Half-yearly Report LIM

15 November 2010 Anglesey Mining LSE:AYM

                   LIM Second Quarter and Half Year Results                    

                Update on project construction and development                 

Anglesey Mining plc's 41% owned associate Labrador Iron Mines (TSX: LIM) (`LIM'
or `the Company') is pleased to report that it has filed its unaudited
financial statements and MD&A for the second quarter and six months ended
September 30, 2010. The documents are available under the Company's profile at
www.sedar.com and on its website at www.labradorironmines.ca.

During the quarter and six months ended September 30, 2010 LIM invested
$2,014,537 and $3,294,549, respectively, in its mineral properties, and also
invested $3,401,634 and $10,204,731, respectively, in property, plant and
equipment. The substantial increase in investment in property, plant and
equipment was due to the significant investment in processing equipment and
rail spur line and to procurement and commencement of construction of the
processing plant for LIM's direct shipping iron ore project in western
Labrador.

For the quarter ended September 30, 2010 LIM reported a net loss of $897,421,
or $0.02 per share, compared to a net loss of $530,273, or $0.02 per share,
during the same period in the prior year. For the six months ended September
30, 2010 LIM reported a loss of $1,512,110, or $0.03 per share, compared to a
loss of $816,997, or $0.02 per share, for the same period in the prior year.

At September 30, 2010, the Company had cash and cash equivalents in excess of
$35.2 million. Working capital was $30.6 million, with no borrowings or bank
debt.

Project Construction

Construction of the beneficiation plant and associated facilities has
progressed well since early September. All the foundations required for
erection of the plant have been poured and are complete. All the piers for the
conveyors have been installed, including those leading to the radial stackers
and to the secondary crusher, and a significant number of the conveyor
structures are in place. The steel structure for the secondary screens tower
has been completed and the chutes, stairs and flooring for the transfer tower
are all installed.

All the major items of processing equipment have been installed, including the
primary and secondary screens, tumblers and chutes. The dome roof structure is
being assembled at site and is expected to be installed by the end of November.
This will enable installation of the piping, electrical and other work to be
carried out during periods of poor winter weather.

The accommodation camp at Bean Lake has also progressed rapidly. The
installation of the kitchen-recreation complex is complete and a number of the
accommodation units are in place. It is expected that the camp will be all
complete before the end of November and available for use over the winter.

Mine site preparation at the James Mine has commenced with the development of
the mine haul road and clearing and grubbing of the entire mining site almost
complete, and exposing the ore body. Development of the first production bench
in the Mine will follow shortly. Some small ore stock piles have been moved to
Silver Yards and, together with the first ore mined from the bench development,
will be stockpiled ahead of the primary crusher ready for feed to the
processing plant at the commencement of production.

As a result of recent progress, the Company believes it is on track to
substantially complete construction of the processing plant and accommodation
camp by the end of calendar 2010 and to commence production activities in April
2011. The Company is currently targeting production of about 2 million tonnes
of iron ore in calendar 2011, which assumes completion of construction, plant
commissioning and a satisfactory start up of mining operations in the second
quarter of calendar 2011.

Exploration

The 2010 exploration program has been completed with 4,500 metres of drilling
and 1,400 metres of trenching having been achieved at the Denault, Ruth 8, and
Houston properties. Drilling at Houston has indicated some extensions to the
resource and these, together with Denault results, will be incorporated into
revised resource estimates when assay results are received.

Political / First Nations Developments

In September 2010 LIM entered into an Impact Benefits Agreement ("IBA") with
the Naskapi Nation of Kawawachikamach (the "Naskapi Nation") with respect to
the development and operation of the Schefferville Project in Labrador.
Discussions continue with the Innu Matimekush-Lac John and with the Innu
Takuaikan Uashat Mak Mani-Utenam towards concluding Impact Benefits Agreements.

Qualified Person

Information of a scientific or technical nature contained in this release has
been prepared by or under the supervision of Terence McKillen, P.Geo.,
Executive Vice President of the Corporation and a Qualified Person within the
meaning of National Instrument 43-101 of the Canadian Securities
Administrators.

About Labrador Iron Mines Holdings Limited (LIM)

LIM's Schefferville Area project involves the development of twenty direct
shipping iron ore deposits in western Labrador and north-eastern Quebec near
Schefferville, Quebec. The Company's properties are part of the historic
Schefferville area iron ore district where mining of adjacent deposits was
previously carried out by the Iron Ore Company of Canada from 1954 to 1982.

Labrador Iron Mines contemplates mining in four stages, the first phase of
Stage 1 comprising the James and Redmond deposits, located in close proximity
to existing infrastructure, for which all operating permits have been issued
and where construction is now well underway.

About Anglesey Mining plc

Anglesey Mining with its LSE main board listing is primarily focused on its 41%
interest in LIM. In addition to any new projects that may be brought forward
the company owns 100% of Parys Mountain in North Wales with an historical
resource in excess of 7 million tonnes at over 9% combined copper, lead and
zinc.

For further information, please view Anglesey Mining's website at www.
angleseymining.co.uk or contact:

Bill Hooley, Chief Executive [phone]

Ian Cuthbertson, Finance Director [phone]

Emily Fenton / Charlie Geller, Conduit PR [phone] / +44 (0) 7788
554035

Cautionary Statements:

Some of the statements contained herein may be forward-looking statements which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward looking
statements that involve various degrees of risk. The following are important
factors that could cause the Company's actual results to differ materially from
those expressed or implied by such forward looking statements: changes in the
world wide price of iron ore and steel, general market conditions, the
uncertainty of future profitability and access to additional capital, risks
inherent in mineral exploration and risks associated with development,
construction and mining operations, delays in obtaining or failures to reach
agreements with any potentially impacted aboriginal groups or to obtain
required governmental, environmental or other project approvals. There can be
no assurance that the Company will be successful in reaching any agreement with
any First Nations groups who may assert aboriginal rights or may have a claim
which affects the Company's properties or may be impacted by the Schefferville
Area project. Caution should be exercised on placing undue reliance on forward
looking information.