Final Results

Anglesey Mining PLC
27 July 2001


Preliminary results for the year ended 31 March 2001


Chairman's statement

Perhaps the best thing that can be said about the past year is that the
company successfully avoided engaging in the 'new economy' sector. A number of
projects that we were told were very attractive were evaluated: none were felt
to be sufficiently robust. Whether by good fortune or perceptive management we
can now be glad that the company did not become involved in this area of
business.
The positive development that came out of the crash of the 'dot coms' is that
investors and institutions, for the first time in a few years, appear willing
to consider opportunities in the mineral sector of the traditional economy and
to again invest in mining companies. In this market environment, the board has
determined to 'stick to its knitting' within the mineral industry.
During the year we conducted a detailed evaluation of the Bula zinc deposit in
Ireland which had been placed on the market by its bankers and, in joint
venture with Minco plc, submitted an offer to the receiver. Unfortunately, we
were not successful and were outbid by Tara Mines Limited, a wholly owned
subsidiary of Outokumpu OYG, which operates the large Tara mine which forms
the extension of the Bula orebody, and which has agreed to buy the Bula assets
from the receiver for IR£27.5 million (£21.5 million) subject to court
approval and other conditions.
During the past year we also evaluated a number of other mining opportunities
including projects in Europe, Russia and China but, despite our efforts, no
specific transaction has been concluded.


Parys Mountain

Closer to home we have continued to improve the Parys Mountain property. We
were not able to undertake our planned major drilling program due to shortage
of funds. However work during the past year concentrated on two studies on the
geology of Parys Mountain which have led to the identification of a potential
new zone of mineralisation on the property.
The potential new zone lies at the western end of the property, down dip from
the White Rock zone, separated by faulting from the major part of the property
and within a few hundred metres of the Morris shaft. It is believed to be
comparable to the Northern Copper zone (a lens of disseminated/semi-massive
sulphide estimated in the 1960s to contain 30 million tonnes averaging 0.7%
copper, with minor zinc and lead) which lies to the north and down dip of the
Carreg y Doll zone from which most of the underground mining took place
throughout the first half of the nineteenth century. The potential new zone
lies to the west and down dip of the White Rock zone (which contains a
possible mineral resource of 1.5 million tonnes with grades averaging 5.81%
zinc, 3.02% lead and 0.41% copper) within the same stratigraphic relationship
to the White Rock zone as the Northern Copper zone has to the Carreg y Doll
zone.

The identification of this potential new zone is very important because it
opens up a second major exploration target, and new zone, to the west. The
upper part of this potential new zone lies at reasonable depths and within
close proximity to the existing Morris shaft. The identification of this new
zone demonstrates again the unexplored potential of the entire Parys Mountain
property. It is not possible to estimate the size or grade of the new zone
without further drilling.
The company plans as soon as possible to undertake financing for a drilling
programme to explore both this potential new zone and the previously
identified exploration target areas on the Engine zone. Such a programme has
the potential to very significantly increase the value of the mineral deposits
at Parys Mountain.


Financial Results

The financial results for the year show a loss of £118,051, before exceptional
items, compared to a loss of £164,184 in the previous year. In accordance with
the relevant accounting policy, the carrying value of development costs of the
company's intangible fixed assets was reviewed and compared to its estimated
recoverable value at the balance sheet date. Following this review it was
determined to make an impairment provision of £3,000,000 against the
accumulated development costs of the Parys Mountain property. This exceptional
item increased the loss for the year to £3,118,051. I would like to emphasise
that making this accounting provision in no way indicates any kind of negative
re-evaluation of the potential of the property.
Expenses during the year were kept to a bare minimum. In an effort to minimize
costs the company is in negotiation with the lessor of the eastern part of the
Parys Mountain property, who also holds a royalty on the entire property, with
regard to the settlement of outstanding rent and a reduction of the rent and
royalty payable. The company has successfully negotiated with the Crown
Commissioners a temporary reduction on the rent payable for the lease of the
Dolaucothi gold property. Due to the low gold price no work was carried out at
Dolaucothi during the year.


Funding

It is now important that the company seek additional financing for its planned
exploration programmes and any new opportunities. In order to provide greater
flexibility in the financing of the company it is proposed to put resolutions
to the forthcoming AGM to reduce the nominal value of the company's shares
from 5 pence to 1 penny and to continue the authority of the directors to
issue shares.

Anglesey Mining has been fortunate to have been able to attract the support of
its directors, advisors, consultants and major shareholders and I would like
to thank them for this continued support.

John F. Kearney
Chairman

27 July 2001


Consolidated balance sheet at 31 March 2001
                                     Group                        Company
                              2001           2000           2001           2000
                                 £              £              £              £
Fixed assets
Intangible assets         9,219,362    12,143,953      9,028,435     11,954,276
Tangible assets             185,573       186,206        185,573        186,206
Investments                       -             -        100,001        100,001
                          9,404,935    12,330,159      9,314,009     12,240,483
Current assets
Debtors                     100,785       100,729        287,771        286,435
Cash at bank and in hand        744         3,630            744          3,630

                            101,529       104,359        288,515        290,065
Current liabilities
Creditors - amounts due
   within one year         (902,678)     (734,983)      (998,678)      (830,983)

Net current liabilities    (801,149)     (630,624)      (710,163)      (540,918)

Total assets less
    current liabilities   8,603,786    11,699,535      8,603,846     11,699,565

Capital and reserves
Share capital             6,673,247     6,650,745      6,673,247      6,650,745
Share premium account     5,737,346     5,737,546      5,737,346      5,737,546
Profit & loss
account - deficit        (3,806,807)     (688,756)    (3,806,747)      (688,726)
                          8,603,786    11,699,535      8,603,846     11,699,565
Shareholders' funds
Equity                    7,742,608    10,838,357      7,742,668     10,838,387
Non equity                  861,178       861,178        861,178        861,178


Consolidated profit and loss account for the year ended 31 March 2001

                                                 2001             2000
                                                    £                £
Turnover - continuing operations                    -                -
Net operating expenses                        (59,637)         (115,929)
Exceptional item:
      Provision for impairment
         of intangible assets              (3,000,000)                -
Loss on ordinary activities
     before interest & taxation            (3,059,637)         (115,929)
Interest receivable                             3,132             2,693
Interest payable                              (61,546)          (50,948)
Loss on ordinary activities                
      before taxation                      (3,118,051)         (164,184)     
Tax on loss on ordinary activities                  -                 -
Loss for the financial year                (3,118,051)          164,184)

Loss per share - basic                           (2.7) pence       (0.1) pence
Loss per share - diluted                         (2.7) pence       (0.1) pence  

                                          

                                                 
The group has no recognised gains or losses other than the losses shown above
and therefore no separate statement of total recognised gains and losses has
been presented.

There is no difference between the loss on ordinary activities before taxation
and the retained loss for the year stated above, and their historical cost
equivalents.


Consolidated cash flow statement for the year ended 31 March 2001

                                                           2001        2000
                                                              £           £
Net cash outflow from continuing
      operating activities                              (26,753)    (96,948)
Returns on investments and servicing of finance         
     Interest paid                                         (141)          -

Capital expenditure and                                    
 financial investment
     Payments to acquire
     intangible fixed assets                             (6,491)     (74,895)
Net cash outflow from capital
     investment & financial investment                   (6,491)     (74,895)

                                                        
Net cash outflow before financing                       (33,385)     (171,843)
Financing
        Increase in loans                                30,699       163,937 
        Expenses of share issues in year                   (200)         (400)
                                                         30,499       163,537

Decrease in cash                                         (2,886)       (8,306)
                                        

As in previous years, the auditors report on the financial statements will
contain explanatory paragraphs regarding fundamental uncertainties in respect
of the going concern basis and the valuation of intangible fixed assets,
however it will not be qualified in respect of these matters.


Contacts :
Ian Cuthbertson                           John F. Kearney
Company Secretary                         Chairman
(44)1248 361333                           (1)416 362 6686