Labrador Iron Mines Reports Second Quarter Results

Anglesey Mining plc 15 November 2013 LSE:AYM LIM results for the quarter to 30 September 2013 Anglesey Mining plc ("Anglesey") is pleased to report that Labrador Iron MinesHoldings Limited ("LIM") in which Anglesey holds a 15% interest today publishedits Financial Statements and Management Discussion and Analysis report for thethree months ending 30th September 2013. Key points are: During the quarter, LIM sold four shipments of iron ore totalling 652,000 drytonnes (~700,000 wet tonnes), and reported revenue of $40.3 million. For thesix months ended September 30, 2013, LIM has completed the sale of sixshipments of iron ore totalling 980,000 dry tonnes (~1,050,000 wet tonnes). Production volumes increased substantially during the quarter: approximately983,000 tonnes of ore were extracted from the James Mine, Redmond Mine andFerriman stockpiles and 1.25 million tonnes of plant feed were processed andscreened at the Silver Yards processing facility. Rail volumes also increased to a quarterly record of 723,000 tonnes, averagingfive trains per week by the end of July. Revenues were impacted by value-in-use deductions arising primarily from thelower grade of ore mined. With a number of cost reduction measures implemented and higher productionvolumes achieved, operating unit costs were substantially lower quarter overquarter. For the second quarter ended September 30, 2013, LIM reported a net loss of$24.9 million or $0.20 per share, which included a depletion and depreciationcharge of $20.7 million or $0.16 per share. Subsequent to the end of the quarter, Ships 7 and 8 departed from the Port ofSept-Îles. In addition, almost all remaining product inventory for the finaltwo shipments have been railed to the Port. LIM is on track to achieveproduction of 1.7 million wet tonnes in 10 shipments for the 2013 operatingseason. During the quarter, LIM completed the Joint Venture Agreement with Tata SteelMinerals Canada ("TSMC") for the exploration and development of LIM's HowseDeposit and received a total cash consideration of $30 million. John Kearney, Chairman of both Anglesey and LIM commented "LIM has now recordedthe sale of eight shipments of iron ore in the year to date and despite a slowstart-up experienced in the first quarter, we are on track to sell 10 shipmentsof iron ore this year, meeting our production target of 1.7 million tonnes ofiron ore in 2013. While the price of iron ore averaged approximately US$133 pertonne in the quarter compared to approximately US$113 per tonne in the samequarter of 2012, this increase was partially offset by value-in-use adjustmentsarising primarily from the lower quality of ore mined as we got deeper in theJames Mine, and by higher ocean freight." The LIM Financial Statements and Management Discussion and Analysis report canbe found on SEDAR and together with LIM's full Press Release on LIM's websiteat www.labradorironmines.ca. About Labrador Iron Mines Holdings Limited (LIM) Labrador Iron Mines (LIM) is Canada's newest iron ore producer with a portfolioof direct shipping (DSO) iron ore operations and projects located in theprolific Labrador Trough. Now in its third year of operations, LIM is targetingthe sale of 1.7 million tonnes of iron ore products in 10 shipments in 2013. About Anglesey Mining plc Anglesey holds 15.3% of Toronto-listed Labrador Iron Mines Holdings Limitedwhich is producing high grade hematite from a number of direct shipping ironore 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 JORCCode-compliant resource of 2.1mt at 6.9% combined base metals in the indicatedcategory and 4.1mt at 5.0% combined in the inferred category was published inNovember 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.