Interim Management Statement

Anglesey Mining plc                            LSE:AYM

15 February 2008

Interim Management Statement for the period to 13 February 2008

The group continues with the development of its two major mineral projects -
base metals at Parys Mountain in Wales and iron ore in Labrador, eastern Canada.
On 3 December 2007 an initial public offering (IPO) in Toronto in respect of the
further development of the group's Labrador iron ore project was completed and
on 2 January 2008 the IPO Agent exercised a 15% over-allotment option. The
aggregate amount raised totalled approximately £26.9 million. As a result
Labrador Iron Mines Limited ("LIMH") is now listed on the Toronto exchange and
funded for the next two years at least, after which the group expects iron ore
production to provide significant cash flows.

Following this flotation, the company now holds just over 50% of LIMH.  At the
current price of LIMH on the Toronto Stock Exchange ($C5.00) this holding alone
is equivalent to over 30 pence per Anglesey share.  In addition the Parys
Mountain project has a cost on the balance sheet of over £13 million (equivalent
to 8.5 pence per Anglesey share) and, in the opinion of the directors, a net
present value which is significantly higher than this cost.

Parys Mountain

Site activities at Parys Mountain have continued with the construction of a
fenced enclosure large enough to contain the new decline site, plant site,
administration buildings and maintenance area. The freehold of several acres of
land adjacent to the Morris Shaft was purchased to facilitate White Rock mining
operations; the company already held mining rights over the area.

The second phase White Rock diamond drilling programme has begun. The first
hole, a short, large diameter hole for metallurgical testing purpose was
commenced in early January and completed on 21 January.  A programme of 2 to 3
deeper holes into the White Rock Zone commenced on 26 January.  These holes are
designed to transfer some of the inferred resource to the indicated category and
to provide additional information on the extent and tenor of the resource. This
programme should last around two months.

While further work on funding is carried out, the planned commencement of
decline construction has not progressed as rapidly as had been anticipated. The
price of zinc, which would provide the majority of revenue from the White Rock
area, has dropped from 200 cents during the last quarter of 2006 and 170 cents
in the summer of 2007 to its current level of 105 cents. This reduction in the
zinc price has had a significant affect on the projected revenues from the White
Rock area. The effect on the projected returns from the property as a whole is
much less, as other metals, principally copper and lead, are more important
contributors to revenue outside the White Rock area and have not been subject to
equivalent price falls, with the price of lead rising over this period.

The property as a whole has approximately double the metal grade and four times
the tonnage of the White Rock area, and the directors are reviewing changes to
the development scheduling which will provide a pathway that recognises the
substantial positive economics of the total project combined with the benefits
to be obtained from early production from White Rock.

Labrador Iron

The IPO in Canada of the group's Labrador properties was completed on 3 December
2007 and the related over-allotment provision was exercised on 2 January 2008
resulting in total gross proceeds from the IPO of $C52.8 million - approximately
£26.9 million.

Work is now going ahead to staff up the project. A geologist has been employed
directly and recruitment consultants have been engaged. Offers of employment
have already been made and acceptances received from several senior personnel
who will join the company within the next month. Other senior positions,
including a project manager, are under consideration; administrative staff are
also being recruited.

Working with the area's First Nation communities is regarded by the company as a
very important part of the project and a number of meetings are being held to
discuss and explain the plans for the Schefferville project. Following these
meetings, it is expected that Memoranda of Understanding to proceed with the
project will be signed with the various First Nation communities.

Earth Tech has been commissioned to prepare a permit application for submission
to the Provincial government.  An application for those properties in the first
stage has been prepared and is currently being reviewed prior to formal
submission to the provincial authorities. Work will continue to enable
submissions for other properties to be made in a timely manner.

A Feasibility Study will be necessary on some of the properties to enable LIM to
state its resources and reserves in a compliant format.  The Study is not
required as part of any decision making process to proceed with the project but
is required to meet the requirements of Canadian National Instrument 43-101
relating to mineral companies. Initial discussions have been held with
consultants on this study and these will be completed and an order issued to
proceed during the late winter.

Financial

As explained above the group's Labrador operations, now 50% owned, have been
funded by the Canadian IPO and are expected to proceed rapidly towards
production without any further recourse to shareholders. Further funding will be
required for the development of Parys Mountain however cash on hand will be
adequate for routine expenditures over the next six months.

Outlook

The successful IPO of the Labrador project means that we can now focus on the
steps necessary to bring the Schefferville project into production as soon as
possible with a target date for first iron ore sales in 2009. Although there is
much to be done, progress to date has been encouraging and is expected to
accelerate significantly as the activities described above continue. The market
for all types of iron ore is excellent at present and the strong demand from
Asia which is driving prices up is forecast to continue.

Prices for base metals have fallen during the last twelve months and this has
affected the current financing plans for the next stage of Parys Mountain.
However there is now an expectation that those prices seen at the end of 2007
represent the bottom of the current cycle and that ongoing demand from China and
other developing nations in Asia will lead to a more positive outlook during the
first half of 2008. We expect that this renewed optimism, together with changes
to the development scheduling, will enable the financing and redevelopment of
Parys Mountain to commence this year.



About Anglesey Mining

Anglesey Mining plc is a UK based company listed on the London Stock Exchange
with two major projects (in North Wales and Labrador, Canada) under active
development towards mining production.



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

www.angleseymining.co.uk