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25 January 2012
Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM
The Board of Angel Mining is pleased to announce the inaugural publication of the third corporate newsletter. Following the growing level of shareholder interest in the company the board felt a periodic newsletter provided the best way of communicating with shareholders with regards to matters that were otherwise beyond the usual regulatory announcement requirements.
The full wording of the newsletter can be found here...
09 January 2012
Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM
The Board of Angel Mining is pleased to announce that a further 16.1 kilograms (517.8 ounces) of gold doré was successfully poured at Nalunaq on Monday, 9 January 2012. This is the largest single pour to date.
The mine and plant operated with a skeleton crew over the holiday period and they had to deal with very severe weather which at points disrupted production. Access to the mine was hampered at times, due to blizzard conditions, as was access to fuel supplies from the harbor. Photographs are being added to the photo gallery on the website which gives some idea of the conditions that the team dealt with over the last few weeks.
Nicholas Hall, CEO, commented: “I am delighted that the team have started 2012 with a record gold pour. This is the latest step in our steady increase in production at Nalunaq. In December 2011, Nalunaq reached the important milestone of becoming cash generative. We look forward to this cash generation continuing to improve in line with production.”
22 December 2011
Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM
The Board of Angel Mining is pleased to announce that a further 13.77 kilograms (428 ounces) of gold doré was successfully poured at Nalunaq on Monday 19th December.
This pour brings the total gold doré poured so far in December to 29.2kg (938.8 ounces) and the total poured to date, since the first pour on 27 May, to 103.4 kilograms (3,323.8 ounces).
This recent pour provides yet further confidence in the Company building up its production towards a target of between 1,500 and 2,000 ounces per month, which it hopes to achieve in early 2012.
Production, during the recent two week period was adversely affected by a planned two day plant shut down for repairs and maintenance. The replacement ball mill pinion has been manufactured, is in transit to site and is expected to arrive in early January.
The carbon regeneration circuit is now operational, which is an important step towards increasing the rate of doré production and the Company expects to see the benefit of these reflected in increased production rates in early 2012.
Nicholas Hall, CEO, commented: "The team at Nalunaq have achieved so much in the last few months. We now have a mine that is producing high grade ore to feed the only underground cyanide leaching plant in the world, as far as we know. They will be working throughout the Christmas and New Year period and we look forward to the challenges and opportunities that await us in 2012."
12 December 2011
Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM
The Board of Angel Mining, the Greenland-focused mining and
exploration company, is pleased to announce that a
further 15.4 kilograms (496 ounces) of gold doré was successfully poured at
Nalunaq on Monday 6th December.
This was shipped to Switzerland on Wednesday 8th
December for refining and subsequent sale.
Since the first pour on 27 May
2010, the Company has poured 89.6 kilograms of gold doré. The table below sets out the Company’s gold
production to date.
|
Month
|
Kilograms
|
Troy ounces
|
|
May
|
0.9
|
30
|
|
June
|
1.3
|
41
|
|
July
|
6.0
|
192
|
|
August
|
12.3
|
394
|
|
September
|
21.8
|
701
|
|
October
|
10.4
|
335
|
|
November
|
21.6
|
693
|
|
December (to 6/12 only)
|
15.4
|
496
|
|
Total
|
89.6
|
2,881
|
The Company is building up its production towards
a target of between 1,500 and 2,000 ounces per month, which it hopes to achieve
in early 2012.
This recent pour was the largest
to date and an increase of 23% over the last pour announced on 28 November
2011.
Nicholas Hall, CEO of Angel
Mining, commented: “The
growing level of gold doré production is translating into sufficient cash to
meet all our operating costs and corporate overheads. To reach our cash breakeven
point is a significant milestone for the Company. As production increases towards our target,
this cash generation will continue to improve as well.”
12 December 2011
Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM
Repayment extended 12 months to 31 December 2012
The Board of Angel Mining is pleased to announce that it has reached an
agreement with Cyrus Capital Partners, LP (“Cyrus”) and its affiliate, FBC
Holdings s.a.r.l with regard to the repayment terms of the short term debt
which currently stands at $23.2 million plus accrued interest to 31 December
2011 of $4.8 million.
Under the revised terms, the repayment date of the loan is extended from
31 December 2011 until 31 December 2012.
Additionally, interest accrued up to 31 December 2011 will be capitalised
and not due for repayment until 31 December 2012. The revised
terms of this agreement with Cyrus also fulfill the outstanding conditions
required of the revised payment schedule recently agreed with YA Global Master
SPV Ltd, advised by Yorkville Advisors UK LLP, as announced on 25 November
2011.
This is the first step in a more extensive refinancing plan, which is still
being developed, to facilitate the financing of the Black Angel project.
Nick Hall, CEO of Angel Mining, commented: “Cyrus
have supported Angel Mining with the finance to build the Nalunaq Gold Mine,
which is now operational and generating cash.
Full scale production will not be achieved until early 2012 and the Company
is confident that it can meet all existing and future financial commitments
from gold sale revenues. We are
fortunate to have the support of Cyrus who are providing us with a stable
platform from which we can develop our mining projects in Greenland.”
30 November 2011
Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM
The
Directors of Angel Mining, the Greenland-focused mining and exploration
company, are pleased to be able to report the Company’s unaudited interim results
for the six months ended 31 August 2011.
Highlights
The Company
recorded a loss of $1,654,000 for the period and has seen the following
substantial developments during the first six months of the current year:
- completion of the processing plant at Nalunaq;
- commencement of gold production and first gold sales;
- the raising of $12,256,000 via the Standby Equity Distribution Agreement
(“SEDA”) and promissory note facilities with YA Global Masters SPV
(“Yorkville”), the medium term note facility with Socius CG II Ltd (“Socius”);
and via the placing of new shares; and
- further planning and development work at the Black Angel mine.
Since the
end of the period under review, the Company has also:
- raised an additional $2,724,000 via a placing of new shares and an
additional drawdown on the promissory note with Yorkville.
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