Wednesday, 30th June 2004 (2976 views)

Anglesey Mining has released its annual results and revealed potential mining possibilities at Parys Mountain in Anglesey, which contains 6.5 million tonnes of metals.

Chairman John Kearny explained to The Western Mail that metal prices had increased "significantly" and that the exploration industry had "greatly improved".

Deposits at the site include gold, as well as larger amounts of zinc, copper and lead, however the company will need to raise additional funds to restart mining at the mountain.

Metal demand has reportedly grown significantly, partly due to an increased demand from the Far East.

Mr Kearny commented: "The improved outlook for metal prices, and market sentiment, has opened the possibility of attracting a joint venture partner to help develop the Parys Mountain mine and this option is being given careful consideration."

It is hoped that if new money is raised then an update of a 1990 feasibility study into mining the mountain could be conducted and mining would be planned at a rate of 2,000 tonnes per day.

In addition an extensive drilling programme would take place at relevant mining targets.

 

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