Trading Statement - Labrador AGM

LIM reviews Eventful Year at Annual Meeting of Shareholders

Schefferville Iron Ore Project Moving Forward

Anglesey Mining plc's 41% owned associate Labrador Iron Mines Holdings Limited
(TSX:LIM) is pleased to report that at its Annual Meeting of Shareholders held
at the TSX Broadcast Centre in Toronto on September 15, 2010 shareholders were
told that several key developments have significantly advanced LIM's iron ore
project towards the goal of production start-up in the spring of 2011.

"Throughout the past year, since our last Annual Meeting, LIM made steady
progress in advancing the Schefferville Projects toward production with ongoing
active programs, including drilling, metallurgical testing, environmental,
permitting, engineering, purchasing and commencement of construction", remarked
John Kearney, LIM's Chairman & Chief Executive.

In December 2009, LIM acquired control over an additional 50 million tons
historic resource of direct shipping iron ore in the Province of Quebec,
together with a large package of mineral claims in the Schefferville area. The
acquisition will extend the life of the first stage deposits and will have a
positive effect on the overall project development plan and mine life.

The NI 43-101 compliant resource estimates for the James, Redmond and Houston
deposits, comprising the first stage of targeted production, now total over 25
million tonnes of indicated resource.

Metallurgical testing of James South lump ore and sinter fines by SGA research
centre in Germany indicated the iron content of the lump ore at 66.98% and the
fines at 67.23%, with other elements favourably low. SGA concluded that James
South represents high quality lump ore and fines which will be well accepted in
the European market.

The project description was first filed with the Government in May 2008 and the
revised Environmental Impact Statement filed in August 2009. In November, 2009,
the Minister of Environment and Conservation of the Province of Newfoundland
and Labrador announced that the review of LIM's Environmental Impact Statement
had been completed and accepted as satisfactory.

In February 2010, the Minister informed LIM that under the authority of Section
67(3) (a) of the Environmental Protection Act, the Government had released the
Schefferville Area Iron Ore Mine (the first phase of the Schefferville
Projects) from environmental assessment. The Environmental Assessment process
was successfully completed in under 2 years.

All major permits now received

"LIM has now received from the Government of Newfoundland and Labrador all the
remaining major permits that are required to advance the Project through
construction and into mine operations commencing next spring" said Mr. Kearney.

"The Government of Newfoundland and Labrador has engaged in consultation with
potentially affected First Nations with regard to LIM's various permits and
this consultation process is continuing. LIM has agreed that, if required, any
permits or approvals may be modified as a result of this consultation process"
Mr. Kearney added.

The receipt of all permits took longer than anticipated, in part because of the
consultation process, which resulted in a delay in LIM's originally planned
construction and production timeline.

First Nations Negotiations

On September 9, 2010, LIM signed an Impact Benefits Agreement with the Naskapi
Nation located at Kawawachikamach, Quebec with respect to the development and
operation of LIM's Schefferville Iron Ore Project in Western Labrador.

In early September 2010, LIM reached an agreement with the Innu Matimekush-Lac
John (Schefferville) to remove barriers that had restricted normal access from
the town of Schefferville to adjacent mining properties and to commence IBA
negotiations.

This agreement to remove the barriers was achieved following discussions and
consultations between the Quebec Innu and the various Governments, including
meetings in Schefferville attended by representatives of the Government of
Newfoundland and Labrador and the Government of Quebec and representatives of
the Federal Minister of Indian and Northern Affairs. Each of the Governments
has made certain commitments to the Innu towards resolving a number of issues
that will help facilitate the mining projects in the Schefferville area to move
forward on an ongoing basis.

LIM will proceed with negotiations with the Innu Matimekush-Lac John towards
concluding an Impact Benefits Agreement. LIM is also continuing negotiations
towards an Impact Benefits Agreement with Innu Takuaikan Uashat Mak Mani-Utenam
who have initiated legal action against the Government of Newfoundland and
Labrador regarding the Crown's duty of consultation with respect to the
permitting of LIM's Project.

"It should be emphasized that no formal IBA or other agreements have yet been
signed between LIM and either Innu Uashat or Innu Matimekush and several
outstanding issues remain to be resolved between LIM and the Innu" said Mr.
Kearney. "LIM has committed to negotiate in good faith and to respect the
rights of the Inuu, however, there can be no assurance that LIM will be
successful in reaching a final agreement with any First Nations group who may
assert aboriginal rights or may have a claim which affects LIM's properties or
may be potentially impacted by the Schefferville Project".

Project Construction Underway

The laying of the 4.5 km rail spur line was completed by early June and will
now be used to move the main components of the processing plant and
accommodation camp to the Silver Yards area where LIM is installing the
beneficiation plant.

All major items of the beneficiation plant and other infrastructure have been
procured and have been assembled at rail heads in Labrador City and Sept-Iles
for onward transport to site. Some pre-assembly work has taken place at
Labrador City.

A contract has been signed with a Labrador City based contractor for the mining
and beneficiation activities. The mining contractor has been mobilized to site
to commence site preparation activities.

Iron Ore Price Outlook

LIM is of the opinion that iron ore prices will remain strong for both calendar
2010 and calendar 2011, to meet expected demand led by China.

LIM plans to commence full scale production in April 2011, and is targeting
production of 2 million tonnes of iron ore during that calendar year.

About Labrador Iron Mines Holdings Limited (LIM)

LIM's Schefferville Area project involves the development of twenty direct
shipping iron ore deposits in western Labrador and north-eastern Quebec near
Schefferville, Quebec. LIM's properties are part of the historic Schefferville
area iron ore district where mining of adjacent deposits was previously carried
out by the Iron Ore Company of Canada from 1954 to 1982.

Labrador Iron Mines contemplates mining in four stages, the first phase of
Stage 1 comprising the James and Redmond deposits, which are located in close
proximity to existing infrastructure, and for which construction and operating
permits have now been issued.

About Anglesey Mining plc

Anglesey Mining with its LSE main board listing is primarily focused on its 41%
interest in LIM. In addition to any new projects that may be brought forward
the company owns 100% of Parys Mountain in North Wales with an historical
resource in excess of 7 million tonnes at over 9% combined copper, lead and
zinc.

For further information, please view LIM's website at www.labradorironmines.ca
or contact:

Bill Hooley, Chief Executive [phone]

Ian Cuthbertson, Finance Director [phone]

Emily Fenton/Charlie Geller,

Conduit PR [phone] / [phone]