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Anglesey Mining raises £200,000 for further development work at Parys

The Parys Mountain project is currently the subject of an optimisation study
Anglesey Mining raises £200,000 for further development work at Parys
Parys Mountain contains significant amounts of copper

Anglesey Mining PLC (LON:AYM) has raised £200,000 in a placing of just over nine million new shares at 2.135p each.

The placing price represents a discount of approximately 9.1% on the previous closing price.

WATCH: Anglesey Mining's Bill Hooley pleased with progress on optimisation study

The proceeds will be used for project development of the company’s 100%-owned Parys Mountain zinc-copper-lead deposit in North Wales, and for general working capital. 

The Parys Mountain property is a significant zinc, copper and lead deposit with small amounts of silver and gold, with a resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category.

An optimisation study on the Parys Mountain project is currently being prepared by QME Mine Engineering Services and this is expected to be completed by the middle of the current year.

“We are very pleased to announce this financing, which represents significant support for Anglesey Mining, and we look forward to completion of the optimisation study and to expedite development of the Parys Mountain project,” said Anglesey chief executive Bill Hooley.

 

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