Financial Update

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

Further to the announcements of 30 June 2010 and 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 Europe LLP., the agent under the financing agreements ("Cyrus"), to ensure continued access to liquidity for the Company (the "Announcements"). Cyrus, as agent, agreed a forbearance on this default which expired on 6 July 2010.

The Company is continuing its negotiations with both Cyrus and another party regarding the additional funding described in the announcement made by the Company on 22 June 2009 and is close to completing these negotiations.

Due to the fact that matters are near conclusion, the parties did not feel it necessary to formally extend the period of forbearance further. The Company anticipates updating the market more fully on the details of these financing arrangements shortly.