Parys exploration underway - project review con...

Anglesey Mining plc

2 December 2011

Continuation of Parys Mountain Review

Exploration activities underway

  * New phase of site exploration activities commenced at Parys Mountain
   
  * Review of development options for Parys project by Spring 2012
   
Anglesey Mining plc (AYM:LSE) is pleased to announce that it has commenced a new
phase of site exploration activities at its Parys Mountain site on the island
of Anglesey, North Wales. These activities are part of the first stage in a
review of the development options available for the Parys Mountain project.

Parys Mountain in which Anglesey Mining holds a 100% interest is a
copper-zinc-lead project with historical resources of 7 million tonnes at over
9% combined metal.

This first stage includes an Induced Polarisation (IP) geophysical survey and
an associated Deep Overburden (DOB) geochemical survey. This work is targeting
the potential sub-outcrop location of the Engine Zone mineralisation. The
Engine Zone has been shown to be a major resource bearing structure in the area
around the bottom of the Morris shaft at some 300 to 400 metres below surface.
It has been traced up-dip to a depth of about 200 metres and the present
programme is aimed at determining its location closer to surface. This current
work is expected to be completed within one week and the analysis and review of
the resulting data will be available shortly thereafter.

The second stage will involve a diamond drilling program targeting the Engine
Zone above the 200 metre level. The initial drilling programme will consist of
4 holes totalling around 800 metres of drilling, and depending upon results
obtained, a further six to eight holes for an additional 1,200 metres of
drilling could follow. This drilling program is expected to commence within a
month.

The location of the Engine Zone at these shallower locations is likely to be
close to the shallow White Rock zone which was identified during a drilling
programme which took place between 2006 and 2008. If this zone extension can be
identified then the economics of a relatively small decline-based mining
operation on both the White Rock and shallow Engine Zones will be much
enhanced. Consultants Micon International carried out a scoping study on the
White Rock concept in 2007. Planning permission for a decline and mining in this
vicinity and for the operation of a processing plant adjacent to the decline
portal remains in place.

In parallel with the drilling programme a review of the current options
available for the development of Parys Mountain will be carried out. This
review will initially concentrate on near term alternatives including the
shallow White Rock and Engine zones but could be expanded to include the entire
resource base and exploration potential at Parys Mountain. The results from
this review will be expected by spring 2012 and will provide sufficient
information to enable the future development plan for the project to be
determined. In addition these results will provide guidance on the best
commercial route for such development and the extent of any third party
technical and financial input that may be required.

Investor activities

Anglesey Mining plc will be exhibiting at this year's Mines and Money Show at
the Business Design Centre in Islington on Tuesday and Wednesday 6 and 7
December from 8.30am to 5.000pm. Any shareholders wishing to visit us on stand
B9 will be welcome.

Investors or potential investors are also warmly invited to attend our One2One
Investor Forum at the Chesterfield Mayfair Hotel in London on Thursday 8
December from 6pm where the chief executive Bill Hooley will be making a
presentation. Please contact [e-mail] for further details
of this event.

For further details:

Bill Hooley, Chief Executive                                    01492 541981
Ian Cuthbertson, Finance Director                               01248 361333

Ambrian Partners, Samantha Harrison/Shaun Whyte                 020 763 44700

Tavistock Communications, Emily Fenton/Jos Simson               020 7920 3155