Formal Approval of the Nalunaq Gold Mine Acquisition

ANGEL MINING PLC (“the Company”)
AIM:   ANGM

The Company has been notified by the Bureau of Minerals and Petroleum (BMP) that the Greenlandic Government has approved the transfer of the Nalunaq Gold Mine mining licence to Angel Mining (Gold) A/S (Angel), its wholly owned Greenlandic subsidiary.

CEO Nicholas Hall commented –

“The transfer of the mining licence enables us to complete the acquisition of the mine from Crew Gold Corporation (Crew). It triggers a final payment of US$500,000 to Crew, which becomes payable on 2nd October and also the transfer of the 16,000,000 Danish Kroner mine closure security fund deposit from Crew to Angel. The Government approval of this licence transfer was delayed due to the General Election held earlier this year in Greenland but it has not prevented essential preparatory work continuing on site. In consequence the Company is still hoping to pour gold before the end of this year but further licencing is required from the BMP before this can take place.”

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