Final Results

Preliminary statement of results 2005

It gives me great pleasure to report to shareholders on a significantly improved
position for our company. The higher metal prices on which we reported last
August have consolidated and the consensus of analysts' forecasts is that these
higher prices will continue for some time. We have raised capital through a
placing and have started the drilling programme at the Parys Mountain copper-
zinc-silver-gold property. We are also reworking our plans and studies for
putting the project into production.

Much of these improvements are due to increases in prices of base and precious
metals which have significantly improved the projected returns from the planned
development of our polymetallic deposit at Parys Mountain. The zinc price rose
to a seven year high in March 2005, zinc inventories continue to decline (with
occasional variations) and
zinc is expected to be in a strong supply deficit for the next two years. The
price of copper recently reached record highs and LME stocks of this metal are
at a 31 year low. The price of silver has been steadily above US$7 per ounce and
the outlook is positive due to the continued deficit in mine production and the
depletion of silver inventories. All of these factors are very positive for the
Parys Mountain project.

After the year end, in April 2005, the company completed a fundraising of
£464,000 by way of a private placing of 11,600,000 new ordinary shares at 4
pence per share to 18 institutional and/or sophisticated investors. This new
financing will give the company the opportunity it has been waiting for to move
the Parys Mountain project forward. We are utilizing the funds to start the long
awaited planned drilling programme at Parys Mountain and to bring our studies
and plans for the development of the property up to date.

The Parys Mountain property has a currently known polymetallic resource of 6.5
million tonnes at over 10% combined metal which, in the first few years of
operation, would produce revenue from zinc (41%), copper (28%), lead (19%),
silver (9%) and gold (7%). Later in the mine life these ratios will move to a
more equal balance of zinc and copper. We believe there are excellent prospects
for a discovery of further resources on the Parys Mountain property.

The drilling programme, which commenced in early June 2005, is planned to
consist of approximately 2,000 meters of surface diamond drilling in four or
five holes to further explore for copper, zinc, silver and gold mineralization
at three different targets: Northern Copper zone; Engine zone and White Rock
zone.

Historically, the Parys Mountain property was a major copper producer and in the
late 1700s was reputed to be the largest copper mine in the world. It is
important to note that mineralization at Parys Mountain, as demonstrated both by
historic findings and recent drilling and underground development, occurs at
three different stratigraphic geological horizons. The large-scale open pit mine
from 1780 until 1800 was centred on predominantly copper mineralization hosted
by shales interbedded within a volcanic setting. The later underground mining
was of shale- hosted siliceous ores at the top of the volcanic succession,
whilst the deeper predominantly zinc-rich massive sulphides discovered by
drilling in the 1970s is chiefly found between the shales and rhyolites at the
base of the volcanic succession.

The proposed drilling is based on results from a comprehensive reassessment of
the geology at Parys Mountain carried out by Anglesey Mining over the past seven
years. This reassessment concluded that despite its long history the Parys
Mountain deposit is only partially explored and that considerable potential
remains to significantly upgrade the resource base of the property.

Financial Results

For the year ended 31 March 2005 the company reported a loss of £124,822,
compared to a loss of £120,005 in the previous year. The loss comprises
administrative costs, property evaluation costs and interest expense. The
company has no revenue from the operation of its property.

Outlook

Good prices for the metals we propose to mine, plus a relatively short timeframe
needed to get the mine into production, are very favourable indicators for the
Parys Mountain property. We look forward to an encouraging and exciting period
as the drilling programme and project review work at Parys Mountain continues
over the coming months.

John F. Kearney
Chairman
28 June 2005


Consolidated Unaudited Profit and Loss account for the year ended 31 March 2005
                                              2005       2004
                                                £          £
Turnover - continuing operations              -            -
Administrative expenses                   (56,665)     (49,557)
Operating loss on ordinary
activities                                (56,665)     (49,557)

Interest receivable and similar
income                                      2,434        1,908
Interest payable and similar
charges                                   (70,591)     (72,356)

Loss on ordinary activities
before taxation                          (124,822)    (120,005)

Tax on loss on ordinary
activities                                      -            -

Loss on ordinary activities after
tax and retained loss for the year       (124,822)    (120,005)

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


Consolidated Unaudited Balance Sheet at 31 March 2005

                                       Group
                                  2005         2004
                                    £            £
Fixed assets
Intangible assets              5,274,601   5,217,006
Tangible assets                  185,602     186,102
Investments                         -         -

                               5,460,203   5,403,108

Current assets
Debtors                          110,610     108,819
Cash at bank and in hand          44,070       1,266

                                 154,680     110,085

Current liabilities
Creditors - amounts falling
 due within one year          (1,683,501) (1,456,989)

Net current liabilities       (1,528,821) (1,346,904)

Total assets less
current liabilities            3,931,382   4,056,204


Capital and reserves

Share capital - equity         1,162,414   1,162,414
Share capital - non equity     5,510,833   5,510,833
Share premium account
             - equity          5,737,146   5,737,146
Profit & loss account
             - equity         (8,479,011) (8,354,189)

Shareholders' funds            3,931,382   4,056,204

(Note: The placing referred to above was not completed until after the year
end).


Consolidated Unaudited Cash Flows for the year ended 31 March 2005
                                              2005              2004
                                                £            £
Net cash outflow from continuing
   operating activities                        (10,655)      (36,095)

Returns on investments and servicing of finance
   Interest received                               565            39
   Interest paid                                   (12)          (41)

                                                   553            (2)


Capital expenditure and financial investment
   Payments to acquire intangible fixed assets  (7,094)       (9,897)
   Payments to acquire tangible fixed assets        -            -

Net cash outflow from capital investment
 & financial investment                         (7,094)       (9,897)

Net cash outflow before financing              (17,196)      (45,994)

Financing
   Increase in loans                            60,000        45,000

                                                60,000        45,000

Increase/(decrease) in cash                     42,804          (994)

These financial statements are unaudited. In 2004 and earlier years the auditors
issued an unqualified but non-standard audit report, making reference to matters
of going concern and the impairment of development expenditure. The company
expects that the audit report for 2005 will be couched in similar terms.

Contacts J F Kearney + (1) 416 362 6686
     Ian Cuthbertson + (44) 1248 361333