Another Record Gold Pour and Final Drawdown of Yorkville Promissory Note Facility

The Board of Angel Mining, the Greenland-focused mining company, is pleased to provide the following update:

Nalunaq

On Monday, 30 January 2012, a further 16.8 kilograms (539.9 ounces) of gold doré 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."