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Anglesey Mining bullish despite price dips

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Date: Monday 06 Oct 2008

LONDON (ShareCast) - The outlook for metals remains firm despite recent weakness in some areas, Anglesey Mining said as the Welsh company reported ‘significant developments’ since its last annual meeting.

“Iron ore prices remain very positive and while base metals, especially zinc, have weakened recently, Anglesey believes that the outlook for iron ore prices, and indeed zinc, copper and lead, is encouraging, all driven by Chinese demand which shows no sign of abating,” chairman John Kearney said at the company’s AGM.

The company’s 50%-owned iron ore project in Labrador, Canada was successfully floated on the Toronto Stock Exchange and is moving towards first production in 2009, Anglesey said. It is well placed to benefit from strength as it comes into production, the company added.

At the Parys Mountain copper/zinc/lead project in Wales, negotiations continue
with Australian company Western Metals. In April Westernoffered to buy and develop the Parys Mountain properties, but has since said it does not wish to proceed on the terms of that offer.

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