Trading Statement (0025B)

TIDMANGM

RNS Number : 0025B

Angel Mining PLC

10 April 2012

10 April 2012

ANGEL MINING PLC

("Angel Mining" or the "Company", AIM: ANGM)

Nalunaq Production Update and Issue of Shares

The Board of Angel Mining is pleased to announce that main generator at Nalunaq is now fully operational and the processing of ore recommenced on 5(th) April.

The mining of high grade ore continued throughout March and work also continued on the construction of a new bulkhead to create a much enlarged storage area for tailings. Work on this project should be complete by the end of May.

The Company also announces that it has raised approximately GBP259,000 through the issue of 15,588,998 new ordinary shares of 1p each in the Company ("Ordinary Shares") to YA Global masters SPV Ltd. at 1.66p per share under the terms of the Standby Equity Distribution Agreement ("SEDA") announced on 28 July 2011. The proceeds will be used to meet the Company's repayment obligations for March 2012 under the promissory note facility with Yorkville which was announced at the same time as the SEDA.

Application will be made for the 15,588,998 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that admission will become effective and that dealings will commence on Friday, 13 April 2012.

Nick Hall, CEO of Angel Mining, commented: "The team at Nalunaq have worked tirelessly over the past four weeks to repair the main generator at site with excellent support from Pon Caterpillar in Denmark.

It will take at least 2 weeks for the plant to be fully recharged and then a further 10 days for carbon stripping before the next gold pour, which is now expected to take place in early May. A second gold pour is also planned for later in May and, after that, the mine and plant should settle to a much more consistent period of cash generative production."

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 5000 
 
 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

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