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Anglesey Mining raises £225,000 for work on Parys

Anglesey Mining is raising new money to continue work on a scoping study at Parys Mountain
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Parys Mountain contains copper, as well as other metals such as zinc

Anglesey Mining plc (LON:AYM) is raising £225,000 via a placing of 5 mln shares at 4.5p.

The money raised will be used for general working capital and for the continued development of the Parys Mountain polymetallic project in North Wales.

An updated scoping study on the potential for economic development work at Parys is being prepared jointly by Micon International Limited and by Fairport Engineering Limited.

This study is reviewing potential capital and operating costs, including the use of available second-hand plant, to minimise capital expenditure wherever possible. 

“We are very pleased to announce this financing which shows the continued support for Anglesey Mining and for its projects from sophisticated institutional investors in the resource industry,” said chief executive Bill Hooley. 

“We believe that such support is both positive for the development of the project and as an indicator that investor interest in the base metals sector has returned and that the outlook for the metals that will be produced from Parys Mountain is positive”.

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