Latest News
02 March 2010
Angel Mining plc (the "Company")
AIM: ANGM
Highlights
- Gold has been poured for the first time at the Nalunaq gold mine;
- Initial production is being achieved by using gravity separation;
- The permit has been granted for the first gold export;
- Permit application is progressing for the Company to use a cyanide circuit, which is expected to increase gold recovery to over 90%;
- Cash generated from the ongoing production of gold will help fund development of the Black Angel lead and zinc mine.
The Board of Angel Mining, the Greenland focused mining company, is pleased to announce that production has commenced at its Nalunaq Gold Mine.
The Company acquired the mining assets of Nalunaq Gold Mine A/S on 1st July 2009 for US$1 million and a further US$500,000 was paid in October following the approval of the Greenlandic authorities to grant a mining licence to the Company’s wholly owned subsidiary, Angel Mining (Gold) A/S (“Angel”).
Since completing the acquisition, Angel has designed an underground process plant, sourced the components, built an in-mine chamber, constructed foundations, installed and commissioned the plant to enable this initial production to take place.
The process plant comprises a gravity separation circuit, which is now operational and a Carbon in Pulp (“CIP”) circuit, which is still under construction. The gravity section is expected to recover approximately 50% of the available gold, and the tailings will be reprocessed, once the CIP circuit is available. Subject to the granting of permits, the plant is scheduled to be fully operational by April, with overall gold recovery ultimately being in excess of 90%.
Building a complex process plant inside the mine is not unique but it is very unusual. The additional capital investment is justified by the fact that the Company will be able to comply with the most stringent environmental controls and will be able to optimise operational efficiency, which should result in a relatively low cash cost of production.
The output will be in the form of doré bars comprising approximately 90% gold and 10% silver.
The Company has recruited a team of local Greenlanders and is training them to operate both the mining and processing equipment. A stock pile of ore has been built up and this will be depleted as the rate of mining increases. Production rates are expected to reach 15,000 ounces by the end of 2010, growing to 25,000 to 30,000 ounces per year thereafter.
Angel Mining is focused on developing its projects in Greenland and will benefit from increased cashflow as it ramps up production at Nalunaq. The near term positive cashflow from Nalunaq will help to fund the development of the Black Angel zinc and lead mine where work on the construction of the upper cable car terminal has already recommenced.
Angel Mining CEO Nicholas Hall commented -
"We are delighted to have reached this major milestone. During the last few weeks we have had to overcome a number of ‘teething problems’ to get the plant fully operational and there is still more work to be done before we achieve optimal performance. Building the complex process plant inside the mine demonstrates the growing operational ability of our team and we now look forward to focusing on the re-start of the Black Angel zinc and lead mine. Today is an important step as the Company strives to become a significant multi-commodity producer focused on opportunities in Greenland."
For further information please contact:
26 February 2010
Angel Mining plc (the "Company")
AIM: ANGM
For the purposes of the Financial Services Authority’s Disclosure and Transparency Rules, the total number of ordinary shares of 1p each in the capital of the Company in issue as at the date of this notice is 297,488,944 with each share carrying the right to one vote.
In addition, following the general meeting of the Company on 21 August, 2009, the Company also has one B Share of £1 in issue which carries 577,275,625 voting rights in the Company.
There are no shares held in treasury.
Therefore, the total number of voting rights in the Company is 874,764,569.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
03 February 2010
Angel Mining plc (the "Company")
AIM: ANGM
The Company announces that it has raised £175,000 through the issue of 2,958,392 new ordinary shares of 1p each in the Company (“Ordinary Shares”) at approximately 5.92p per share under the terms of the Standby Equity Distribution Agreement announced on 27 April, 2009.
Application will be made for the admission of 2,958,392 new Ordinary Shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealings will commence on 9 February, 2010. On admission, the Company will have 297,488,944 Ordinary Shares in issue.
For further information please contact:
21 January 2010
Angel Mining plc (the "Company")
AIM: ANGM
NALUNAQ GOLD MINE
- Permit received for construction and operation of the gravity process plant
- Agreements confirmed for transporting and refining doré bars
- Foundations and preparatory work completed
- All gravity plant components are on site and construction is well underway
BLACK ANGEL MINE
- Lower Cable Car terminal completed
- Construction work to recommence in Spring 2010
2009 was a transformational year for the Company. The acquisition of the Nalunaq gold mine (“Nalunaq”) in Greenland, as first announced on 1 July 2009, has accelerated the point at which the Company will be cash generative as production is now imminent. Permitting by the Greenlandic authorities is well progressed and the export licence should be granted by the time the first doré bars are available for transfer to the refiner.
The carbon in pulp (CIP) part of the plant will be constructed during February and, subject to the granting of the required permit, should be operational before the end of March.
At the Black Angel Mine (“Black Angel”) the Company has completed the construction of the lower cable car terminal and work will recommence in the Spring to construct the upper terminal, and the infrastructure for the mineral process plant. In addition work will advance on expanding the existing project camp. Photographs are available for viewing on the website www.angelmining.com. Subject to the availability of finance, the Company plans to build the cable car, underground processing plant and extend the camp during 2010 in order that production can commence in early 2011.
Further announcements and updates on the Company’s operations will be provided when appropriate.
Angel Mining CEO Nicholas Hall commented –
“Much was achieved in 2009 but 2010 presents new challenges and opportunities. Raising the funding for the Black Angel will be helped by cash being generated at Nalunaq and the much improved commodity prices. I expect the cash cost of production at both Nalunaq and Black Angel to be less than 50% of current market prices."
“Management looks forward to continuing the progress made by the Company over the last twelve months as it looks to further develop its mining operations.”
14 January 2010
Angel Mining plc (the "Company")
AIM: ANGM
For the purposes of the Financial Services Authority’s Disclosure and Transparency Rules, the total number of ordinary shares of 1p each in the capital of the Company in issue as at the date of this notice is 294,530,552 with each share carrying the right to one vote.
In addition, following the general meeting of the Company on 21 August, 2009, the Company also has one B Share of £1 in issue which carries 577,275,625 voting rights in the Company.
There are no shares held in treasury.
Therefore, the total number of voting rights in the Company is 871,806,177.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
For further information please contact:
24 December 2009
Angel Mining plc (the "Company")
AIM: ANGM
The Company announces that it has entered into an agreement for the sale of GRL, a wholly owned subsidiary, which has the exploration licence for the rare earth project in Southern Greenland, known as Motzfeldt.
An Australian private group has formed a new company, Greenland Resources Holdings Pty Limited, which has purchased 49% of GRL for the sum of A$50,000, in cash, and has entered into a put and call option for a further A$1,000 to acquire the remaining shares for A$10.
The sale is subject to the approval of the Greenlandic government.
GRL has liabilities of DKK 2,510,948 relating to an under spend on exploration commitments during 2008 and 2009. The Australian group has advanced A$390,000, to GRL, to fund exploration activity.
CEO
Nicholas Hall commented –
“This opportunity to sell Greenland Resources Ltd. enables the Company to avoid the liability of exploration under spend, which could amount to US$500,000, at current exchange rates. Cash is needed for the development of the Nalunaq gold mine and the Black Angel zinc/lead mine. The Motzfeldt project has interesting long term potential but will require significant investment before it could become a viable mining proposition. This is a further step towards the Company becoming totally focused on developing high quality mining projects.”
For further information please contact:
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