Half-yearly report

Anglesey Mining plc                                          LSE:AYM

Interim Report 2007

Chairman's statement - November 2007

In last year's interim report we described a period of major developments and
significant progress for the company. I am pleased to be able to report this
year that progress has accelerated and that we now intend to begin a series of
further developments which will radically change the fortunes of the group.

Labrador

Most of these developments have been communicated to you in the recently
published annual report. Since that report a circular describing in detail the
proposed initial public offering (IPO) in Canada of our Labrador properties was
sent to shareholders on 6 November 2007 and on 21 November a letter supplemental
to that circular was posted to shareholders setting out the terms on which the
IPO is proposed to be carried out. We are extremely pleased with the very
positive reception which the IPO met with in both North America and in Europe,
and with the terms on which it is now proposed, subject to shareholder approval,
to carry out the IPO. These proposals will result in funding of up to
approximately £26 million at the current rate of exchange, prior to expenses,
being received by the newly floated company. The group will at that point hold
over 50% of the new company, Labrador Iron Mines Holdings Limited.

This funding will enable the Schefferville project to move forward rapidly
towards production of lump and sinter fines iron ore for direct sale into world
markets. First production is currently expected to occur in 2009.

Parys Mountain

At Parys Mountain we have cleared and fenced the site of the planned new decline
which will provide access between the proposed processing plant and the existing
300 metre deep production-sized shaft. From the shaft the decline will spiral
down allowing access first to the newly discovered White Rock area and later to
the deeper higher grade Engine Zone and other resource zones. Additional funding
will be required to complete this decline and other work associated with the
move to production, and we are in discussions with a number of potential sources
of such finance. Contracts for the initial excavation of the box cut which leads
to the decline portal have been let; a contract for the decline itself is in the
course of preparation and it is our intention to commence underground excavation
in January 2008.

Approval of the detailed plans for the decline box cut excavation and related
works, as required by the conditions of the company's existing and valid
planning permission granted in 1988, has been received from the Isle of Anglesey
County Council, the relevant mineral planning authority.

A detailed proposal for a bankable feasibility study on the White Rock project
has been received and it is anticipated that a contract will be awarded for this
work following some ongoing discussions.  We expect to commence bringing ore to
surface during 2008 with first concentrate production during 2009.

Financial

The loss for the six month period was £184,982 (2006 - £230,918 including share
based remuneration of £44,116). Development expenses capitalised amounted to
£186,925 (2006 - £721,344) of which £102,096 (2006 - £450,964) was in respect of
Labrador and £84,829 (2006 - £270,380) was in respect of Parys Mountain. The
group has no revenues from the operation of its properties.

On 19 July 2007 a fund raising for £1,100,000 before expenses was effected by
way of a private placing of 13,750,000 new ordinary shares at 8 pence per share
to 5 institutional and/or sophisticated investors.

Outlook

We are moving into a completely new phase in the growth and development of the
group. Our focus is now clearly on bringing our projects into
production as rapidly as possible. The outlook for the iron ore, base and
precious metals we intend to produce is generally favourable and we have a good
spread of forecast revenue streams: iron ore, zinc, lead, copper, silver and gold,
however we do always need to be cognisant of external pressures on financial and
commodity markets that could affect progress. We will
be expanding our management team to meet the challenges ahead and are
confident that we can continue the transformation of Anglesey into a successful
producing minerals company over the course of the next few years.

John F Kearney

Chairman
27 November 2007


Consolidated income statement - unaudited
for the six months ended 30 September 2007

All operations are continuing         Six months   Six months  Year ended
                               Notes    ended 30     ended 30    31 March
                                       September    September        2007
                                            2007         2006
                                               £            £           £
  Revenue                                      -            -           -
  Administration expenses        5     (173,340)    (213,288)   (388,894)
  Impairment reversal                          -            -   7,200,000

 Operating (loss)/profit               (173,340)    (213,288)   6,811,106

  Investment income                        8,572       19,496      24,520
   Finance costs                         (31,667)     (37,126)    (72,875)

 (Loss)/profit before tax              (196,435)    (230,918)   6,762,751

  Tax                                          -            -           -

 (Loss)/profit for the year            (196,435)    (230,918)   6,762,751

  (Loss)/profit per share
  Basic (loss)/profit per share  2        (0.1)p       (0.2)p        4.9p
  Diluted (loss)/profit per share                                    4.6p


Consolidated balance sheets - unaudited
                                              30          30     31 March
                                       September   September         2007
                                            2007        2006
                                               £           £            £
                               Notes
Assets
   Non-current assets
   Mineral property             5,7   13,908,536   6,292,378   13,655,700
          development
   Property, plant and                   185,102     186,522      185,102
          equipment
   Deposit                               115,026     112,779      114,076

                                      14,208,664   6,591,679   13,954,878

   Current assets
   Other receivables                      39,740       8,012       19,103
   Cash and cash equivalents             603,811     479,542       34,003

                                         643,551     487,554       53,106

 Total assets                         14,852,215   7,079,233   14,007,984

Liabilities
   Current liabilities
   Trade and other payables            (491,056)   (666,372)    (583,284)

                                       (491,056)   (666,372)    (583,284)

   Net current assets/(liabilities)     152,495    (178,818)    (530,178)


   Non-current liabilities
   Loan                              (1,440,334) (1,372,918)  (1,408,667)
   Long term provision                  (42,000)    (42,000)     (42,000)

                                     (1,482,334) (1,414,918)  (1,450,667)

 Total liabilities                   (1,973,390) (2,081,290)  (2,033,951)

 Net assets                           12,878,825   4,997,943   11,974,033

Equity
   Share capital                6      7,036,413   6,898,914    6,898,914
   Share premium                       8,092,423   7,189,359    7,189,359
   Share-based payments reserve 3        229,549     204,825      229,549
   Currency translation reserve           12,485      (5,876)     (48,179)

   Retained losses                    (2,492,045) (9,289,279)  (2,295,610)

Total shareholders' equity            12,878,825    4,997,943   11,974,033



Consolidated cashflow statement  - unaudited
for the six months ended 30 September 2007

                                    Six months    Six months           Year
                                         ended         ended          ended
                            Notes  30 Sept 2007  30 Sept 2006  31 March 2007
                                          £               £             £
Operating activities
Loss)/profit from operations          (173,340)      (213,288)     6,811,106
Adjustments for:
Impairment reversal                         -              -      (7,200,000)
Share-based payments              3         -          44,116         68,840
Operating cashflow before
    movements in working capital      (173,340)      (169,172)      (320,054)
    (Decrease) in payables             (64,805)       (10,306)       (31,099)
    (Increase)/decrease
           in receivables                 (950)         3,557         (2,397)

    Cash utilised by operations       (239,095)      (175,921)      (353,550)

    Interest paid                          -             (600)          (600)

Net cash used in
        operating activities          (239,095)      (176,521)      (354,150)

Investing activities
    Interest received                    7,622         17,627         22,123
    Mineral property development      (239,282)      (675,255)      (947,661)

Net cash used in investing activities (231,660)      (657,628)      (925,538)

Financing activities
   Proceeds from issue of shares  6   1,040,563       112,310        112,310

Net cash from financing activities    1,040,563       112,310        112,310

Net increase/(decrease) in cash         569,808      (721,839)     (1,167,378)

Cash and cash equivalents
      at start of year                   34,003      1,201,381      1,201,381
Cash and cash equivalents
      at end of year                    603,811        479,542         34,003



Capital and reserves reconciliation - unaudited

                                Six months     Six months  Year ended 31
                              ended 30 Sep   ended 30 Sep     March 2007
                                      2007           2006
                                         £              £              £
  At beginning of period        11,974,033      5,073,659      5,073,659
  Share based payments                   -         44,116         68,840
  Shares issued for cash         1,040,563        112,310        112,310
  Currency translations             60,664         (1,224)       (43,527)
  (Loss)/profit for the period    (196,435)      (230,918)      6,762,751

Total shareholders' equity       12,878,825      4,997,943     11,974,033


Significant accounting policies and notes to accounts

1.  BASIS OF ACCOUNTING:  The unaudited interim condensed financial statements
have been prepared under the historical cost convention, on a going concern
basis and in accordance with the accounting policies employed in the company's
accounts at 31 March 2007. There are no minority interests or exceptional items.

2.  LOSS PER SHARE:  The calculation and reporting of basic and diluted loss per
share (LPS) are in accordance with IAS 33. Basic loss per share is computed by
dividing the loss of £184,982 (2006 - £230,918) attributable to ordinary
shareholders by 144,217,887 (2006 - 137,915,722) - the weighted average number
of ordinary shares in issue during the period. Since there is a loss for the
period, basic and diluted LPS are the same.

3.  SHARE-BASED PAYMENTS: IFRS 2 "Share-based Payment" requires the recognition
of share-based payments (which in the case of the group during the period are
for share options only) at fair value at the date of grant. The fair value of
the options to be expensed is determined by a Black-Scholes option pricing model
using a volatility factor of 70% and an option life of 3 years as the
significant assumptions. However there is no charge for share based payments for
the six months to 30 September 2007.

4.  DEFERRED TAX:  There is an unrecognised deferred tax asset of £1.25 million
which in view of the group's trading results, is not considered to be
recoverable in the short term. There are also capital allowances, including
mineral extraction allowances, exceeding £9 million unclaimed and available.
Because the recoverability of any taxation relative to these amounts from future
operations is uncertain, no deferred tax asset is reflected in the condensed
financial statements.

5.  BUSINESS AND GEOGRAPHICAL SEGMENTS: All activities relate to the group's
principal activity which is the exploration and development of mining
properties: hence only the geographical segments have been disclosed below:

Unaudited                                    UK £   Canada £   Total £
Direct property expenses                   84,829    168,007   252,836
Overhead expenses
Corporate salaries & related costs         46,087          -    46,087
Other corporate costs                     101,291     25,962   127,253

                                          147,378     25,962   173,340

                                          232,207    193,969   426,176
Less:
Capitalised to mineral property
development                              (84,829)  (168,007) (252,836)

Amount charged to income statement        147,378     25,962   173,340


6.  CHANGES IN SHARE CAPITAL:  On 20 July 2007, 13,750,000 shares were issued in
respect of an institutional placing at 8 pence per share.

7.  DEVELOPMENT EXPENDITURE:  Mineral development expenditure incurred by the
group is carried in the condensed financial statements at cost less an
impairment provision. The recovery of this expenditure is dependent upon the
successful development of the Parys Mountain and Labrador projects which is
itself conditional on finance being available to fund those developments.

8.  FINANCIAL INFORMATION:  This financial information does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
Statutory accounts for the year ended 31 March 2007 which were prepared under
International Financial Reporting Standards, have been delivered to the
Registrar of Companies. The report of the auditors on those accounts did not
contain a statement under Section 237 of the Companies Act 1985 and was not
qualified, but did contain a reference to fundamental uncertainties.

9.  BOARD APPROVAL:  These interim results were approved by the board on 27
November 2007. The half-yearly results for the current and comparative period
are neither audited nor reviewed by the company's auditors.

Statement of directors' responsibilities

The directors are responsible for preparing the half yearly financial report, in
accordance with applicable laws and regulations.
The directors confirm that to the best of their knowledge, these condensed
financial statements which should be read in conjunction with the annual
financial statements for the year ended 31 March 2007:
 i) have been prepared in accordance with IAS 34 'Interim financial reporting'
as adopted by the European Union; and
 ii) include a fair review of the information required by the Financial Services
Authority's Disclosure and Transparency Rules 4.2.7R and 4.2.8R.
The directors of the company are listed in the annual report and accounts 2007
and there have been no changes to the board since its publication. A list of
current directors is also maintained on the company's website to be found at
www.angleseymining.co.uk.

By order of the board
Bill Hooley              Ian Cuthbertson
Chief Executive          Finance Director


For further details:
Ian Cuthbertson, Finance Director           +(44) 1248 361333
Bill Hooley, Executive Director             +(44) 1492 541981
Parkgreen Communications                    +(44) 20 7851 7480