LIM on Target to Complete Plant Construction by...

22 October 2010 Anglesey Mining plc LSE: AYM

LIM on target to complete plant construction by year end

Anglesey Mining plc's 41% owned associate Labrador Iron Mines (TSX: LIM) (`the
Company' or `LIM') is pleased to report on construction progress at the
Company's wholly-owned Schefferville area project in Labrador. Since
construction began in early September, the rate of advance to date indicates
that the plant and accommodation camp are on track to completion by the end of
calendar 2010.

All equipment and material required for plant construction is now on site,
including the primary and secondary crushers, all conveyors, scrubbers, screens
and stackers. The primary crusher ramp and retaining wall have been completed,
as well as the foundation for the secondary crusher. All the piers for the
conveyors have been installed including those leading to the radial stackers
for final lump and sinter product, and to the secondary crusher. The steel
structure for the secondary screens tower is complete and the chutes, stairs
and flooring for the transfer tower are all installed.

All the major items of equipment are scheduled to be installed by the end of
October, including the primary and secondary screens, tumblers and chutes and
this will enable installation of the dome roof which will permit piping,
electrical and other work to be carried out. This roof structure is being
assembled at site and is expected to be completed by mid-November.

The accommodation camp at Bean Lake is also advancing rapidly with sewer and
water pipes installed and pads for the kitchen/recreation complex and
accommodation trailers. By the end of October, the majority of units comprising
dormitories, kitchen parts and containers will be on site with the remainder
due in the following week and installation will follow immediately.

At the James deposit, timber cover over the North and South Pits, the waste
rock stockpile areas and the settling ponds have been cleared, enabling
construction of the settling ponds and mine haul road which will begin shortly.
Mine site preparation at the James deposit will be started requiring very
little drilling or blasting, and it is expected that some ore will be mined
this year and stockpiled ahead of the primary crusher.

The 2010 exploration program is successfully nearing completion with 4,000
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 will be
incorporated into revised resource estimates when assay results are received.

LIM plans to commence production in April 2011, and is targeting production of
2 million tonnes of iron ore during that calendar year.

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 the Company's website at 
www.labradorironmines.ca 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.