Trading Statement - Labrador Iron to rationali...

Anglesey Mining plc                                     LSE:AYM

23 October 2009

Labrador Iron Mines and New Millennium rationalize mineral property ownership

Anglesey Mining plc is pleased to report that its 50% owned associate company
Labrador Iron Mines Holdings Limited (TSX: LIM) announced on 22 October that it
has entered into an Agreement with New Millennium Capital Corp. ("NML") to
exchange certain of their respective mineral licences in Labrador. The exchange
eliminates the fragmentation of the ownership of certain mining rights in the
Schefferville area and will enable both parties to separately mine and optimise
their respective direct shipping ore (DSO) deposits in as efficient a manner as
possible.

The Agreement represents the exchange by each party of equal quantities of
approximately 13 million tons of iron ore. These exchanges are based on historic
estimates of gross quantities of iron ore (non NI 43-101 compliant) contained in
the various DSO deposits. Under the Agreement, NML has agreed to transfer to LIM
ten mineral licenses in Labrador and six adjacent claim blocks in Quebec, which
claims adjoin or form part of LIM's Phase One James, Houston, Redmond and Knob
Lake deposits, and a small portion of LIM's Phase Three Howse deposit. LIM has
agreed to transfer to NML two mineral licenses in Labrador comprising part of
LIM's Phase Three Kivivic 2 and Kivivic 1 deposits, which claims adjoin NML's
Area 4 Kivivic and Goodwood deposits.

Under the Agreement the parties have agreed to work collaboratively to
facilitate their respective extraction, processing and transportation activities
by enabling each party to apply for all required surface rights. The parties
have also agreed to finalize the layout or detailed technical descriptions of
the surface rights that each requires to access the DSO deposits on their
respective mineral claims, including any necessary roads, rail lines, processing
and storage areas.

John F. Kearney, chairman, said "We are pleased to have entered into this
mutually beneficial exchange agreement with New Millennium. The agreement
rationalizes the ownership of various DSO deposits in the Schefferville area and
will enable both companies to independently develop the DSO deposits in their
respective areas of intended operations as efficiently as possible."

The exchange now gives LIM sole ownership of all DSO deposits in its Phase One
(Area 1) area, and in proximity to LIM's planned processing facilities at Silver
Yard, parts of which deposits had been previously held by NML. In exchange LIM
has transferred to NML an equivalent tonnage of iron ore from LIM's Phase Three
area, in proximity to NML's Kivivic and Goodwood Area 4 deposits where NML plans
to concentrate its mining activities, and which LIM had only planned to develop
in Phase Three towards the latter part of its overall project life.

Further details of LIM are at http://www.labradorironmines.ca


About Anglesey Mining

Anglesey Mining plc is a UK based company listed on the London Stock Exchange
with a 50% interest through LIM in a 90 million ton iron ore project in Labrador,
Canada, which is under active development towards mining production in 2010. The
company also holds the Parys Mountain base metals project with a historical
resource of 7.7 million tonnes at 9.3% combined copper, lead and zinc in
Anglesey, UK.

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