Anglesey Mining Plc — Management Reports 2010

Sep 30, 2010

Anglesey Mining plc

Chairman's statement and management report - November 2010

We are pleased to report that during the half year ended 30 September 2010 and up to date, excellent progress has been made with the ongoing development of Labrador Iron Mines' (LIM's) iron ore projects in Western Labrador and Quebec, currently the group's main activity. Since on-site construction commenced in early September 2010, the rate of advance indicates that the plant and accommodation camp for the first phase of Stage 1 are on track to be substantially completed by the end of calendar 2010; mining and production activities are planned to commence in April 2011.

Labrador Iron Ore

Labrador Iron Mines, the group's 41% owned Toronto Stock Exchange listed associate, is advancing its Schefferville direct shipping iron ore project towards production. LIM had respected and did not try to cross the barrier that had been erected in June 2010 which had restricted normal access from the town of Schefferville to LIM's properties in Western Labrador and caused delays in the exploration and development of the projects. Following an agreement in early September with the Innu Matimekush–Lac John to remove the barriers, construction and installation work is being carried out on site.

Mine site preparation at the James Mine has commenced with the development of the haul road, clearing and grubbing of the entire mining site and exposing the ore body. Development of the first production bench in the mine will follow. Some small ore stock piles have been moved to Silver Yards and, together with the first ore mined from the bench development, will be stockpiled ahead of the primary crusher ready for feed to the processing plant at the commencement of production.

Construction of the beneficiation plant and associated facilities has progressed well since early September. All the piers for the conveyors have been installed, including those for the radial stackers and the secondary crusher, and most of the conveyor structures are in place. The steel structure for the secondary screens tower has been completed and the chutes, stairs and flooring for the transfer tower are all installed. All the major items of processing equipment have been installed, and the dome roof structure is being assembled at site and is expected to be installed shortly. This will enable installation of the piping, electrical and other work to be carried out during periods of poor winter weather.

The accommodation camp at Bean Lake has also progressed rapidly, is currently almost complete and should be available for use over the winter.

In September 2010 LIM entered into an Impact Benefits Agreement (IBA) with the Naskapi Nation of Kawawachikamach. Discussions continue with the Innu Matimekush-Lac John and with the Innu Takuaikan Uashat Mak Mani-Utenam towards concluding Impact Benefits Agreements. LIM has committed to negotiate in good faith and to respect the rights of the Innu, however, it should be emphasized that no formal IBA or other agreements have yet been signed between LIM and either Innu Uashat or Innu Matimekush and several outstanding issues remain to be resolved.

In the six months ended 30 September 2010 LIM made significant progress in its permitting activities with the Government of Newfoundland and Labrador and has now received from the Government of Newfoundland and Labrador all major permits that are required to advance the first phase of Stage 1 of its Schefferville Projects in Labrador through construction and into mining operations.

The 2010 summer exploration programme has been completed with 4,500 metres of drilling and 1,400 metres of trenching achieved at the Denault, Ruth 8, and Houston properties. Drilling at Houston has indicated some extensions to the resource and these, together with Denault results, will be incorporated into revised resource estimates when assay results are received.

As a result of recent progress, LIM believes it is on track to substantially complete construction of the processing plant and accommodation camp by the end of December and to commence production activities in April 2011. The target is production of about 2 million tonnes of iron ore in 2011, which assumes completion of construction, plant commissioning and a satisfactory start-up of mining operations in the second quarter of calendar 2011.

Parys Mountain

We continue to believe that there is a significant value in the group's 100% owned Parys Mountain zinc/copper/lead property and although the current management focus is on Labrador we are continuing to talk with interested parties in our efforts to realise that value for shareholders.

Financial

The loss for the six month period was £756,132 (2009 - £368,100), which included an exchange rate loss on cash held in Canadian dollars of £149,974 (2009 – nil) and the group's share of the loss in Labrador, largely comprising administration expenses, of £407,016 (2009 - £226,880). Development expenses capitalised in respect of Parys Mountain amounted to £27,827 (2009 - £52,245). The group has no revenues from the operation of its properties. At the period end the group had cash in treasury of £2.4 million and LIM had in excess of Canadian \$35 million (£21 million).

Outlook

Recently there has been a strengthening in the price of iron ore, with prices reaching over US\$160 per tonne (62% iron sinter fines CFR Chinese ports). Shipping rates from eastern North America to China in cape-size vessels is currently around \$40 per tonne giving an indicated effective FOB price of around US\$120 per tonne. The traditional annual benchmark pricing mechanism for iron ore has now been more or less abandoned with more and more iron ore being traded against a prior one month spot average determination.

The level of demand in China for all commodities, and in particular iron ore remains strong. Analysts' consensus seems to suggest price forecasts at or above current levels well into 2011, although some weakening in prices is possible. Worldwide iron ore demand is expected to continue to grow through 2012, continuously driven by China, while demand in Europe for iron and steel appears to be flat, but with some small increase forecast for 2011. These forecasts should work positively for LIM with first sales of lump ore and sinter fines expected towards the end of the second calendar quarter of 2011 into what appears will be a positive iron ore market.

The investment in Labrador Iron is the company's major asset. We believe that the commencement of production and ore sales by LIM will be a major milestone and that it will bring to the attention of the market the significant under valuation of Anglesey's shares.

John F Kearney

Chairman

25 November 2010

Anglesey Mining plc - Group

Condensed consolidated income statement

	No te s	Un dit ed au six th m on s de d 3 0 en Se te mb p er 20 10	Un dit ed au Six th m on s de d 3 0 en Se te mb p er 20 09	Au dit ed Ye de d ar en 31 M c h ar 20 10
Al l o rat ion nt inu ing pe s a re co		£	£	£
Re ve nu e		-	-	-
Ex pe ns es		( 16 1, 95 5)	( 85 41 9) ,	( 25 3, 68 4)
fits Eq uity ttle d e loy be -se mp ee ne	6	-	( 8) 14 29 ,	( 7) 28 12 ,
Sh of ( s) of los cia te are as so	11	( 6) 40 7, 01	( 0) 22 6, 88	( 3) 20 3, 17
Ga ins de ed di als in cia te on em sp os as so	11	17 27 9 ,	-	7, 05 4, 96 7
Pro fit le o f s ha in cia te on sa res as so		-	-	1, 73 3, 09 6
Inv tm t in es en co me		5, 39 4	1, 35 2	1, 07 6
Fin sts an ce co		( 59 86 0) ,	( 42 85 5) ,	( 99 81 8) ,
Fo rei ch lo gn ex an ge ss		( 14 9, 97 4)	-	-
( Lo ) /pr of it b ef e t ss or ax		( 2) 75 6, 13	( 0) 36 8, 10	8, 20 4, 33 7
Ta x	9	-	-	-
( ) /pr of it f th iod Lo ss or e p er		( 75 6, 13 2)	( 36 8, 10 0)	8, 20 4, 33 7
All tri bu ble uit ho lde of th at ta to eq y rs e c	om pa	ny
( Lo ) /p fit ha ss ro pe r s re	7
Ba sic ha - p en ce pe r s re		( 0.5 )p	( 0.2 )p	5.4 p
Dil d - sh ute pe nc e p er are		( 0.5 )p	( 0.2 )p	5.3 p
Co nd d c lid ate d s tat t o en se on so em en	f c om	eh siv e i pr en	nc om e
( Lo ) /pr of it f th iod ss or e p er		( 6, 13 2) 75	( 36 8, 10 0)	8, 20 4, 33 7
Ot he eh siv e i r c om pr en nc om e:
Ex ch t o n f ign ho ldin an ge m ov em en ore gs		( 1, 21 3, 10 5)	37 4, 12 3	2, 14 8, 42 6
To tal eh siv e ( los s) /in co m pr en co me fo r t he rio d pe		( 1, 96 9, 23 7)	6, 02 3	10 35 2, 76 3 ,
All bu ble ho lde of th at tri ta to uit eq y rs e c	om pa	ny

Condensed consolidated statement of financial position

		Un dit ed au 30 Se mb te p er	Un dit ed au 30 Se mb te p er	Au dit ed 31 M c h ar
		20 10	20 09	20 10
	No te s	£	£	£
As ts se
No nt ts n-c ur re as se
Min l p ert de lop nt era rop y ve me	10	13 82 0, 57 0 ,	13 66 8, 99 4 ,	13 79 2, 74 3 ,
Pro rty lan t a nd uip nt pe , p eq me		20 4, 68 7	20 4, 68 7	20 4, 68 7
Inte t in cia te res as so	11	20 33 0, 74 8 ,	13 97 0, 11 3 ,	21 86 8, 31 4 ,
De sit po		12 1, 54 0	12 0, 84 9	12 0, 57 4
		34 47 54 7, 5 ,	27 96 4, 64 3 ,	35 98 6, 31 8 ,
Cu nt ts rre as se
Ot he iva ble r re ce s		17 56 3 ,	2, 93 3	8, 32 7
Ca sh d c h e iva len ts an as qu		2, 39 5, 42 1	14 8, 46 0	2, 76 6, 07 4
		2, 41 2, 98 4	15 1, 39 3	2, 4, 40 1 77
To tal ts as se		36 89 0, 52 9 ,	28 11 6, 03 6 ,	38 76 0, 71 9 ,
Lia bil itie s
Cu nt lia bil itie rre s
Tra de d o the ab les an r p ay		( 79 1, 78 0)	( 63 8, 56 6)	( 81 7, 86 9)
		( 79 1, 78 0)	( 63 8, 56 6)	( 81 86 9) 7,
/( s) Ne t c nt ts lia bil itie ur re as se		1, 62 1, 20 4	( 48 7, 17 3)	1, 95 6, 53 2
No nt lia bil itie n-c ur re s
Lo an		( 2, 02 0, 20 7)	( 1, 90 3, 38 4)	( 1, 96 0, 34 7)
Lo isio te ng rm pr ov n		( 42 00 0) ,	( 42 00 0) ,	( 42 00 0) ,
		( 2, 06 2, 20 7)	( 1, 94 5, 38 4)	( 2, 00 2, 34 7)
To tal lia bil itie s		( 2, 85 3, 98 7)	( 2, 58 3, 95 0)	( 2, 82 0, 21 6)
Ne t a et ss s		34 03 6, 54 2	25 53 2, 08 6	35 94 0, 50 3
		,	,	,
Eq uit y
Sh ita l are ca p		7, 04 2, 41 4	7, 03 9, 41 4	7, 04 2, 41 4
Sh ium are pr em		8, 09 97 3 7,	8, 09 19 8 5,	8, 09 97 3 7,
Cu tra lat ion rre nc y ns re se rve		2, 76 8, 16 5	2, 20 6, 96 7	3, 98 1, 27 0
Re tai d e ing ne arn s		16 12 7, 99 0 ,	8, 19 0, 50 7	16 81 8, 84 6 ,
To tal sh eh old s' uit ar er eq y		34 03 6, 54 2 ,	25 53 2, 08 6 ,	35 94 0, 50 3 ,

Condensed consolidated statement of cash flows

	No te s	Un dit ed au six th m on s de d 3 0 en Se mb te p er 20 10	Un dit ed au Six th m on s de d 3 0 en Se mb te p er 20 09	Au dit ed Ye de d ar en 31 M c h ar 20 10
		£	£	£
Op ati tiv itie er ng ac s
( Lo ) /pr ofi t fo r th ss e y ea r		( 75 6, 13 2)	( 36 8, 10 0)	8, 20 4, 33 7
fo Ad jus tm ts sh ite en r n on -ca ms :
In stm t re ve en ve nu e		( 4) 5, 39	( 2) 1, 35	( 6) 1, 07
Fin sts an ce co		59 86 0 ,	42 85 5 ,	99 81 8 ,
Eq uity ttle d e loy be fits -se mp ee ne	6	-	14 29 8 ,	28 12 7 ,
Sh of lo of cia te are ss as so	11	40 7, 01 6	22 6, 88 0	20 3, 17 3
Ga in o n d d d isp al in a iate ee me os ss oc	11	( 17 27 9) ,	-	( 7, 05 4, 96 7)
Pro fit le o f s ha in cia te on sa res as so		-	-	( 1, 73 3, 09 6)
Fo rei ch lo gn ex an ge ss		14 9, 97 4	-	-
		( 16 1, 95 5)	( 85 41 9) ,	( 25 3, 68 4)
Mo in kin ita l nts ve me or g c ap w
( Inc ) in eiv ab les rea se rec		( 9, 23 6)	( 18 )	( 5, 41 2)
( De e) /in e i ab les cre as cre as n p ay		( 26 08 9) ,	29 88 4 ,	20 9, 18 7
Ca sh ilis ed by ati ut op er on s		( 19 7, 28 0)	( 55 55 3) ,	( 49 90 9) ,
Ne t c h u d i rat ing tiv itie as se n o pe ac s		( 19 28 0) 7,	( 3) 55 55 ,	( 49 90 9) ,
Inv tin cti vit ies es g a
Inte t re ive d res ce		4, 42 8	52	51
fr f s Ne t p ds le o ha in roc ee om sa res as	cia te so	-	-	2, 72 9, 94 5
Min l p ert de lop nt era rop y ve me		( 7) 27 82 ,	( 5) 52 24 ,	( 4) 17 5, 99
Ne h ( ed ) /re ive d i t c as us ce n inv tin cti vit ies es g a		( 23 39 9) ,	( 52 19 3) ,	2, 55 4, 00 2
Fin cin cti vit ies an g a
Pro ed s f is f s ha ce rom su e o res		-	5, 77 5	11 55 0 ,
Lo an s		-	10 0, 00 0	10 0, 00 0
Ne h g d f fin cin cti t c ate as en er ro m an g a	vit ies	-	10 5, 77 5	11 1, 55 0
t ( ) /in Ne de in sh cr ea se cr ea se ca d c h e iva len ts an as qu		( 22 0, 67 9)	( 1, 97 1)	2, 61 64 3 5,
Ca sh d c h e iva len ts at sta rt o f p eri an as qu	od	2, 76 6, 07 4	15 0, 43 1	15 0, 43 1
Fo rei ch t gn ex an ge m ov em en		( 14 9, 97 4)	-	-
Ca sh d c h e iva len d o f p eri od ts at an as qu en		2, 39 42 1 5,	14 8, 46 0	2, 76 6, 07 4

Condensed consolidated statement of changes in group equity

All attributable to equity holders of the company

	Sh are ital cap £	Sh are mi pre um £	Cu rre ncy nsl atio tra n e £ res erv	Re tai ned nin ear gs £	To tal £
Eq uity at 1 A il 2 009 udi ted pr - a	7, 036 414 ,	8, 092 423 ,	1, 832 844 ,	8, 542 452 ,	25, 504 133 ,
To tal hen siv e in e fo r th com pre com e y ear :
Pr ofit for the y e ar	-	-	-	8, 204 337 ,	8, 204 337 ,
Ex cha nt o n fo reig n h old ing nge mo v e me s	-	-	2, 148 426 ,	-	2, 148 426 ,
e fo To tal hen siv e in r th com pre com e y ear	-	-	2, 148 426 ,	8, 204 337 ,	10, 352 763 ,
Sh s is d fo sh are sue r ca	6, 000	6, 000	-	-	12, 000
Sh iss ts are ue cos	-	( ) 450	-	-	( ) 450
Eq uity ttled be nef its dit: -se cre iate - as soc	-	-	-	43, 930	43, 930
- co mp any	-	-	-	28, 127	28, 127
Eq uity at 31 Ma rch 20 10 dite d - au	7, 042 414 ,	8, 097 973 ,	3, 981 270 ,	16, 818 846 ,	35, 940 503 ,
To tal hen siv e in e fo r th erio d: com pre com e p
( Los s) for the riod pe	-	-	-	( 756 132 ) ,	( 756 132 ) ,
n fo Ex cha nt o reig n h old ing nge mo v e me s	-	-	( 1, 213 105 ) ,	-	( 1, 213 105 ) ,
To tal hen siv e in e fo r th erio d: com pre com e p	-	-	( 1, 213 105 ) ,	( 756 132 ,	) ( 1, 969 237 ) ,
nef Eq uity ttled be its dit: -se cre iate - as soc	-	-	-	65, 276	65, 276
- co mp any	-	-	-	-	-
Eq uity 30 Sep ber 20 10 aud ited at tem - un	7, 042 414 ,	8, 097 973 ,	2, 768 165 ,	16, 127 990 ,	34, 036 542 ,
Co tive rio d mp ara pe
Eq uity at 1 A il 2 009 udi ted pr - a	7, 036 414 ,	8, 092 423 ,	1, 832 844 ,	8, 542 452 ,	25, 504 133 ,
e fo To tal hen siv e in r th erio d: com pre com e p
( Los s) for the riod pe	-	-	-	( 368 100 ) ,	( 368 100 ) ,
Ex cha nt o n fo reig n h old ing nge mo v e me s	-	-	374 123 ,	-	374 123 ,
To tal hen siv e in e fo r th erio d: com pre com e p	-	-	374 123 ,	( 368 100 ) ,	6, 023
Sh s is d fo sh are sue r ca	3, 000	3, 000	-	-	6, 000
Sh iss ts are ue cos	-	( 225 )	-	-	( 225 )
Eq uity ttled be nef its dit: -se cre
iate - as soc	-	-	-	1, 857	1, 857
- co mp any	-	-	-	14, 298	14, 298
Eq uity at 30 Sep tem ber 20 09 aud ited - un	7, 039 414 ,	8, 095 198 ,	2, 206 967 ,	8, 190 507 ,	25, 532 086 ,

Notes to the accounts

1. Basis of preparation

This half-yearly financial report comprises the condensed consolidated financial statements of the group for the six months ended 30 September 2010. It has been prepared in accordance with the Disclosure and Transparency Rules of the UK Financial Services Authority; the requirements of IAS 34 - Interim financial reporting (as adopted by the European Union) and using the going concern basis (and the directors are not aware of any events or circumstances which would make this inappropriate). It was approved by the board of directors on 25 November 2010. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2010 which is available on request from the company or at www.angleseymining.co.uk.

The financial information contained in this report in respect of the year ended 31 March 2010 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. It included a reference in respect of the valuation of the Parys Mountain property to which the auditors drew attention by way of emphasis of matter. The half-yearly results for the current and comparative periods are unaudited.

2. Significant accounting policies

The accounting policies applied in these condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2010. In preparing these financial statements any accounting assumptions and estimates made by management were consistent with those applied to the aforesaid annual report and financial statements.

3. Risks and uncertainties

The principal risks and uncertainties set out in the group's annual report and financial statements for the year ended 31 March 2010 remain the same for this half-yearly financial report and can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information on these principal risks is to be found on pages 8 and 9 of the 2010 annual report which may viewed at www.anglesey mining.co.uk.

4. Statement of directors' responsibilities

The directors confirm to the best of their knowledge that:

a) the condensed consolidated financial statements have been prepared in accordance with lAS 34 as adopted by the European Union; and

b) the interim management report includes a fair review of the information required by the FSA's Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R).

This report and financial statements were approved by the board on 25 November 2010 and authorised for issue on behalf of the board by Bill Hooley, Chief Executive Officer and Ian Cuthbertson, Finance Director.

5. Activities

The group is engaged in mineral property development and has no turnover. There are no minority interests or exceptional items.

6. Equity settled employee benefits

IFRS 2 "Share-based Payment" requires the recognition of equity settled share-based payments at fair value at the date of grant. The fair value of options expensed in these statements, where applicable, is determined by a Black-Scholes option pricing model using a volatility factor of 71% and an option life of 3 years as the significant assumptions.

7. Earnings per share

The calculation and reporting of basic and diluted earnings per share are in accordance with IAS 33. These earnings per share are computed by dividing the loss attributable to ordinary shareholders of £756,132 (2009 £368,100) by 153,158,051 (2009 – 152,858,051) - the weighted average number of ordinary shares in issue during the period. Where there are losses the effect of outstanding share options is anti-dilutive.

8. Business and geographical segments

There are no revenues. The cost of all activities charged in the income statement relates to exploration and development of mining properties which is the group's principal activity . The group's assets and liabilities and income statement are analysed as follows by geographical location, which is the basis of internal management reporting.

As d l ts se an	iab ilit ies
	Un dit ed au	30 S te ep	20 10 mb e r	Au dit	31 ed M ch ar	20 10
	UK	Ca da na - as cia te so	To l ta	UK	Ca da na - as cia te so	To l ta
	£	£	£	£	£	£
As ts se	16 55 9, 78 1 ,	20 33 0, 74 8 ,	36 89 0, 52 9 ,	16 89 2, 40 5 ,	21 86 8, 31 4 ,	38 76 0, 71 9 ,
Lia bili tie s	( 2, 85 3, 98 7)	-	( 2, 85 3, 98 7)	( 2, 82 0, 21 6)	-	( 2, 82 0, 21 6)
Ne t a ets ss	13 70 79 4 5, ,	20 33 0, 74 8 ,	34 03 6, 54 2 ,	14 07 2, 18 9 ,	21 86 8, 31 4 ,	35 94 0, 50 3 ,

	Un dit ed si th au x m on s de d 3 0 S te mb 2 0 10 e n e p e r			Au dit e d de d 3 1 M c h ye a r e n a r 20 10
	UK	Ca da na - as cia te so	To l ta	UK	Ca da na - as cia te so	To ta l
	£	£	£	£	£	£
Ex pe nse s	16 1, 955	-	16 1, 955	253 684 ,	-	253 684 ,
Eq uity ttle d e loy ben efit -se mp ee s	-	-	-	28 127 ,	-	28 127 ,
Sh of los s in iate are as soc	-	407 016 ,	407 016 ,	-	203 173 ,	203 173 ,
Ga in o n d ed dis als eem pos	-	( 17, 279 )	( 17, 279 )	-	( 7, 054 967 ) ,	( 7, 054 967 ) ,
Pro fit o ale of sha in oci ate n s res ass	-	-	-	-	( 1, 733 096 ) ,	( 1, 733 096 ) ,
Inv nt i est me nco me	( 394 ) 5,	-	( 394 ) 5,	( 1, 076 )	-	( 1, 076 )
Fin ost anc e c s	59 860 ,	-	59 860 ,	99 818 ,	-	99 818 ,
Ex cha te l nge ra oss	149 974 ,	-	149 974 ,	-	-	-
Los s/( fit) for the pro y e ar	366 395 ,	389 737 ,	756 132 ,	380 553 ,	( 8, 584 890 ) ,	( 8, 204 337 ) ,

9. Deferred tax

There is an unrecognised deferred tax asset of £1.5 million which, in view of the group's trading results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, exceeding £11 million unclaimed and available. Because the recoverability of any taxation relative to these amounts from future operations is uncertain, no deferred tax asset is reflected in the condensed financial statements.

10. Development expenditure

Mineral development expenditure incurred by the group is carried in the condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of this expenditure is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on finance being available to fund such development.

11. Interest in associate

At 30 September 2010 the group had a 40.84% interest in Labrador Iron Mines Holdings Limited (LIM), a company registered in Ontario, Canada, which is independently managed and is accounted for in these financial statements as an associate company. LIM is the 100% owner and operator of a series of iron ore properties in Labrador and Quebec, some of which were formerly held and initially explored by the group. At 31 March 2010 the group's interest in LIM was 41.01%, The change in the group's percentage holding over the period results from the issue of shares by LIM in respect of the exercise of options and warrants. The fully diluted interest of the group in LIM was 39% (31 March 2010 - 39%). The changes in the group's interest in LIM are:

		Un dit ed au 30 Se mb pte e r 20 10	Un dit ed au 30 Se mb pte er 20 09	31 Au dit ed Ma rc h 20 10
		£	£	£
Va lue s i fin cia l s tat n g ro up an em en	ts :
Va lue bro ht f ard fro iou erio d ug orw m p rev s p		21 86 8, 31 4 ,	13 82 1, 01 3 ,	13 82 1, 01 3 ,
Gro 's s har f ( los ), a dju ste d to eli min up e o ses lift a lue nd rela ted tax atio n in iate 's a v a up as soc	ate fair an y unt cco s	( 40 7, 01 6)	( 22 6, 88 0)	( 20 3, 173 )
Gro 's s har f eq uity ttled be nef its inc lud up e o -se ( los ) a bov nd ad ded ba ck ses e a now	ed in	65 27 6 ,	1, 85 7	43 93 0 ,
Pro fit o n d ed dis als fol low ing LIM sh eem pos	iss are ues	17 27 9 ,	-	7, 05 4, 96 7
Les ing lue of L IM sha ld s: c arry v a res so		-	-	( 99 6, 84 9)
Ex cha rat nt nge e m ov e me		( 1, 21 3, 105 )	37 4, 123	2, 148 42 6 ,
Am rie d i he - b nt n t nts ou car gro up acc ou val of 's s har f n et a ts o f th ue gro up e o sse wit ho ut fa ir v alu dju stm ent in any e a re spe	ein the g cia te e a sso ct o f
mi al p ert ies ner rop		20 33 0, 74 8 ,	13 97 0, 113 ,	21 86 8, 31 4 ,

12. Events after the reporting period None.

13. Related party transactions None.

Front cover: New crushing and washing plant for iron ore at the James deposit near Schefferville, Labrador

R Anglesey Mining plc

Directors	John Kearney	Chairman
	Bill Hooley	Chief executive
	lan Cuthbertson	Finance director
	David Lean	Non executive
	Howard Miller	Non executive
	Roger Turner	Non executive
	Danesh Varma	Non executive
Corporate office	01248 361333
London office	Painter's Hall Chambers
	8 Little Trinity Lane, London, EC4V 2AN
	Phone 020 7653 9881
Parys Mountain site	Parys Mountain, Amlwch, Anglesey, LL68 9RE Phone 01407 831275
Labrador Iron Mines	www.labradorironmines.ca +1 647 728 4125	TSX:LIM
Registered office	Tower Bridge House, St. Katharine's Way, London, E1W 1DD
Share registrars	Capita Registrars
	www.capitaregistrars.com
	0871 664 0300 - for all change of address
	and shareholder administration matters
	(calls cost 10p per minute plus network extras, lines open 0830 to 1730 Mon-Fri)
Web site	www.angleseymining.co.uk
E-mail	mail@angleseymining.co.uk

The London Stock Exchange - LSE:AYM

Half yearly report 2010

Company registration number 1849957

Shares listed