Anglesey Mining's 15% owned associate, Labrador Iron Mines Holdings (LIM), has announced that its exploration efforts over the past two years have identified a large iron orebody hosted within its 100%-owned Elizabeth Taconite Project.

This has led to the exploration potential being increased by between 350m and 600m tonnes.

The Elizabeth Project is located in Western Labrador, approximately four kilometres west of LIM's currently producing James mine.

In 2011 and 2012, LIM identified two parallel deposit areas at the Elizabeth Project by conducting airborne and ground geophysics over the region.

LIM's exploration drilling last year was successful in defining an inferred mineral resource at Elizabeth No. 1 by completing five, HQ-sized diamond drill holes totalling 1,728 metres.

Exploration drilling was also successful in identifying potential in Elizabeth No.2, which is oriented in a parallel zone located immediately to the southwest of Elizabeth No.1.

At 11:42am: (LON:AYM) Anglesey Mining share price was +0.33p at 7.45p