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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 | 0.00% | 0.535 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMANGM
RNS Number : 3614V
Angel Mining PLC
11 January 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM: ANGM
LARGEST SINGLE GOLD POUR TO DATE
The Board of Angel Mining, the Greenland-focused mining and exploration company, is pleased to announce that a further 16.1 kilograms (517.8 ounces) of gold dore was successfully poured at Nalunaq on Monday, 9 January 2012. This is the largest single pour to date and is another significant milestone as production continues to rise towards the target of between 1,500 and 2,000 ounces per month, which it hopes to achieve in early this year.
For the three weeks since the last pour the mine and plant operated with a skeleton crew over the holiday period and had to deal with very severe weather, which at points disrupted production. Access to the mine was hampered at times, due to blizzard conditions, as was access to fuel supplies from the harbor.
Nicholas Hall, CEO, commented: "I am delighted that the team have started 2012 with a record gold pour. This is the latest step in our steady increase in production at Nalunaq. In December 2011, Nalunaq reached the important milestone of becoming cash generative. We look forward to this cash generation continuing to improve in line with production.
"Photographs have been added to the photo gallery on the Company's website which helps gives some idea of the harsh conditions that the team have dealt with over the last few weeks."
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 and had poured 103.4 kilograms (3,323.8 ounces) of gold dore by 31 December 2011. The Company 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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