MINING SHARES ISSUED
Parys Mountain
ANGLESEY Mining want to raise £310,000 to help try to re-start work at a copper mine that was once the biggest in the world.
They have started a share issue for project development of Parys Mountain mine near Amwlch.
They have agreed to issue 12,000,000 new ordinary shares on the London Stock Exchange to “expedite development” of the zinc, copper and lead mine.
But several previous attempts to bring back mining at the site after more than 100 years have failed.
Anglesey Mining’s most recent multimillion pound deal to re-start work at Parys Mountain collapsed in 2009 when the economic crisis sent metal prices tumbling.
Mining at the site dates back 4,000 years, with the Romans among those who extracted vast resources of copper.
In the 18th century the copper mine was the most productive in the world — copper from the mine was used to sheath the British Admiralty’s wooden ships of war.
The proceeds of this issue will be used for project development of the Anglesey mine and for general working capital.
The Parys Mountain property is a significant zinc, copper and lead deposit with small amounts of silver and gold.
An updated scoping study is currently being prepared by Micon International Limited and Fairport Engineering Limited, both of which are acknowledged experts and leaders in the resources sector.
Bill Hooley, Anglesey Mining chief executive, said: “We are very pleased to announce this financing, which represents significant support for Anglesey Mining, and we look forward to completion of the updated scoping study and to expedite development of the Parys Mountain project.”
Anglesey Mining will make an application for these shares to be admitted to both the Official List and to trading on the London Stock Exchange’s main market.
It is expected that such admission will become effective and dealings will commence on December 14.