...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

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.