Diamond drilling recommences at Parys Mountain

Anglesey Mining plc  LSE:AYM

11 January 2012 

Diamond drilling recommences at Parys Mountain

  * Initial stage of four holes
   
  * Potentially a further six to eight holes depending on the initial results
   
  * Target is shallow extensions of the Engine zone close to the existing
    Morris Shaft
   
  * Results expected to contribute to a review of the mining and production
    options
   
  * Commercial options to enhance shareholder value will also be reviewed
   
Anglesey Mining plc is pleased to announce that it has recommenced diamond
drilling at Parys Mountain in a programme designed to identify the extent of
near surface locations of the Engine Zone mineralisation.

Parys Mountain which is 100% owned by Anglesey is a copper-zinc-lead project
with historical resources currently in excess of 7 million tonnes at over 9%
combined metal.

As previously announced on 2 December 2011 an Induced Polarisation (IP)
geophysical survey and an associated Deep Overburden (DOB) geochemical survey
were conducted during December. The results of these surveys have now been
received and analysed and have provided good guidance for the location of holes
for the on-going drilling programme.

The first hole in the initial stage of drilling has now commenced and is
progressing satisfactorily. This hole has a target depth of 220 to 250 metres.
The initial stage will consist of four holes totalling in excess of 800 metres
of drilling and is expected to be completed in five to six weeks. Subject to
results obtained from these first holes it is planned to drill a further six to
eight holes for an additional 1,200 metres of drilling. These second stage
shallower holes are likely to be located between the current holes and the
target area identified from the IP and DOB surveys.

The drilling is targeting the potential sub-outcrop location of the Engine Zone
mineralisation which has been shown to be a major resource bearing structure
around the bottom of the Morris Shaft at some 300 to 400 metres below surface.
Previous exploration particularly during the last drilling programme at Parys
Mountain in 2007 and 2008 traced the Engine Zone upwards to a depth of about
200 metres.

Providing the existence of the Engine Zone at these shallower depths can be
defined in sufficient size and continuity it could enhance the development of
the nearby White Rock zone as a relatively small decline based mining
operation. Planning permissions for such an operation and for an associated
processing plant remain in place.

As the results from the current phase of drilling are received a review of the
mining and production options available for the White Rock and potential
shallow Engine Zone resources will be carried out. This review will be designed
to identify the optimum mining and processing routes available and to generate
capital and operating cost estimates at a preliminary feasibility study level.

Additionally a broader review of the overall potential of the Parys Mountain
area will be conducted and in conjunction with White Rock/shallow Engine Zone
study will consider the various commercial options available to enhance the
value of Parys Mountain for shareholders.

Subject to satisfactory and timely completion of both phases of the current
drilling programme and receipt of analytical data it is expected that both
these reviews will be completed during the second quarter of 2012.

About Anglesey Mining plc

Anglesey Mining with its LSE main board listing holds a 33% interest in
Labrador Iron Mines (TSX:LIM) and owns 100% of Parys Mountain in North Wales
where there is an historical resource in excess of 7 million tonnes at over 9%
combined copper, lead and zinc.

For further information:
Bill Hooley, Chief Executive 01492 541981
Ian Cuthbertson, Finance director 01248 361333
Ambrian Partners, Samantha Harrison/Klara Kaczmarek 020 7634 4700
Tavistock Communications, Emily Fenton/Jos Simson 020 7920 3155