue (Lump) ............... US$ ... 108,000,000 . 118,125,000 . 173,643,750
Total Sales .................. US$ ... 253,800,000 . 437,062,500 . 642,481,875

Total Operating Costs/ton .... US$/t . 55 .......... 50 .......... 50
Operating Costs .............. US$ ... 82,500,000 .. 125,000,000 . 175,000,000

EBITDA ....................... US$ ... 171,300,000 . 312,062,500 . 467,481,875
D&A .......................... US$ ... 1,000,000 ... 1,000,000 ... 1,000,000
EBIT ......................... US$ ... 170,300,000 . 311,062,500 . 466,481,875
Net Interest ................. US$ ... 952,000 ..... 0 ........... 0
PBT .......................... US$ ... 169,348,000 . 311,062,500 . 466,481,875
Tax rate ..................... % ..... 10.0% ....... 39.0% ....... 39.0%
Tax Charge ................... US$ ... 16,934,800 .. 121,314,375 . 181,927,931
NPAT ......................... US$ ... 152,413,200 . 189,748,125 . 284,553,944
LIM shares issued (FD) ....... no. ... 56,084,486 .. 56,084,486 .. 56,084,486
EPS .......................... US$ ... 2.72 ........ 3.38 ........ 5.07
Indicated Share Price (LIM) .. US$ ... 27.18 ....... 33.83 ....... 50.74

CAPEX required ............... US$ ...
Sustaining CAPEX ............. US$ ... 3,000,000 ... 3,000,000 ... 3,000,000
Estimated cash-flow .......... US$ ... 146,413,200 . 151,748,125 . 236,553,944


AYM Financials -
LIM attributable ............. % ..... 32.9% ....... 32.9% ....... 32.9%
Attributable earnings (CF) ... US$ ... 48,177,625 .. 49,933,095 .. 77,838,659
Shares issued (FD) ........... no. ... 170,158,051 . 170,158,051 . 170,158,051
EPS .......................... US$ ... 0.283 ....... 0.293 ....... 0.457
FOREX ........................ /$ ... 1.6153 ...... 1.6153 ...... 1.6153
EPS .......................... p ..... 17.53 ....... 18.17 ....... 28.32
PER .......................... x ..... 10 .......... 10 .......... 10
est share price .............. p ..... 175 ......... 182 ......... 283

Dividend % of EPS ............ % ..... 0.0% ........ 10.0% ....... 10.0%
Dividend payable ............. p ..... 0.0 ......... 1.8 ......... 2.8
Div Yield (on est SP) ........ % ..... 0.0% ........ 1.0% ........ 1.0%


A chance to get in cheap imho as the 33% ownership of Lab/Lim is worth around 90p
alone and represemts a 50% upside.

http://www.proactiveinvestors.com/companies/news/15934/anglesey-mining-uk-market-has-largely-overlooked-this-iron-ore-play-broker-15934.html

Anglesey Mining (LON:AYM) is in an "extremely robust" financial position while the recent sell-off is unjustified, according to City broker Ambrian, which initiated coverage of the stock.



Ref to Labrador(LIM).

http://www.angleseymining.co.uk/shareholders/assets/ScotiaFlash_20110630.pdf

http://www.angleseymining.co.uk/shareholders/assets/ParadigmFirstIronOreRailShipment4Jul11.pdf


Conclusion
We ultimately see Labrador Iron Mines production strategically located within striking
distance of Canadas foremost iron ore producing region. As an up‐and‐coming iron ore
producer in the Labrador Trough, we believe this will attract plenty of attention, coupled
with LIMs low level of capital intensity, competitive operating costs and existing
infrastructure. We maintain our Buy recommendation and $18.50 target price


At $18.5 AYM share in Labrador would worth 1.35p.

Anglesey Mining plc

Annual report and accounts

A UK mining company listed on the London Stock Exchange

33% interest in Labrador Iron Mines Holdings Limited, a TSX quoted Canadian
company with 39 million tonnes of compliant direct shipping hematite iron ore
and 125 million tonnes of historical resources near Schefferville in Canada,
where production and processing of iron ore is now underway.

The market value of the group's investment in LIM at 31 March 2011 was 156
million compared with 75 million at the same date in 2010. At 19 July 2011
this value was 129 million, equivalent to 81 pence per Anglesey share.

The first of LIM's iron ore deposits has now been brought into
production and LIM is moving towards becoming
a significant producer.

100% of the Parys Mountain copper-lead-zinc project in North Wales with a total
historical resource of 7.76 million tonnes at 9.3% combined copper, lead and
zinc, held awaiting development.


Chairman's Statement

This has been the most successful year that Anglesey Mining has ever
experienced with the Schefferville iron ore mining operations of Labrador Iron
Mines ("LIM"), in which the group holds 33% of the equity, moving into
production. The first rail shipment of iron ore to the port of Sept-Iles was
despatched in June 2011 and LIM is now on track to produce over one million
tonnes of iron ore this year, with plans for expansion to enable production of
2.5 million tonnes in 2012.

The key developments and progress since the last Annual Report were:

LIM's steady progress towards production saw the price of LIM shares continue
to increase and at 19 July 2011 the market value of the group's holding in LIM
was C$199 million (129 million) equivalent to 81 pence per Anglesey share.

LIM completed a share placement in April 2011 in which it raised C$121 million
(78.5 million). It is now well financed to carry through its expansion plans.

The price of iron ore has remained strong and currently stands at around US$175
per tonne (CFR China) and the consensus of forecasts by respected market
analysts is for trading in the range of $150 - $200 per tonne for a number of
years. This should be very positive for the future of LIM.

In January 2011 Anglesey raised 1.6 million through the exercise of share
options with a concurrent private placing and now has a total of around 3.5

The new - 32 page! - note on LIM is now on AYM's web site.....

http://www.angleseymining.co.uk/shareholders/assets/Octagon8112011_InitiatingCoverage.pdf

Intro:

"Market correction provides attractive entry point for emerging iron ore producer

We are initiating coverage of Labrador Iron Mines Holdings Ltd.(Labrador Iron Mines or LIM) with a BUY recommendation and a 12‐month target price of $15.50 per share.

Reason to buy
We believe that the recent market correction has provided an attractive entry point for investors to buy shares in Labrador Iron Mines just as the Company is about to ship its initial iron ore products. The Company appears close to finalizing its port and marketing agreements for iron ore that is currently stockpiled at its Sept‐Iles facilities. We believe this leaves the Company well‐positioned to take advantage of robust iron ore prices and generate attractive cash flow as it ramps up production and sales over the next few years.

Valuation
We believe LIM shares are attractively valued, trading at a 40.1% discount
to our fiscal 2012E 10% DCF NAVPS of $14.88 and at 4.2x, 3.6x, and 1.9x
multiples to our fiscal 2013E EPS, CFPS, and EV/EBITDA estimates,respectively, compared to its peer group market‐cap‐weighted averages of 7.7x, 5.5x, and 4.0x, respectively.

Our $15.50 target price is based upon 80/20 weightings of the average of our fiscal 2012 and 2013 10% DCF NAVPS of $14.88 and $16.52, respectively, and the fiscal 2012‐2013 average of our comparable peer group market‐cap‐weighted multiples applied to our estimates for the Company."

Ive been a holder for almost 6 years from the early stages off this thread,and i am looking to sell in the near future,seems its been quite a ride for this old rock maybe time to call it a day,,and bank some profit.

Any thoughts !

Dave sorry missed your post and only just looked in,my thoughts apart from dreadful market conditions LIM(so AYM) are just getting up steam with regards to production.

Lims cost are i believe $50 a tonne,which makes the following he;pful.


"The reason, says Catherine Raw, natural resources portfolio manager at BlackRock, is that the marginal cost producer is sitting at $150 a tonne. If prices drop below that level, Chinese and, to a lesser extent, Indian miners would start to lose money, triggering production cuts. When prices fell in late 2010 below $150, the loss of supply forced prices back up to that level again in only eight weeks, suggesting a strong floor."

Also,

http://www.ft.com/cms/s/0/acf87fe6-f350-11e0-b11b-00144feab49a.html#axzz1ac2ZBcVh

Bought some this am,looking cheap?

http://uk.advfn.com/cmn/fbb/thread.php3?id=26094858&from=1474#firstpost

Get ready for history to repeat itself here. PFS to be published by end of this month. The resources are still in those rocks.. and looking likely to be extracted again within a year or two..

Rock bottom price. Last time this went to 80p.. from similar lows. Next to no dilution since.. small free float, multibag when a sniff of progress lands.

Countdown to scoping study has begun. Proper tight free float here, so don't try buying when it lands. Scale in while it's low.

The resources are massive at Parys, and ready to be extracted.

As I said lol.. buy when price is discounting assets. Still a long way to go.. could easily do 200% and still be undervalued.