Anglesey Mining seeks City backing for drilling.Byline: David Jones David Jones is a common name, particularly in Wales, and there have been several well-known individuals with this name. Variations include Dave Jones and Davy Jones. Business Staff A PROPOSED new drilling programme has the potential to significantly increase the value of the mineral deposits at Parys Mountain Parys Mountain – in the Welsh language Mynydd Parys – is located south of Amlwch which is in north east Anglesey. The copper from the mine at Parys Mountain dominated the world's markets during the 1780s, when the mine was allegedly the largest in the , says Anglesey Mining. Chairman John Kearney John Kearney (born 1924) is a Chicago- and Provincetown-based American artist famous for making figurative sculptures, often of animals, using multiple, found metal objects, specifically bumpers from automobiles. says the company is seeking additional financing for its planned exploration programmes on the mountain near Amlwch and other new mining opportunities elsewhere. The mining company which holds mineral properties at Parys Mountain and Dolaucothi, near Lampeter, has been trying to raise about pounds 650,000 in the City to finance the fresh drilling programme. Mr Kearney said in the company's annual report that geological studies had pinpointed a potential new zone of mineralisation containing zinc, copper and lead at reasonable depth at the western end of the Parys Mountain property. He said: "The identification of this potential new zone is very important because it opens up a second major exploration target and new zone to the west. It is not possible to estimate the size or grade of the new zone without further drilling. "The company plans as soon as possible to undertake financing for a drilling programme to explore both this potential new zone and the previously identified exploration target areas. Such a programme has the potential to very significantly increase the value of the mineral deposits at Parys Mountain." Financial results for the year show a loss of pounds 118,051, before exceptional items, compared to a loss of pounds 164,184 the previous year. An impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. provision of pounds 3m against accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. development costs on the mountain increased the before-tax loss to pounds 3,118,051. Mr Kearney emphasised that the requirement for this accounting provision in no way diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. the directors' positive view of the long term potential of the mine. The group had no revenues from the operation of its properties. During the year, the company bid in a joint venture for the Bula zinc deposit in Ireland but was outbid out·bid tr.v. out·bid, out·bid·den or out·bid, out·bid·ding, out·bids To bid higher than: We outbid our rivals at the auction. by Tara Mines which agreed to buy the Bula assets from the receiver for pounds 21.5m. |
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