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24 May 2010
Angel Mining plc (the "Company")
AIM: ANGM
Highlights
- All permits now in place for the mining, production and export of gold, including the Carbon in Pulp ("CIP") cyanide leaching circuit;
- The gravity separation section of the processing plant is operational; and
- CIP unit to be commissioned in late June.
The Board of Angel Mining, the Greenland focused mining company, is pleased to provide the following operational update.
Nalunaq
As announced on 2 March 2010, gold was first poured on 28 February 2010 by processing fines collected from within the mine. It had been hoped that this practice would enable the mine to have some limited production of gold during the period of construction and commissioning of the gravity separation and CIP sections of the plant.
It was discovered, however, that doré produced this way had an unexpectedly high arsenopyrite content which made the refining process uneconomic. It was decided, therefore, to delay doré production until the full plant was commissioned as the CIP circuit would eliminate this problem. The fines material obtained to feed the furnace has been stockpiled and will be processed through the CIP circuit so no gold production has been lost.
The Company had originally hoped to have the plant fully operational in May but there have been delays in delivery of vital components, largely due to adverse weather conditions and the resultant shipping problems. At this time of the year, ice flows can be blown into the fjord making it hazardous for ships to get through.
The gravity plant has now been commissioned and operational for two weeks. In response to the performance of the plant thus far, one further modification is being introduced to improve the concentrate prior to smelting. The CIP circuit is in the later stages of construction and it is now expected that the plant will be fully operational in early July.
The Bureau of Minerals and Petroleum has provided all the necessary permits to build and operate the CIP plant and to export the doré gold which we will produce. No other permits or permissions are necessary for the Company to move into full scale production.
Gold production is expected to be between 12,000 and 15,000 ounces during the current financial year, which is similar to previous forecasts. The expectation for the following year is approximately 25,000 ounces.
Black Angel
Work is proceeding with the construction of the upper terminal of the cable car and completion is planned for September. The process plant and materials handling design are well advanced, as is the equipment procurement plan but the timetable for achieving production is subject to the availability of finance. The Company is in advanced discussions with a number of potential funders but has not as yet secured a commitment. Should the Company be able to obtain funding within the next four months, it is hoped that production will then commence in H2 2011.
Angel Mining CEO Nicholas Hall commented:
"I am very pleased to be able to report that we now have all permits necessary to operate both the gravity and the cyanide leaching circuits of the Nalunaq gold plant. We are looking forward to building up gold production and providing positive cashflow from July/August. We are working on some interesting funding initiatives for Black Angel and I hope to be able to report more detailed progress over the next few months."
24 May 2010
Angel Mining plc (the "Company")
AIM: ANGM
Under the terms of the Company's financing agreements with FBC Holdings S a r l., the Company is required to make quarterly interest payments. The Company was not able to meet the most recent quarterly payment when the payment fell due and so is in breach of its financing agreements as a result of this non-payment.
The Company is in ongoing discussions with Cyrus Capital Partners LP, the agent under the financing agreements ("Cyrus"). Cyrus is working with the Company to seek to ensure continued access to liquidity for the Company in the short term while those discussions continue. Accordingly, Cyrus, as agent, has agreed two weeks forbearance on this default in order for the Company to implement a longer term solution and has also agreed to advance a further US$2.0 million, on the same terms as the previous loan agreement, which are summarised in the Company's announcement dated 12 October 2009, to allow the Company to meet its immediate commitments.
Angel Mining CEO, Nicholas Hall, commented:
"The team has worked hard to avoid a default on the Cyrus loan but delays in achieving full scale gold production and delays in securing the finance for Black Angel have contributed significantly to our current situation. Fortunately, we have the continued support of Cyrus and we are working with them to determine a sound financial base for the benefit of the long term future. We are also progressing other discussions regarding the finance for Black Angel and we are looking forward to gold production at Nalunaq providing positive cashflow from July/August. We will advise shareholders as soon as the details of our future financing plans are agreed and we will be issuing a more general update for shareholders shortly."
30 April 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 lp each in the capital of thc Company in
issue as at the date of this notice is 315,660,147 with each share carrying the right to
one vote.
In addition 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 892,935,772.
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:
10 March 2010
Angel Mining plc (the "Company")
AIM: ANGM
The Company announces that it received notification that on 9 March and 10 March Frank Chapman, Non-executive Chairman, acquired, in aggregate, 500,000 ordinary shares of 1p each in the Company (“Ordinary Shares”) at 7p per share. Following this acquisition, Frank Chapman is interested in a total of 4,340,000 Ordinary Shares, which includes 2,500,000 Ordinary Shares held via the Company’s Joint Ownership Share Plan and 40,000 Ordinary Shares in his discretionary pension account. This combined holding represents approximately 1.46 per cent. of the current issued share capital of the Company.
Nick Hall, Chief Executive Officer, commented, “We are pleased Frank has shown his further support of the Company through these share purchases. Following the recent announcement of the first gold production at Nalunaq we look forward to continuing to develop the Company’s operations, which are focused on opportunities in Greenland”.
For further information please contact:
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.
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