Parys Mountain Sale Makes Progress

by Johann
(UK)

Following a conditional sale agreement between Anglesey Mining plc and Western Metals Limited (ASX:WMT) of Perth, Western Australia on 10 April 2008, the Parys Mountain miner reports good progress on two fronts.

First there is the preparation of a comprehensive and binding Sale and Purchase agreement between the parties.

Secondly, Western Metals says it is making steady headway with regard to its due diligence and feasibility exercise.

While this process goes on at Parys Mountain, Anglesey Mining also reports that it is satisfied with progress on the 90 million ton iron ore Schefferville project in Labrador, Canada, where the company has a 50% interest.

According to Bill Hooley, Anglesey's CEO: "We have been able to recruit an excellent team in Canada for the Schefferville project.

We are looking forward to a very active few months on site at those iron ore deposits which are scheduled for early production."

Labrador Iron Mines (LIM) is looking to develop direct shipping iron ore in the Labrador Trough, near Schefferville, Quebec.