"ANGLESEY Mining says it is making good progress in moving forward the sale of its Parys Mountain project and in developing an iron mine in Canada.
The London Stock Exchange-listed company announced in April that it was to sell its Parys Mountain project on Anglesey to Australian company Western Metals Ltd (WMT) for about pounds 13.75m pounds in cash and shares.
WMT has said it intends to carry out a major surface drilling programme at the site, extend the underground development and carry out an underground drilling to move the mine towards production.
Anglesey Mining says significant progress has been made over the past three months in drawing up a binding sale and purchase agreement and it expects to set a date SHORTLY ! for a meeting at which it will seek shareholder approval for the deal.
The Parys Mountain site contains copper, zinc and lead ores and smaller quantities of gold and silver and previous estimates have suggested that a re-opened mine on the site could create around 100 jobs.
Western Metals, based in Perth, Western Australia and listed on the Australian Stock Exchange, proposes to spend more than 5 million pounds on project development and feasibility studies on the Welsh site. WMT has other exploration projects in Tanzania, Australia and the Americas."
WMT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
