Drilling Report High grade intersection at Par...

Report on drilling progress

Released 7 September 2005

HIGH GRADE INTERSECTION AT PARYS MOUNTAIN

Anglesey Mining plc is pleased to report highly encouraging drill results,
including an intersection grading 40% combined base metals and 886 grams per
tonne of silver (25 ounces per ton) over 2.5 metres.

Hole AMC 15, the first to be drilled on Parys Mountain since 1997, was completed
on 8 August 2005 at a depth of 632 metres and, as previously announced,
intersected the Engine zone massive sulphide horizon at a depth of 562 metres
along the northern margin of the Parys Mountain volcanic complex.

This announcement reports the assay grades obtained so far from hole AMC 15
where an intersection of 2.5 metres at the Engine zone horizon recorded values
of 22.2% zinc, 11.9% lead and 6.3% copper, together with 886 grams silver and
0.46 grams gold per tonne, while a narrow intersection at the newly identified
central zone horizon returned grades of 15.2% zinc, 8.5% lead and 8.4% copper.


INTERPRETATION

The high grade intersections recorded in both zones in AMC 15 contain metal
grades which are amongst the highest recorded at Parys Mountain. Previous
drilling had encountered quite a number of intersections with a total metal
content over 30%.

Central zone intersection

At a depth of 366 metres AMC 15 intersected a horizon of intensely altered
volcanics and sediments containing a small section of massive sulphides grading
8.4% copper, 8.5% lead and 15.2% zinc. This is 100m east of corresponding
intersections in (a) hole H30 (12.2m averaging 1.1% copper, 5.1% lead and 7.8%
zinc) and (b) 290m east of an intersection in hole A15 (6.6m averaging 0.8%
copper, 2.3% lead and 4.1% zinc). These intersections are aligned along the
northern margin of the Parys Mountain volcanic complex within a well defined
stratigraphic horizon. The narrow intersection of the shallower lying zone in
hole AMC 15 gives this emerging new zone a potential strike length exceeding 500
metres.

Engine zone intersection

200 metres deeper, at 563 metres, AMC 15 intersected 2.5 metres of massive
sulphides grading 6.3% copper, 11.9% lead, 22.2% zinc, 886 g/t silver and 0.46
g/t gold in the main Engine zone horizon. This intersection lies 100 metres east
of an earlier intersection in drill hole H30 (4.9m averaging 1.3% copper, 1.5%
lead and 3.9% zinc). These Engine zone intersections are also spatially
associated with the northern margin of the Parys Mountain volcanic complex, 200m
below the Central zone horizon.

The intersection of these massive sulphide zones in AMC 15 has demonstrated the
validity of the company's geological interpretation and has indicated the
continuation of the Engine zone at least 100 metres east of the nearest previous
intersection in drillhole H30.


Assay results to date

  From (m)      Interval (m)     Cu %     Pb %      Zn %     Ag g/t   Au g/t
   366.25           0.20         8.4      8.5       15.2       11      0.06    Central zone
   549.35           1.50         2.9      0.05      0.1        12      0.01
   562.70           2.50         6.3      11.9      22.2      886      0.46    Engine zone

Assays were conducted by Omac Laboratories in Ireland. The gold assays are
provisional.


CONCLUSION

"We are very pleased with the results from AMC 15" said John Kearney, chairman.
"We have been waiting for results like this for some years. The high grade of
the mineralisation, particularly of zinc and copper, demonstrates the potential
of the Parys Mountain property, confirms the validity of our geological model
and justifies our confidence in this drilling programme."

The probable ore reserves upon which the 1990 positive feasibility study of the
Parys Mountain mine was based, lie principally at the Engine zone horizon along
the western end of the volcanic complex. Potential for the continuation and
extension of massive sulphide mineralization at the same Engine zone horizon
along the northern margin of the volcanic complex, over a strike length of 1.5
km, is very considerable. With the exception of AMC 15 and H30, however, this
target remains unexplored.

The company believes that there is potential for the discovery of major bodies
of massive sulphide mineralization, similar to those outlined in underground
development and drilling by Anglesey Mining in the early 1990s, over a strike
length of 1.5 km following the northern contact of the Parys Mountain complex,
at both the horizons intersected by AMC 15.

The next drill hole of the 2005 programme, AMC 16, started on 16 August, has
been sited to further explore both of these horizons between previous drill
holes H30 and A15.


Contacts J F Kearney + (1) 416 362 6686

       Ian Cuthbertson + (44) 1248 361333