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New JORC compliant resource estimate for Parys Mountain

Released 07:00 30-Nov-2012

New JORC compliant resource estimate for Parys Mountain

Anglesey Mining plc


29 November 2012

New JORC compliant resource estimate for Parys Mountain

   First property-wide JORC Code compliant resource estimates
   Ample scope for significant additions to the resources reported
   Plans for additional development and drilling under consideration
   Scoping study to be delivered shortly 

Anglesey Mining plc ("Anglesey") is pleased to report that a JORC
Code-compliant Mineral Resource estimate has now been prepared for its Parys
Mountain copper-lead-zinc project in North Wales as follows. 

Parys Mountain Mineral Resource estimate at $80 per tonne GMPV* Cut-Off    
                                                                           
Zone            Category      Tonnes    Cu %  Pb %  Zn %   Ag g/t   Au g/t 
 
                                                                          
Engine          Indicated     489,000   1.38  2.61  4.99    92.8     0.5   
                                                                           
                Inferred      121,000   1.74  3.42  6.74    70.0     0.5   
                                                                           
Deep Engine     Inferred      618,000   1.95  1.90  4.22    23.0     0.2   
                                                                           
White Rock      Indicated    1,625,000  0.34  2.05  3.84    33.0     0.5   
                                                                           
                Inferred      534,000   0.38  1.93  4.04    41.0     0.4   
                                                                           
Garth Daniel    Inferred      299,000   2.06  3.07  6.43    75.0     0.2   
                                                                           
Northern        Inferred     2,542,000  1.48  0.56  0.94    6.0      0.4   
                                                                           
Total           Indicated    2,114,000  0.58  2.18  4.11    46.0     0.5   
                                                                           
                Inferred     4,114,000  1.46  1.20  2.40    20.0     0.3   
                                                                           
Source: Micon. GMPV (gross mineral product value) based on Cu $3.50/lb, Pb
$1.00/lb, Zn $0.90/lb, Ag $33/oz, Au $1700/oz;
*GMPV described below

The resource estimate has been prepared by Micon International Co Limited
("Micon").  Anglesey is very pleased that the estimate shows continuity in the
Garth Daniel and Northern zones, which are now far better defined than in the
former estimates.

This new estimate follows a previous report by Micon in 2007 that dealt only
with the White Rock deposit.  The current estimate includes all the known
contiguous deposits on site and is reported on a JORC Code-compliant basis. 
With the exception of the 2007 White Rock estimate, the previous resource was
historical (estimated in 1990) and was not JORC Code-compliant.  In now
reporting all estimates on a JORC Code-compliant basis the project has been
brought up to date and put in a position to be properly recognised for future
funding.

Anglesey is particularly pleased with the work on the Garth Daniel Zone and the
Northern Zone. The Garth Daniel zone had been partially identified in 1990 but
benefitted from a further drilling programme in 2005 and 2006.  The current
estimate draws all this information together. The Northern Zone was previously
poorly identified and without any significant continuity. Micon has now shown
such continuity to exist and has defined a major resource for two discreet
overlapping structures.

There are several other areas on Parys Mountain that have had exploration and
drilling carried out on them that have not been included in these estimates.
These include the area between the Deep Engine Zone and Garth Daniel, and the
area around the Pearl Engine House that was drilled earlier this year.  These
and other targets will be subject to additional exploration in the future, and
it is hoped that additional data will enable further continuity to be
demonstrated with subsequent additions to the resource base. Anglesey believes
there is ample scope for significant additions to the resources reported here.

At the appropriate time it is planned to carry out additional development and
drilling to bring some or all of the Inferred mineral resource in to the
Indicated mineral resource category.  This will be dependent on funding and, in
some cases, underground access to these areas.

Bill Hooley Chief Executive said "We are very encouraged by the indications at
the lower cut-off levels that both the White Rock and the Northern zones could
develop into large albeit lower grade deposits that may be amenable to bulk
mining. We still intent to look to look to the upper levels of White Rock and
the Engine zones for initial development but we now have a clear target for a
more substantive operation at Parys Mountain than previously contemplated."

In producing its estimates, Micon has followed all the normal procedures
required to make a JORC Code-compliant estimate. These have included a
validation of the drill hole database, construction of wireframes around the
various deposits, basic statistical analysis of the resultant assay data to
identify the extent to which top-cutting was required, the basis for assay
compositing, detailed variography analysis to identify the principal trends of
the mineralisation, appropriate block sizes to represent the volume of the
mineralisation and a determination of the appropriate search ellipsoid to be
applied for grade interpolation in each deposit.  Grade interpolation using
Ordinary Kriging was then applied to the block model and the data was
validated.  Specific gravity data was reviewed to develop bulk densities for
tonnage calculations.

A mineral resource estimate was then made based on a suite of metal prices. 
These metal prices were assigned to each block and the sum of the products of
these prices and the various block grades produced a single Gross Metal Product
Value ("GMPV") value for each block.  Micon reported the mineral resources by
category following the guidelines of the JORC Code, for a range of GMPV cut-off
values from $0 per tonne to $200 per tonne.

Anglesey is now reporting these resources at both the $0 per tonne level and at
the $80 per tonne level.  The former shows the total geological resource on the
site identified to date and the latter an indication of what is more likely to
be available for mining following a detailed economic analysis.  Subsequent to
this notice and for the time being Anglesey will report only on the higher
cut-off in its public disclosures.

The resource estimate methodology employed now is quite different from that
used in 1990 and provides a higher degree of confidence than previously
enjoyed.  This methodology has resulted in differing grade:tonnage combinations
than previously reported, but these are generally compatible with the old
estimates.

The following tables show these results:

Parys Mountain Mineral Resource estimate at $0 per tonne GMPV Cut-Off 
                                                                      
Zone        Category    Tonnes   Cu % Pb % Zn % Ag g/t Au g/t GMPV $/t
 
Engine      Indicated  500,000   1.35 2.57 4.91  91.2   0.5     249   
                                                                      
            Inferred   121,000   1.73 3.42 6.73  70.    0.5     289   
                                                                      
            Ind + Inf  621,000   1.43 2.73 5.26  87.0   0.5     257   
                                                                      
Deep Engine Inferred   620,000   1.95 1.90 4.21  22.0   0.2     201   
                                                                      
White Rock  Indicated 6,568,000  0.23 0.99 1.86  20.3   0.3      73   
                                                                      
            Inferred  1,874,000  0.25 0.99 2.00  23.3   0.2      76   
                                                                      
            Ind + Inf 8,442,000  0.23 0.99 1.89  21.0   0.2      73   
                                                                      
Garth       Inferred   419,000   1.63 2.25 4.72  54.0   0.1     216   
Daniel                                                                
                                                                      
Northern    Inferred  15,725,000 1.10 0.17 0.28  5.0    0.1      68   
                                                                      
Total       Indicated 7,068,000  0.31 1.10 2.08  25.3   0.27     85   
                                                                      
            Inferred  18,759,000 1.06 0.37 0.72  8.8    0.11     78   
                                                                      
            Ind + Inf 25,827,000 0.85 0.57 1.09  13.0   0.2      80   
                                                                      

Source Micon.  GMPV based on Cu $3.50/lb, Pb $1.00/lb, Zn $0.90/lb, Ag $33/oz,
Au $1700/oz


Parys Mountain Mineral Resource estimate at $80 per tonne GMPV Cut-Off
                                                                      
Zone         Category   Tonnes   Cu % Pb % Zn % Ag g/t Au g/t GMPV $/t
    
Engine       Indicated  489,000  1.38 2.61 4.99  92.8   0.5     254   
                                                                      
             Inferred   121,000  1.74 3.42 6.74  70.0   0.5     290   
                                                                      
             Ind + Inf  610,000  1.45 2.77 5.34  88.3   0.5     261   
                                                                      
Deep Engine  Inferred   618,000  1.95 1.90 4.22  23.0   0.2     202   
                                                                      
White Rock   Indicated 1,625,000 0.34 2.05 3.84  32.5   0. 5    134   
                                                                      
             Inferred   534,000  0.38 1.93 4.04  41.1   0.4     140   
                                                                      
             Ind + Inf 2,159,000 0.35 2.02 3.89  35.0   0.4     136   
                                                                      
Garth Daniel Inferred   299,000  2.06 3.07 6.43  75.0   0.2     287   
                                                                      
Northern     Inferred  2,542,000 1.48 0.56 0.94  6.0    0.4     112   
                                                                      
Total        Indicated 2,114,000 0.58 2.18 4.11  46.5   0.5     162   
                                                                      
             Inferred  4,114,000 1.46 1.20 2.40  20.0   0.3     147   
                                                                      
             Ind + Inf 6,228,000 1.16 1.54 2.98 29.0   0.4    152     
                                                                      
Source Micon.  GMPV based on Cu $3.50/lb, Pb $1.00/lb, Zn $0.90/lb, Ag $33/oz,
Au $1700/oz


For further information, please contact:

Bill Hooley, Chief Executive +44 (0)1492 541981;
Ian Cuthbertson, Finance Director +44 (0)1248 361333;
Samantha Harrison / Klara Kaczmarek: RFC Ambrian +44 (0)20 3440 6800;
Emily Fenton / Jos Simson:  Tavistock Communications +44 (0)20 7920 3155

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