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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 : 2111G
Angel Mining PLC
27 June 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM:gel Min
TRADING UPDATE
HIGHLIGHTS
-- Rate of ore processing at Nalunaq improved significantly -- Potential use of hydro-electric power generation at Black Angel
Nalunaq
The board of Angel Mining plc is pleased to announce that, it has recently completed two gold dore pours; 15.211kg (489oz) on 19 June and 12.25kg (394oz) on 24 June. These bring the total amount of dore poured for the month of June to 27.46kg (883 oz).
As previously indicated, faulting in the South Block has diminished the grade of the material being processed. Accordingly development in this area has now been temporarily postponed until there has been time to study the structural displacement of mineralisation in this area. Nonetheless the gold produced in June will raise approximately $1.3 million, which covers the group's operating costs for the month.
The next gold pour is expected to be in late July and the Company expects the quantities of gold produced to resume growing, following on from the record monthly production announced on 29 May, because the Company expects to shortly be processing ore from the higher grade pillars. The Company believes that a permit will be issued in the near future by the Bureau of Minerals and Petroleum to enable the Company to mine the high grade pillars, based upon a study previously undertaken by Golders Associates. This high grade resource is expected to underpin the level of gold production for the next year or more. Assuming the permit is received shortly from August the Company expects to be producing consistently above 1,500 oz per month from a single gold pour, i.e. at commercial levels of production given the Company's target of 1,500-2,000oz per annum. In the longer term other high grade material is known to be available in the Mountain Block, although the development of this is subject to further underground exploratory drilling.
The process plant treated an average of 142 tonnes of ore per day between 2 June and 15 June up from an average of 62 tonnes of ore per day throughout May. This represents a steady processing rate improvement over previous months and combining this with the higher grade ore expected from the pillars, the Company anticipates a significant increase in gold production rates.
Black Angel
The Company has commissioned Golders Associates to produce a study to consider the use of hydro-electric power for the Black Angel project. There is a large and constant flow of water in the Deep Ice Zone which will be the source of water for the process plant and it may also be channeled to drive a turbine. Diesel oil is currently expected to account for approximately 25% of the cash cost of producing the zinc and lead concentrates so this exercise has the potential to significantly reduce the cash cost of production although there will be additional associated capital cost.
Nicholas Hall, CEO, commented: "We eagerly await the permit to commence mining of pillars at Nalunaq. The high grade ore which is available in the Target Block pillars will have an immediate positive impact on gold production. Exploration in the Mountain Block may reveal very high grade deposits but that work will not be undertaken in the immediate future. Our near term target is improved cash generation; firstly to see Nalunaq generate at the target level and secondly to generate funds for the development of Black Angel.
The hydro-electric study is the last significant piece of work on the design phase of the Black Angel project. If hydro-electric power is viable, the potential cost savings are very significant and could dramatically impact the economics of the project."
Enquiries:
Angel Mining plc 07931 709 053 Nicholas Hall, Chief Executive Officer 07900 690 908 Kevin McNair, Chief Financial Officer Fox-Davies Capital (Nominated Adviser & Broker) Daniel Fox-Davies 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 of approximately 18,000 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.g debt.ng the Company with cash flow which will be dedicated to funding development at Black Angel, further exploration at ereby providing Nalunaq may enter into toll treatment arrangements with other potential gold mining activities in the region where appropriate. Angel Mining currently 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 in the future.
Black Angel
The Black Angel project is a high grade zinc/lead project based around a previously developed mine in the north of Greenland.l Mining currently operates the only operational gold mine in the region and afor 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 ====================================================================================== Category Tonnage Zinc Lead Silver (g/t) Mineable reserves (kt) (%) (%) (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").
Dr Bob Dowdell os the qualified person that has reviewed and approved the technical information contained in this announcement. Dr Dowdell holds a BSc and Doctorate in Mining Engineering from Newcastle University and is a Chartered Engineer and Member of the Institution of Mining and Metallurgy.
More information on the Company is available on the website, please click here: http://www.angelmining.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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