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Share Name Share Symbol Market Type Share ISIN Share Description
Angel Mining LSE:ANGM London Ordinary Share GB0009348862 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.535 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -3.5 -0.5 - 5

8th Gold Pour

22/12/2011 7:00am

UK Regulatory (RNS & others)


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RNS Number : 4554U

Angel Mining PLC

22 December 2011

ANGEL MINING PLC

("Angel Mining" or the "Company")

   AIM:   ANGM 

8TH GOLD POUR

The Board of Angel Mining is pleased to announce that a further 13.77 kilograms (428 ounces) of gold dore was successfully poured at Nalunaq on Monday 19(th) December.

This pour brings the total gold dore poured so far in December to 29.2kg (938.8 ounces) and the total poured to date, since the first pour on 27 May, to 103.4 kilograms (3,323.8 ounces).

This recent pour provides yet further confidence in the Company building up its production towards a target of between 1,500 and 2,000 ounces per month, which it hopes to achieve in early 2012.

Production, during the recent two week period was adversely affected by a planned two day plant shut down for repairs and maintenance. The replacement ball mill pinion has been manufactured, is in transit to site and is expected to arrive in early January.

The carbon regeneration circuit is now operational, which is an important step towards increasing the rate of dore production and the Company expects to see the benefit of these reflected in increased production rates in early 2012.

Nicholas Hall, CEO, commented: "The team at Nalunaq have achieved so much in the last few months. We now have a mine that is producing high grade ore to feed the only underground cyanide leaching plant in the world, as far as we know. They will be working throughout the Christmas and New Year period and we look forward to the challenges and opportunities that await us in 2012."

Enquiries:

 
Angel Mining plc 
 Nicholas Hall, Chief Executive Officer   07931 709 053 
 Kevin McNair, Chief Financial Officer     07900 690 908 
----------------------------------------  -------------- 
Fox-Davies Capital (Broker) 
 Daniel Fox-Davies 
 Simon Leathers                            0203 463 5010 
----------------------------------------  -------------- 
Fox-Davies (Nominated Adviser) 
 Simon Leathers                            0203 463 5010 
----------------------------------------  -------------- 
Bishopsgate Communications Limited 
 Nick Rome/Shabnam Bashir                  0207 562 3350 
----------------------------------------  -------------- 
 

Background to Angel Mining

Nalunaq

The Company first poured gold at Nalunaq on 27 May 2011 following final completion of the processing plant and is targeting optimal production by Q1 2012 of approximately 24,000 oz per annum thereby providing the Company with cash flow which will be dedicated to funding development at Black Angel, further exploration at Nalunaq and reducing debt. The current mining plan anticipates a mine life of two to five years, subject to further exploration work. The directors anticipate that Nalunaq may enter into toll treatment arrangements with other potential gold mining activities in the region where appropriate. Angel Mining operates the only operational gold mine in the region and anticipates that its operation may be suitable for processing ore from other gold mining companies in the region.

Black Angel

The Black Angel project is a high grade zinc/lead project based around a previously developed mine in the north of Greenland. The table below sets out the JORC Code compliant mineral resources estimate for the Black Angel project which includes three sets of zones within the mine and three satellite deposits which have been explored.

 
 
          Summary of Black Angel Mineral Resources (JORC) as of 31 December 
                                        2007 
=================================================================================== 
 
                                      Tonnage    Zinc    Lead    Silver    Mineable 
                         Category      (kt)      (%)     (%)     (g/t)     reserves 
                                                                             (kt) 
=====================  ===========  =========  ======  ======  ========  ========== 
 Angel Zone             Indicated         791    13.0     4.5      25.0         218 
=====================  ===========  =========  ======  ======  ========  ========== 
 Cover Zone             Indicated         522     8.3     2.4      18.0         231 
=====================  ===========  =========  ======  ======  ========  ========== 
 Other zones within 
  the Black Angel 
  mine                  Indicated         697    10.4     3.3      13.0           - 
=====================  ===========  =========  ======  ======  ========  ========== 
 South Lakes Glacier    Indicated       1,726     6.9     2.5      14.5           - 
=====================  ===========  =========  ======  ======  ========  ========== 
 Ark                    Inferred          492     4.7     2.2      20.4           - 
=====================  ===========  =========  ======  ======  ========  ========== 
 Nunngarut 2            Indicated         196     9.0     3.4      31.0           - 
=====================  ===========  =========  ======  ======  ========  ========== 
 Nunngarut 2            Inferred            1     4.5     1.9       9.0           - 
=====================  ===========  =========  ======  ======  ========  ========== 
 Total                                  4,425                                   449 
==================================  =========  ======  ======  ========  ========== 
                                       Source: Wardell Armstrong International Ltd. 
=================================================================================== 
 

The project consists of three phases:

Phase I: Complete the rehabilitation of infrastructure to allow access to the mine, the mine camp and related facilities.

Phase II: Complete the detailed review of the pillar extraction programme within the Angel and Cover Zones, including the construction of the process plant and related systems to allow for the shipment of concentrate from the site.

Phase III: Develop a further exploration programme for the existing JORC resources at the Ark and Glacier deposits as well as identified mineralization at Deep Ice, Nunngarut and a number of other exploration targets within the license area (see the announcements made by the Company on 6 June 2006 titled "Black Angel 2006 Resource Statement" and on 30 November 2007 titled "Black Angel 2007 Resource Statement").

This information is provided by RNS

The company news service from the London Stock Exchange

END

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