Name of the Project
Parys Mountain copper/zinc/lead/gold/silver project.

Location
Island of Anglesey, in North Wales, in the UK.

Project Owner/s
Anglesey Mining.

Project Description
Anglesey has reported positive results in a preliminary economic assessment (PEA) on the Parys Mountain project.

This PEA includes an updated mineral resource statement showing 5.2-million tonnes of indicated resources at a combined base metal grade of 4.3%, together with 11.7-million tonnes of inferred resources at a combined base metals grade of 2.8%, based on the revised estimated cutoff cost of $48/t.

Three separate development alternatives were evaluated.

Case A proposes using only the White Rock and Upper Engine zones, with inferred material included at a planned production rate of 1 500 t/d over a 12-year mine life.

Case B is similar to Case A, but with some initial production coming from a proposed small opencut operation, producing 1 500 t/d over an 11-year mine life.

Case C uses all the reported resources in the White Rock and Upper Engine zones, but also includes the inferred resources in the Lower Engine zone, the Garth Daniel zone and the Northern Copper zone, producing 3 000 t/d over a 12-year mine life.

The expanded Case C was chosen as the most attractive option.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Case A has a pretax net present value (NPV), at a 10% discount rate, of $36.12-million and an internal rate of return (IRR) of 19.6%, with a payback of 7.2 years. Case B has a pretax NPV, at a 10% discount rate, of $41.84-million and an IRR of 26.4%, with a payback of  6.1 years.

Case C has a pretax NPV, at a 10% discount rate, of $120.32-million and an IRR of 26%, with a payback of 6.2 years.

Capital Expenditure
Preproduction capital expenditure for Case A is estimated at $70.44-million, Case B at $57.52-million and Case C at $99.02-million.

Planned Start/End Date
Not stated.

Latest Developments
Anglesey Mining has appointed Jo Battershill as the new CEO and director of Anglesey as of August, tasking him with advancing the Parys Mountain project towards production and raising the funds needed to do so.

Battershill will take over from Bill Hooley who will relinquish his position as CEO to become deputy chairperson.

The Parys Mountain mine requires about $99-million in initial capital, according to the PEA. This, together with all other pre-decision project costs, as well as ongoing corporate costs, needs to be financed.

The company is examining possible financing routes, including the traditional equity-debt scenario, as well as joint venture and other arrangements. Detailed results of the PEA have been made available to several entities who have shown interest in the project.

Anglesey has stated that it has become clear that financing opportunities will be enhanced with some additional work to further derisk the project and that a feasibility study will be required.

Key Contracts, Suppliers and Consultants
Micon International (PEA).

Contact Details for Project Information
Anglesey Mining CEO Bill Hooley,  tel +44778557 2517 or email billhooley@angleseymining.co.uk.
Anglesey Mining FD Danesh Varma, +44774 0 93 2766 or email danesh@angleseymining.co.uk.