Gold Pour and Financing update (5355W)
01 Februar 2012 - 8:00AM
UK Regulatory
TIDMANGM
RNS Number : 5355W
Angel Mining PLC
01 February 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM: ANGM
ANOTHER RECORD GOLD POUR AND FINAL DRAWDOWN OF YORKVILLE
PROMISSORY NOTE FACILITY
The Board of Angel Mining, the Greenland-focused mining, is
pleased to provide the following update:
Nalunaq
On Monday, 30 January 2012, a further 16.8 kilograms (539.9
ounces) of gold dore were successfully poured at Nalunaq. This is
the largest single pour to date and shows continued progress
towards the Company's target of between 1,500 and 2,000 ounces per
month, which it hopes to achieve early this year.
During the three weeks since the last pour, the team lost
approximately four days of production due to maintenance and
repairs of the main generator. That aside, the team believe that
gold recovery from the plant has now improved to c. 84%, a
significant improvement over the levels achieved during the last
few months of 2011.
Finance
On 28 July 2011, the Company announced that it had entered into
a promissory note with YA Global Master SPV Ltd ("Yorkville") up to
a maximum value of $3,654,000. The initial drawdown under the note
was $1,350,000 and the Company made a subsequent drawdown of
$855,000. The Company has now fully drawn down on this facility.
The outstanding balance of $3,654,000 will be repaid in a series of
payments commencing on 8 March 2012 and finishing on 30 September
2012.
Nicholas Hall, CEO, commented: "The continued improvement in
gold recovery and the associated increase in production levels
indicate that the team is making important strides towards
achieving our production target. The ongoing improvements to the
process plant will further these efforts."
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 Capital (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
between 1,500 and 2,000 ounces per month, 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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