Anglesey Mining which has a 33% stake in Labrador Iron Mines Holdings has described the 12 months to the end of March as its most successful year. During the period, the value of its investment in LIM rose from GBP 75 million to GBP 156 million with Labrador Iron Mines's Schefferville iron ore mining operations moving into production.

Anglesey said that Labrador Iron Mines is now on track to produce over one million tonnes of iron ore this year, with plans for expansion to enable production of 2.5 million tonnes in 2012. The results of Anglesey are dominated by those of Labrador Iron Mines, which during the financial year was a development company with no revenues and significant expenses in respect of its administrative costs.

Primarily as a result of the losses reported by Labrador Iron Mines, Anglesey recorded an overall loss of GBP 1.44 million for the year. But chairman Mr John Kearney said that "With a total of around GBP 3.5 million in cash and administrative cash costs of less than GBP 0.4 million per year the group is well placed to finance the review and the first stages of any subsequent development of Parys Mountain."

(Sourced from StockMarketWire.com)