Multi million pound mining deal for Anglesey

Anglesley Mining is to sell its Parys Mountain project to Australian company Western Metals Ltd for about 13.75m in cash and shares.

[Ron Hughes]

The shock to all shareholders is apparent due to the total lack of share activity after the announcement of sale.. I am a bit perplexed as to how can the shares in "Anglesey mining" be split between the "Canada mine" and "Parys mountain mine",as AMC and shareholders own both with a common share price..It will be interesting how shareholders will react to this when the split happens and will we all be bought out and have no further dealings in the mine.

[Sleibhin]

Ron : Western Metals is buying the Parys Mountain Project - not the Company . The shares of WMT will go into the treasury of Anglesey . I'm sure there will be a "hold period" after which Anglesey will be able to sell the shares and deposit the funds in their treasury .

As long as Anglesey hold the WMT shares they will have an indirect interest the Parys Mountain Project . If the price is right I'm sure they will eventually sell the shares for funds to use on projects such as the Labrador iron ore .