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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 : 1510W
Angel Mining PLC
25 January 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM: ANGM
Publication of Newsletter
The Board of Angel Mining is pleased to announce the publication of a corporate newsletter. The full wording of the newsletter can be found on the company's website (www.angelmining.com) but the summary text is as follows:
"Angel Mining's Company objectives for 2012
-- Maximise the maintainable gold production at Nalunaq -- Work smarter cost reduction programme -- Develop a deliverable financing plan for Black Angel
Nalunaq
Production
As the initial stockpiles have begun to be depleted, production of ore from the mine has been ramped up, with tonnage and grades now sufficient to fully feed the process plant. The plant aims to increase its operational efficiency and reduce its costs by extending the interval between shipments. This will give the plant a longer, more regular processing cycle which will reduce chemical and energy consumption and reduce shipment costs of dore bars to the refinery whilst yielding the same amount of gold from fewer production cycles. Accordingly, the next pour of gold at Nalunaq is scheduled for Monday, 30(th) January.
The team needs to implement three more important improvements to the process plant before optimum performance can be achieved:
1. The throughput of the ball mill needs to be increased and this should now be possible as the new pinion, referred to in a previous update, has arrived on site.
2. A new pump, with a recessed impeller, is to be installed for the transfer of gold-loaded carbon between the CIP tanks and the elution circuit. The current pump damages the carbon and creates fines, which are lost to tailings resulting in the loss of some gold. We are currently out to enquiry for fast delivery. Once installed, this should permit Nalunaq to achieve the best recovery efficiency of gold that it can.
3. De-bottlenecking of the plant crushing circuit: the team is currently studying how to upgrade this section of the processing plant.
Cost Reduction
As the production process begins to settle into a routine and the team becomes better established, we have begun to identify areas where cost savings can be achieved. The main initial areas we are focusing on are; travel, administration, procurement of consumables and dore shipment costs.
New Ideas
Since commencing production, the mining team and the geologists have discovered that additional high grade ore may be accessible for processing and that the grade in the new development area of South Block is better than had been expected. As a result, we are refining our plans for new exploration drilling to try to extend the life of the mine.
Black Angel
Project Director
The recruitment of a Project Director for Black Angel continues. This is a crucial role and we are determined to find the best candidate possible. In the meantime, work is proceeding with support from Qualter Hall.
Site Planning Meeting
A site meeting was held at Black Angel for a week last autumn and significant progress was made with some fascinating new ideas emerging.
Qualter Hall and EMJ jointly designed the site layout at Maarmorilik to extend the camp, provide new fuel storage facilities, developed a covered store for concentrate awaiting shipment and operational consumables. The plan links buildings with the materials handling system to ensure efficient loading and unloading of cable car gondolas. They were also required to design a layout and operating system which will be as automated as possible to minimize the use of people and to cater for the very low winter temperatures. Golders and our team identified the ideal location for the mineral process plant as being inside the old workings and were able to determine the basics of ventilation and material handling.
Golders also examined the bulkhead that exists in the entrance to the Deep Ice Zone tunnel. As the tunnel is flooded, a well engineered plan will be required to work out how to safely remove the bulkhead so that access can be restored.
Perhaps the most interesting development, however, was the idea that the pillar entrapment mining method for safe pillar removal may be modified. Under this new plan, the pillars to be retained for roof support would be supported by a series of backfill walls, creating a honeycomb of voids which can then be used for the safe disposal of tailings. Golders need to complete a mining method report and model the new ideas but, at this stage, it is clear that the concept should benefit both CAPEX and operating costs whilst providing an environmentally safe repository for the tailings.
Financial Model
A new financial model is being prepared for the project based on cost data provided by GBM, Qualter Hall and EMJ. The CAPEX constituents reflect the work done in the autumn as referred to above but it is believed that a material reduction can be achieved by better sourcing of plant and equipment. Consequently, an exercise has begun to get more competitive supplier quotations and it is hoped that the revised cost data can be obtained within the next two months.
Finance
As reported in the last newsletter, every effort is being made to accelerate production of gold at Nalunaq to improve cashflow. Currently, the production is enabling the Company to meet its ongoing operating costs and as such the Company is working to reduce the backlog of supportive creditors.
People
Some kind shareholders presented the company with some bottles of champagne and that inspired a prize giving to members of the team who have made an exceptional contribution to the group in the last three months. The recipients of the prizes were:
1. Steve Ainsworth (Deputy GM and Head of Mining) for his contribution in transforming the mining team at Nalunaq
2. Joan Plant (Operations Support Manager) for developing a new control system to ensure that we are in total control of reports to the BMP (the Greenlandic regulatory authority) and with permit applications and renewals. Her work has been much praised by the BMP
3. Kevin McNair (CFO) for the effective management of cash through a period of great difficulty during which he was able to maintain the vital support of our suppliers.
Nalunaq Production Stats Year to date December Tonnes mined 11,531 2,080 ------------- --------- Tonnes processed 22,369 2,515 ------------- --------- Dore produced (ounces) 3,324 939 ------------- --------- Gold sold (ounces) 2,968 842 ------------- ---------
"
Enquiries:
Angel Mining plc Nicholas Hall, Chief Executive Officer 07931 709 053 Kevin McNair, Chief Financial Officer 07900 690 908 Fox-Davies Capital (Nominated Adviser and Broker) Simon Leathers 0203 463 5010 Bishopsgate Communications Limited Nick Rome/Shabnam Bashir 0207 562 3350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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