Financial Update

Angel Mining plc (the "Company")
AIM: ANGM

On 24 May 2010, the Company announced that it was in default in relation to its financing agreements with FBC Holdings S a r l (“FBC”) and that it was in discussions with Cyrus Capital Partners LP, the agent under the financing agreements ("Cyrus"), to ensure continued access to liquidity for the Company (the “24 May Announcement”). Cyrus, as agent, agreed two weeks forbearance on this default and FBC subsequently advanced a further US$2.0 million, on the same terms as the previous loan agreement, which were summarised in the Company’s announcement dated 12 October 2009.

The Company’s discussions with Cyrus regarding the financing arrangements with FBC continue and Cyrus have confirmed that FBC’s forbearance on the default described in the 24 May Announcement will continue until 22 June 2010.