Final Results

ANGLESEY MINING PLC
16 September 1999

Anglesey Mining plc today announces its preliminary results for the year 
ended 31 March 1999.

The loss for the year before taxation was £111,465 (1998 £97,551). The group
has no revenues from the operation of its properties and almost all of this
loss represents interest, administrative and corporate expenses which, in
accordance with the group's accounting policy, are charged to the Profit and
Loss Account. During the year fixed assets totalling £1,191 (1998 - £121,549)
were acquired, £281,419 (1998 - £414,658) was capitalised in respect of the
development of the Parys Mountain property, £13,885 was capitalised in respect
of the Dolaucothi property and £88,220 (1998 - £98,551) was expended on
corporate costs, administration expenses and the investigation of exploration
and development opportunities. The expenditure on development at Parys
Mountain decreased in comparison with last year because there were no costs
associated with the acquisition of the leasehold and freehold of Parys
Mountain or the acquisition of Parys Mountain Mines Limited.

The group is continuing the exploration of the Parys Mountain property by its
geological re-assessment programme. A major lithogeochemical study and review
of Parys Mountain geology was completed during the year. A programme of
diamond core drilling is planned. Drilling took place at Dolaucothi and
further geological evaluation is planned there. In order to carry out all
these activities further funding will be required. In June and December 1998
further working capital agreements with Juno were negotiated in order to
provide funding for the company's activities. The directors remain attentive
for opportunities to be involved in appropriate new mineral ventures and are
reviewing several such opportunities at present. 

Chairman's statement 

Although lack of finance restricted active field programmes, Anglesey Mining
continued to make headway during the past year.  Exploration continued at
Parys Mountain with the drilling of a fourth diamond drill hole and the
completion of major geological studies initiated in 1995.  At the Dolaucothi
gold property diamond drilling provided very encouraging results.

This progress has been achieved against a background of great difficulty for
the mining and mineral industry.  In particular prices for gold and copper
have been plumbing new depths, with predictable effects of lowered confidence
within the industry and negative attitudes towards it.  These are features of
a cyclical business and are felt most keenly when the downturns are as
prolonged and severe as that now being experienced.

Parys Mountain

As we have previously reported to shareholders, our objective is to carry out
a major drilling programme at Parys Mountain to increase reserves.  The plan
is to drill about 10,000 metres in 10 to 15 holes, much of this in the eastern
parts of the property which are largely unexplored to date.  This planned
programme is budgeted to cost about £500,000 and would last at least one year.
 Obviously this programme requires new funding.  However recent financing
conditions in the minerals industry have been the worst in memory and new
funding efforts will not be undertaken until market conditions permit.

The company has concentrated its efforts on geological and scientific studies
with limited field work and drilling.  Much has been accomplished during the
past year as the multi-disciplined geological study reached conclusion. 
Palaeontological, geochronological, lithogeochemical and geological studies
were completed by the company's own staff and consultants together with the
British Geological Survey and Cardiff and Leicester Universities.

The results of all of these studies have considerably improved the knowledge
base of Parys Mountain and enhanced the potential for expansion of reserves in
the east and north-east parts of the property where the target horizon (the
Engine Zone) has not previously been tested.  It is clear that the property
requires and justifies further detailed exploration and a major new drilling
programme once funding is available. 

Dolaucothi

Anglesey Mining acquired the Dolaucothi property in late 1997 because of its
potential for a small 'model' gold mining operation that would attract the
price premium for Welsh gold and be compatible with the special requirements
of a historically significant site.  The property is situated at Pumpsaint
near Lampeter, Dyfed, south Wales. 

We have been very encouraged by the initial exploration results.  Two holes
were drilled over the past year as part of the research and training programme
of the Department of Earth Sciences at Cardiff University.  Assay results
(released in April) indicated high grade gold values over widths up to 2.5
metres.  These holes intersected mineralised quartz veins within a newly
identified deformation zone.  The identification of the deformation zone and
the four new mineral intersections below the old Roman lode have opened up a
new target area and have extended the gold mineralisation known on the
property.  These results provide considerable encouragement and will be
followed up.  

Financial Position

In 1998 the company concluded extensions to the financing agreements with Juno
Limited, its major shareholder.  To date Juno has advanced almost £500,000 to
fund ongoing programmes and working capital.  The loans from Juno are
denominated in sterling, unsecured, carry interest at 10% and are repayable
from any future financings.  These agreements have enabled our activities to
be continued on a limited basis.  However, additional funding will be required
to increase exploration and drilling activities and to expand the asset base
of the company.

New projects

We believe that despite the continuing low metal prices and lack of investor
interest in the mining sector, conditions will look up in the near future.  In
order to position the company to take advantage of the anticipated improvement
in the metal cycle we continue to evaluate other mining and mineral
development opportunities.  Over the past year we have been reviewing
opportunities for both polymetallic massive sulphide (VMS) deposits and other
types of base metal deposit.  We are looking for projects similar to Parys
Mountain, where there is potential for near-term production, or projects where
we can apply the company's technical expertise and which are located in areas
with good infrastructure and low political risk.  In this regard, the company
has identified a number of projects that it plans to pursue depending upon the
availability of financial resources.  Specifically, we are reviewing an
opportunity relating to a known undeveloped zinc deposit in Ireland which has
recently been placed on the market, as well as other exploration projects
within the British Isles.

Outlook

Anglesey Mining has made good progress in very poor conditions for the
industry and is poised on the brink of an exciting drilling programme on its
core asset at Parys Mountain.  In addition, a new strategy has been developed
to broaden the asset base of the company.  At this low point in the metals
cycle, there are many opportunities and we are confident that we will shortly
be able to acquire suitable projects that are within our capabilities.  We
believe that the broader asset base and a focused approach will facilitate our
financing efforts.  

World metal prices have had another bad year but the outlook, particularly for
zinc, is quite positive.  There has also been some slight improvement in the
copper price recently.  Unfortunately, gold prices have reached twenty year
lows, partly because of the extraordinary and regrettable decision by the
Government and the Bank of England to sell off almost half of the country's
gold reserves.  However mining is a cyclical industry and better metal prices
and investor interest will undoubtedly return.  We intend to be in a position
to advance quickly as soon as market conditions permit.

I would like to thank the company's employees, directors, consultants and
advisors for their continued enthusiasm and I should also like to commend
shareholders for their continuing patience and support.

John F. Kearney 
Chairman   
16 September 1999


Balance sheet at 31 March 1999
                                    Group                    Company
                                1999       1998        1999        1998
                                   £         £           £           £
Fixed assets                                                       
Intangible assets          12,025,673  11,730,369  11,844,903  11,563,484
Tangible assets               186,839     186,490     186,839     186,490
Investments                        -           -      100,001     100,001
                                                                   
                           12,212,512  11,916,859  12,131,743  11,849,975
                                                                   
Current assets                                                     
Debtors                        99,884      99,300     276,668     262,184
Cash                           11,936     126,426      11,936     126,426
                                                                   
                              111,820     225,726     288,604     388,610
                                                                   
Current liabilities                                                
Creditors within one year    (503,265)   (298,975)   (599,265)   (394,975)
                                                                   
Net current liabilites       (391,445)    (73,249)   (310,661)     (6,365)
                                                                   

                           11,821,067  11,843,610  11,821,082  11,843,610
                                                                   

                                                                   
Shareholders' funds                                                
                                                                   
Share capital               6,607,693   6,518,371   6,607,693   6,518,371
Share premium account       5,737,946   5,738,346   5,737,946   5,738,346
Profit & loss-deficit        (524,572)   (413,107)   (524,557)   (413,107)
                                                                   
                                                                   
                           11,821,067  11,843,610  11,821,082  11,843,610


Analysis
Equity s'holders funds     10,959,889  10,982,432  10,959,904  10,982,432
Non equity s'holders funds    861,178     861,178     861,178     861,178




Profit and loss account for the year ended 31 March 1999                      
                            
                                                1999        1998
                                                   £           £
Turnover - continuing operations                   -           -
Net operating expenses                      (88,220)    (98,551)
                                                                
Operating loss - continuing operations      (88,220)    (98,551)

Interest receivable                            4,289       9,427
Interest payable                            (27,534)     (8,427)
                                                                
Loss on ordinary activities before tax     (111,465)    (97,551)
                                                                
Tax on loss on ordinary activities                 -           -
                                                                
Retained loss for the year                 (111,465)    (97,551)
                                                                
Loss per share - basic                   (0.1) pence (0.1) pence
Loss per share - diluted                 (0.1) pence (0.1) pence
                                                                

The annual general meeting is called for 3pm on 20 October 1999.  
The accounts on which this preliminary statement is based have been audited 
and whilst the auditors continue to draw attention to fundamental 
uncertainties, their report is not qualified.

Further details of the company and a complete set of accounts are available on
the company's web site www.angleseymining.co.uk.


Contacts :

Ian Cuthbertson                        John F. Kearney
Company Secretary                      Chairman
01248 361333                           001 416 362 6686