A MINING firm is hoping to raise more than £1m through a share offer to push ahead with plans to revive work at Parys Mountain. Anglesey Mining announced it has arranged to raise up to £1,100,000 before expenses by way of a private placing of new ordinary shares at eight pence per share. The new shares will rank on an equal footing with the existing shares in issue. An application will be made for the new ordinary shares to be admitted to trading on the main board of the London Stock Exchange. The funds raised will go towards the cost of recent and ongoing work at the company’s two projects at Parys Mountain and the Labrador Iron project in Canada. Company chairman John Kearney said: “We are pleased that we have secured this current round of funding that will allow us to continue the development of our projects both of which are getting closer to production. “Since our last placing in January, 2006, we have made very significant progress and we hope to be able to more than emulate that progress in the next few months so that the company’s market valuation will better reflect the value of the underlying assets.” This month Anglesey Mining announced it could generate £23m from an initial mining development at Parys Mountain. A study has shown that its White Rock metal ore mining project is viable and can make a significant positive cash return and will pave the way for the subsequent development of the Engine Zone at Parys Mountain. The study found there is sufficient “mineable resource” to sustain initial production from White Rock for in excess of five years at a rate of 500 tonnes per day. That would mean a total operating cash flow of about £23m could be generated before return of capital. The company will need further financing for the development of the properties and is in discussions about forms of funding and financial instruments that should reflect the medium and long term growth in the company’s prospects. owen.hughes | 
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