Angel Mining PLC Shareholders Update (0556X)

TIDMANGM

RNS Number : 0556X

Angel Mining PLC

04 February 2013

AIM: ANGM

04 February 2013

ANGEL MINING PLC

("Angel Mining" or the "Company")

Shareholders Update

Angel Mining plc, the Greenland-focused mining and exploration company, is pleased to provide shareholders with the following update:

Operational update

On Sunday 27(th) January, there was a gold doré pour at Nalunaq of 24.5kg, being 670 ounces of gold which has generated US$1,104,740. This gold pour was achieved with 14 days of production effort and, if maintained, it would be considered a commercial level of production. Pillar mining has just commenced and the Bureau of Minerals and Petroleum are expected to visit site during the next two weeks to approve the first pillar workings.

Creditor action update

On 24 January 2013, the Company announced that it had filed an intention to appoint an administrator both for the Company and its principal operating subsidiary, Arctic Mining Ltd. This filing provided the Company and Arctic Mining Ltd with a period of protection during which no legal action could be taken, within the UK, against either of the two companies. Should no agreement be reached with creditors before the expiry of this period, on 06 February, the appointment of the administrator requires action on the part of either the directors or creditors. Alternatively, the Company has the option of extending the notice of intent which would provide the Company and Arctic Mining Ltd with the same protection for an additional ten business days.

A proposed deferred payment plan has since been presented to the principal trading creditors and, whilst negotiations are on-going, it is hoped to have formal agreements in place by mid-February. The Company also continues to work with Cyrus Capital Partners LP to explore financing and restructuring options.

Suspension from Trading on AIM

Shares in the Company will continue to be suspended from trading on AIM until further notice.

Further updates will be provided to shareholders as soon as possible.

Enquiries:

 
 Angel Mining plc 
  Nicholas Hall, Chief Executive 
   Officer                               07931 709 053 
  Kevin McNair, Chief Financial 
   Officer                                07900 690 908 
 Fox-Davies Capital (NOMAD & Broker) 
  Daniel Fox-Davies/Simon Leathers        0203 463 5000 
 
 Bishopsgate Communications Limited 
  Nick Rome                               0207 562 3350 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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