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, L.P., 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. 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. On 10 June 2010, the Company announced that FBC had extended the period of forbearance until the close of business on 22 June 2010.

Cyrus have agreed in principle to provide the Company with additional funding which will allow it to reach a positive cashflow position and resolve all outstanding defaults relating to its present borrowings. This agreement is conditional upon, amongst other things, the Company raising additional funding for the development of the Black Angel zinc/lead project. The Company is in advanced discussions with another party regarding an additional significant funding facility which would, among other things, satisfy this requirement. The Company will make a further announcement in relation to the outcome of these discussions in due course.

In light of the progress being made in both sets of discussions, Cyrus has confirmed that FBC's forbearance on the default described in the 24 May Announcement will continue until 29 June 2010.