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 a forbearance on this default which expired on 29 June 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 a further announcement will be made 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 6 July 2010.

Angel Mining CEO, Nicholas Hall, commented: "We very much appreciate the continued support of Cyrus and FBC which is enabling us to make substantial progress regarding additional funding, the details of which we hope to announce shortly."