Western Metals acquires Parys project from Anglesey Mining

Western Metals, the Australian listed miner, is acquiring the Parys Mountain copper-zinc project from Anglesey Mining, for an initial consideration of A$7.6 million in cash and shares.

A balance of A$21.5 million will be paid on completion of a successful bankable feasibility study or after three years, whichever is the earlier.

During the initial 15 month period of ownership, Western Metals is committed to invest a minimum of A$3.25 million in the project, extending to a total of A$6.5 million during the first 24 months.

Parys Mountain is located on the island of Anglesey in North Wales and has been worked since prehistoric times.

It was once one of Britain’s biggest producers of copper but mining ceased in the early 20th Century. Currently, the project has planning approvals for a 1,000 tonne per day operation.

It is understood that Western Metals intends to carry out a major surface drilling programme during its feasibility study.

The company has also indicated that it will rehabilitate the Morris Shaft, extend underground development and carry out an underground drilling programme.

The acquisition is in line with Western’s strategy of securing advanced exploration and development projects that promise early cash flow.

To this end, it is continuing with its aggressive exploration strategy at its Tanzanian, Queensland and the Americas projects.