Anglesey Mining upbeat on test results from Labrador Iron Ore project
24 November 2009
Anglesey Mining, the AIM listed group with a 50% stake in a 90 million ton iron ore project in Labrador, Canada, today said that test work on ore from the mine has showed excellent metallurgical characteristics that should be attractive to steel mills.
Anglesey’s Canadian operation, Labrador Iron Mines, commissioned the tests on its James South lump and sinter fines ore. The James deposit is the first of four deposits in the company’s phase one production plan due to commence in mid-2010.
The testing was conducted by the SGA research centre in Germany, an independent process laboratory specialising in iron and steel process testwork.
Bill Hooley, the president of Labrador Iron Mines, said: “We are very pleased with the results from these metallurgical tests carried out by the noted independent laboratory SGA. We are confident that iron ore products of this quality will find a ready market in both Europe and the Far East.”
Last week, Labrador Iron Mines reported its first half results, with cash and cash equivalents in excess of C$28 million (£15.9 million), working capital of C$27 million and no borrowings or debt.
Ahead of planned production next year, the company is continuing to work on drilling, metallurgical testing, environmental permitting and marketing.
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