Largest single gold pour to date (3614V)
11 Januar 2012 - 9:30AM
UK Regulatory
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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