LIM Third Quarter Financial Results and IMS

Interim Management Statement and

LIM Third Quarter Financial Results with 2012 Production Outlook

15 February 2012

Since the half yearly report issued in December 2011, operations in Labrador
have continued to proceed satisfactorily; a copy of the LIM third quarter
report is shown below. Two recent important developments included in that
report are the announcement by the Canadian government regarding a new
multi-user port facility at Sept Iles and the agreement between LIM and IOC in
respect of iron ore sales for 2012.

At Parys Mountain drilling of the potential shallow Engine Zone extension close
to the Morris Shaft continues with a third hole commenced on 10 February. Assay
results are expected in several weeks.

Labrador Iron Mines

Anglesey Mining plc's 33% owned associate Labrador Iron Mines Holdings Limited
(TSX: LIM) today filed its unaudited financial statements and Management
Discussion and Analysis for the third quarter and nine months ended December
31, 2011.

During the third quarter ended December 31, 2011, LIM continued mining
operations from its James Mine and treating material through its Silver Yards
processing facility. Transport of iron ore by rail to the Port of Sept-Iles
accelerated during the quarter and LIM completed the sale of its first three
shipments of iron ore. A stockpile of product is held at the Port awaiting
shipment in the new fiscal year.

Highlights for the start-up operating period from June 1, 2011 to December 31,
2011:

  * 1.2 million tonnes of ore mined including 438,000 tonnes of DRO at an
    average grade of 64.9% iron
   
  * 570,000 tonnes of ore fed to the Silver Yards plant, yielding approximately
    230,000 tonnes of lump and sinter fine product
   
  * 564,000 tonnes hauled to the Port of Sept-Iles, of which 386,000 tonnes
    were sold to IOC and shipped to China
   
  * Stockpile of approximately 178,000 tonnes of DRO remains at the Port for
    shipping in the 2012 season
   
  * Silver Yards Phase 2 plant expansion completed; Phase 3 construction
    underway to increase processing capacity and improve recoveries
   
These results are for the operating period beginning June 1, 2011 since mining
operations commenced at the James Mine and commissioning of the Silver Yards
processing plant was completed. All references in this press release to tonnes
are dry metric tonnes, unless otherwise indicated, and all references to years
are calendar years, unless otherwise indicated. The Schefferville Project is
not yet considered to have reached commercial production.

Results of LIM Operations

During the third quarter, LIM received proceeds totalling C$26.6 million from
the sale of its first two iron ore shipments from pre-commercial production.
The proceeds from the sale of the third shipment of iron ore are included in
accounts receivable at quarter end.

Approximately C$30.7 million was expended in mineral property interests, the
investment during the quarter relating mainly to development and operating
expenditures on the James deposit. This compares with the corresponding quarter
of the prior year of C$4.0 million which did not include any operating
expenditures.

Also during the third quarter, LIM invested approximately C$14.6 million in
property, plant and equipment, compared to approximately C$2.6 million invested
in the same quarter of the prior year. Of this total of C$14.6 million,
approximately C$7.8 million was invested in capitalized stripping and
dewatering the James deposit; approximately C$4.5 million was invested in the
beneficiation plant, including the completion of Phase 2 and the commencement
of Phase 3 of the Silver Yards processing plant; and approximately C$2.3
million was invested in transportation infrastructure and equipment.

For the quarter ended December 31, 2011, LIM reported a loss of C$1.7 million,
or C$0.03 per share, compared to a loss of C$1.3 million, or C$0.03 per share,
during the same quarter of the previous year. The variance in the results of
operations compared to the same quarter of the previous year relates largely to
transportation related start-up costs of approximately C$0.5 million combined
with an increase of C$0.3 million in depreciation due to an increase in
property, plant and equipment in use, offset by a foreign exchange gain of
C$0.3 million.

For the nine months ended December 31, 2011, LIM reported a loss of C$13.3
million, or C$0.25 per share, compared to a loss of C$3.4 million, or C$0.08
per share, during the same period of the previous year. The variance in the
results of operations relates largely to transportation related start-up costs
of approximately C$9.6 million expensed during the first nine months of the
current fiscal year and an increase of C$1.0 million of depreciation due to an
increase in property, plant and equipment in use, offset by a C$0.7 million
reduction in corporate administration and a foreign exchange gain of C$0.3
million.

Also during the nine months ended December 31, 2011, LIM invested approximately
C$61.5 million in property, plant and equipment, compared to approximately
C$11.0 million invested in the same period of the prior year. Of this total of
C$61.5 million, approximately C$17 million was invested in the Silver yards
beneficiation plant, including, in part, the purchase, transportation and
installation of Phase 2 and Phase 3 equipment; approximately C$24.8 million was
invested in capitalized stripping and dewatering the James deposit;
approximately C$18.2 million was invested in transportation infrastructure and
equipment; and approximately C$1.5 million was invested in buildings and office
equipment.

As at December 31, 2011, LIM had current assets of C$58.3 million, including
inventories with a carrying value of C$15.5 million and accounts receivable and
prepaid expenses of C$19 million and had working capital of C$25.6 million. At
December 31, 2011, LIM had a total of C$29.3 million in cash and cash
equivalents, including C$21.8 million in unrestricted cash and cash equivalents
and C$7.5 million in restricted cash. LIM remains debt-free.

LIM Operations

In its start-up pre-commercial production period, LIM successfully demonstrated
that mining activities and railing of lump ore to port could be extended into
the winter months.

From June 2011 into early December 2011, mining operations at the James Mine
reached an average rate of approximately 16,000 tonnes per day with a total of
1.2 million tonnes of ore and about 3 million tonnes of waste mined during the
year. Of the total production to the end of December, approximately 440,000
tonnes were direct rail ore, at an average grade of approximately 65% iron, of
which approximately 340,000 tonnes had been railed directly to Sept-Iles
without further processing.

The grade of the James ore encountered in the upper benches of the mine has
been, on average, in excess of expectations, while the bulk density of the ore
appears to be lower. Indications to date are that the James deposits appear to
be of higher grade but lower tonnage than predicted by geological resource
models. Mining is anticipated to resume in March 2012 with the commencement of
a waste stripping program.

Following commissioning and start-up in June 2011, the Silver Yards processing
plant gradually improved its performance and frequently achieved over 8,000
tonnes per day in September and October prior to its seasonal shutdown. By the
end of the 2011 operating season, approximately 570,000 tonnes of ore had been
fed to the plant, yielding approximately 230,000 tonnes of lump and sinter fine
products. Ramp up of the plant was slower than planned, due primarily to a
larger percentage of fine material than originally forecast which had tended to
blind the fine screens in the plant and necessitated a reduced throughput rate.

The Phase 2 expansion of the Silver Yards plant was completed during the fall
of 2011, designed specifically for fine material, and has resulted in an
improved throughput and recovery rate that took effect later in the year. A
third phase of the plant designed to recover ultra-fine material is under
construction as planned, and is expected to be operational by the end of June
2012. This expansion is intended to increase plant throughput to 12,000 tonnes
per day and improve weight recovery to above 75%.

Rail

To the end of December 2011, approximately 564,000 tonnes had been railed to
the Port of Sept-Iles. Railway operations were discontinued in mid-December.

LIM added a second train during the second fiscal quarter and had four
locomotives in operation. With the introduction of a second train and more
railcars, the tonnage transported to the Port of Sept-Iles increased
significantly during the third fiscal quarter. As previously reported, the
buildup in rail shipments was slower than originally planned but continued to
improve by the end of the 2011 operating season.

Iron Ore Sales

In 2011, approximately 386,000 tonnes of iron ore was sold to the Iron Ore
Company of Canada ("IOC"), pursuant to a confidential sales contract, and
delivered to Asian markets and sold by IOC's marketing organization on the spot
market. The sale price for iron ore sold to IOC was based on the actual
realized prices to Chinese customers, less participation for handling, loading,
shipping and sales costs. LIM believes that the benefits associated with the
sales to IOC, together with the benefits of the utilization of larger Cape Size
vessels, resulted in the most efficient shipping and sales arrangement in 2011.

On February 14, 2012, LIM announced that it had entered into a new agreement
with IOC for the sale of all of LIM's 2012 iron ore production. This 2012
confidential sales contract with IOC is similar, in operational and financial
terms, to LIM's 2011 sales agreement with IOC.

LIM Exploration and Development

With the Houston and Malcolm deposits as the main focus, the 2011 exploration
program was successfully completed and analytical results are continuing to be
received. Three drill rigs were in operation during the program as 11,500
metres of reverse circulation drilling was completed by the end of November. In
addition, 650 metres of trenching, 65 test pits and air-borne geophysics were
also completed during the season.

LIM Outlook for 2012

Mining will continue at the James North and James South deposits in 2012, with
planned total ore mined of between 2.5 to 3.0 million tonnes, together with
approximately 3.5 million tonnes of waste.

Subject to final operating plan and budget approval, it is now expected that
between 1.8 and 2.0 million tonnes of ore, including material from stockpiles,
will be treated in 2012, expected to yield up to 1.5 million tonnes of saleable
product. In addition, it is expected that about 500,000 tonnes of direct rail
ore from both the 2011 stockpile and from 2012 mining operations will also be
available for shipment in 2012, for a total 2012 production target of
approximately 2.0 million tonnes of iron ore.

Procurement and construction is well advanced for the Phase 3 expansion of the
Silver Yards processing plant to increase its production capacity to about 2
million tonnes per year. It is expected that the planned plant expansion will
be in place by mid-2012. The total revised Phase 3 project budgeted cost is
approximately C$20 million, of which approximately C$15 million has yet to be
expended. In addition, a camp expansion, storage building walls on the Silver
Yards plant, establishing grid power and various water management enhancements
are anticipated during 2012 at an additional investment of approximately C$20
million.

A drilling and exploration budget of C$12 million is planned for 2012,
including exploration drilling and sampling of C$7.5 million, together with a
geotechnical and metallurgical drilling program of C$4.5 million.

Development of Stage 2 Houston Deposits

LIM is also evaluating the development of a new separate Stage 2 operation for
the Houston deposits (South Central Zone) including in pit dry crushing and
screening which could be operated year round.

LIM has submitted an application to the Government of Newfoundland and Labrador
for the development of the Houston #1 and #2 deposits, including a haul road
and railway siding. LIM anticipates regulatory approval of this application in
early 2012, followed by construction leading to commencement of production of
ore in 2013. Subject to permitting, it is expected that initial mine
development at the Houston deposit will commence, including construction of a
haulage road, a railway siding and pre-stripping of the ore in the summer and
fall of 2012. In addition, a dedicated processing plant, likely to be located
at Redmond, will be evaluated in 2012 with a goal to submit permit applications
in 2013.

As of March 2011, the Houston deposits have a combined measured and indicated
resource of 22.1 million tonnes at an average grade of 57.3% Fe (Technical
Report - Mineral Resource estimation of the Houston Property mineral deposit
for Labrador Iron Mines Limited, prepared by SGS Canada Inc.- March 25, 2011).

LIM is in the process of preparing detailed mine plans and detailed capital and
operating estimates for the development of the Houston deposits. Development
costs for the first phase of the Houston project are estimated to be up to
approximately C$35 million, with all mine operating equipment supplied by the
mining contractor. Additional capital expenditures will be required in future
years as the other Houston deposits are developed into production. These
estimates do not include the capital cost of a new dedicated processing plant,
which is not planned for the Houston project in the immediate term.

Increased Rail Capacity

To enable increased railing capacity in 2012, two additional trains will be
introduced, for a total of four trains consisting of 120 railcars each. LIM
will commence the 2012 railing season in April with three trains, and is
expected to add a fourth train by the early summer. To achieve this, and to
provide an adequate allowance for repairs, LIM plans to have 555 railcars in
service during 2012. Included in this figure are 400 previously purchased
railcars, 10 leased railcars, and 145 used railcars that were purchased in
January 2012 and are expected to be in operation by early summer 2012. LIM has
established its Centre Ferro maintenance and repair facility in Sept-Iles and
it is now operating on a full time basis to maintain the fleet of rail cars.

Proposed new Multi-User Deep Water Dock at Sept-Iles

The port handling arrangements for future years beyond 2012 remains subject to
ongoing evaluation and finalization. LIM has an agreement with the Sept-Iles
Port Authority for the potential use of the Pointe aux Basques terminal for
handling and ship loading of LIM's iron ore in future years. On February 13,
2012, the Government of Canada announced that it will invest up to C$55 million
and will contribute to the construction to a new multi-user deep water dock in
the Port of Sept-Iles, equipped with two ship loaders as well as two conveyer
lines, that meet with new loading standards in the iron ore industry. This
project will make it possible to improve the performance, capacity and
competitiveness of the port facilities. The new multi-user deep water dock is
expected to be completed by March 31, 2014.

Iron Ore Price Outlook

There has been a period of great volatility in the iron ore market in recent
months. Forecasts for prices in 2012 and beyond remain somewhat mixed. The
economic situation in Europe will continue to have a significant effect,
particularly if the German and French economies slow further and reduce
European demand. Chinese growth continues though perhaps at a slower rate in
2012 than previously anticipated. The supply-demand balance is not yet clear
for 2012, though a number of analysts are forecasting a price in the USD$140 to
USDC$150 range per tonne CFR China for the first half of the year, rising to
the USD$150 to USD$160 per tonne CFR China range in the second half of the year
for 62% Fe sinter product. With the current level of price volatility observed
in the market, established producers in the Labrador Trough have a lower risk
profile than companies advancing projects at an earlier stage.

Parys Mountain

A further exploration programme commenced at Parys Mountain in December to
target the potential sub-outcrop location of the Engine Zone mineralization.
The Engine Zone has been shown to be a major resource bearing structure around
the bottom of the Morris Shaft at a depth of 300 to 400 metres. During the last
drilling programme in 2007 and 2008 the Engine Zone was traced upwards to a
depth of about 200 metres. The current programme is intended to identify the
location of the Zone at even shallower depths.

The initial part of the current programme which included an Induced
Polarisation geophysical survey and an associated Deep Overburden geochemical
survey has now been completed and allowed the planned location of a series of
relatively shallow drill holes to be determined. Currently two diamond core
holes have been completed for a total depth of 480 metres and a third is in
progress to a planned depth of approximately 180 metres. A fourth such hole is
planned and when the results from all these holes have been reviewed the second
stage of this current programme will be commenced. It is anticipated that a
total of around 2,000 metres will be drilled in both these stages.

Demonstrating the existence of the Engine Zone at these shallower depths with
sufficient continuity would enhance the development of the nearby White Rock
Zone as a relatively shallow 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 options available for the White Rock and potential shallow Engine
Zone will be carried out.

A broader review of the various commercial options available for the project
will be carried out within the next few months. Parys Mountain is in a
politically stable environment with planning permission for initial operations;
first stage development with substantial local infrastructure is in place.
Given the expected growth in demand for base metal concentrates in the next few
years, the board believes the Parys project represents a significant asset not
properly represented in the share price, which itself is at a discount to the
value of the Labrador asset alone.

About Labrador Iron Mines Holdings Limited (LIM)

LIM is engaged in the production and development of its 100% owned
Schefferville Area direct shipping iron ore (DSO) properties in the Labrador
Trough of western Labrador and northeastern Quebec. LIM commenced production
from the James Mine in June 2011 following the successful construction and
commissioning of the mine and Silver Yards processing plant earlier in the
year.

LIM contemplates mining in stages. The first phase of Stage 1 comprises the
James Mine and the Silver Yard processing plant which is connected by a rail
spur to the main Schefferville to Sept-Iles railway. Through a phased expansion
program, LIM plans to grow its iron ore production through the subsequent
development of adjacent deposits.

About Anglesey Mining plc

Anglesey Mining with its LSE main board listing is primarily focused on its 33%
interest in Labrador Iron Mines (TSX: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 contact:

Bill Hooley, Chief Executive [phone];

Ian Cuthbertson, Finance Director [phone];

Samantha Harrison / Shaun Whyte, Ambrian Partners Limited [phone];

Emily Fenton / Jos Simson,

Tavistock Communications [phone] / [phone].