Anglesey Mining plc has completed its debt restructuring, with the removal of £4 million liabilities, as it focuses on its Parys Mountain base and precious metal project in North Wales.
MRE
The move follows majority shareholder Energold Minerals Inc’s £350,000 investment and the transfer of Anglesey’s Sweden and Canada interests to Energold.
Anglesey’s debt is now around £100,000 which is secured against a residential property at Parys.
The company’s exploration plans include local and regional aerial geophysics, followed by ground work, and revising the current JORC-compliant mineral resources model with existing core log analysis.
Anglesey also aims to continue to develop its plans for a pumped storage scheme with RheEnergise at the site.
“We have turned a corner at Anglesey by eliminating the debt long overhanging our balance sheet,” added chief executive officer Rob Marsden.
“We are now well positioned to focus entirely on our core asset, the Parys Mountain copper-zinc-lead-gold project and to deliver an exploration and development strategy for our shareholders.”