Latest News

New Loan Facility

Angel Mining plc (the "Company")
AIM: ANGM

The Company announces that it has entered into a new loan facility agreement with Cyrus Capital Partners, LP (“Cyrus”) and FBC Holdings S.à.r.l. (an associated company of Cyrus) to finance the capital expenditure and development costs of the Nalunaq gold mine and Black Angel zinc / lead mine in Greenland.

The facility term is for a period of 12 months and interest will be charged at 15% p.a. A facility fee of 5% will be charged on US$9.5 million, being the amount available for immediate draw down, with a 2% fee on US$3 million which may be drawn down during the term of the loan, at the discretion of Cyrus. The existing loan of US$2 million drawn recently from Cyrus will be rolled into the same facility thus extending the repayment date from 5 November 2009 to 12 months from the date that the additional loan of US$9.5 million is drawn.

The Company has also agreed that it will pay a royalty to Cyrus on each ounce of gold sold by Angel Mining (Gold) A/S from its Nalunaq gold mine, calculated as 2% of the selling price less US$560 per ounce. It will also pay a royalty on each tonne of zinc or lead sold by Black Angel Mining A/S from the Black Angel mine, calculated as 2% of the selling prices less US$1,500 per tonne. The royalty payments will have no security attached to them.

Cyrus, FBC Holdings S.à.r.l. and Daniel Bordessa, non-executive director of the Company, are classed as related parties pursuant to the AIM Rules for Companies.

The directors, excluding Daniel Bordessa, have consulted with WH Ireland Limited, the Company’s nominated adviser, and consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

CEO Nicholas Hall commented –

“This short term loan facility, provided by Cyrus and FBC Holdings S.à.r.l, should enable us to get Nalunaq into full scale production, subject to the availability of the necessary permits, and reach the point where the Company is generating cash from trading. It is therefore a big step forward that has been achieved with no dilution of shareholder interests. The risk that Cyrus is taking is recognised in the agreement to pay royalties on the profit element of future sales from each of the two mines.”

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Result of Annual General Meeting

Angel Mining plc (the "Company")

The Company is pleased to announce that all resolutions put to shareholders at today's annual general meeting have been duly approved.

Enquiries:

Total Voting Rights

Angel Mining plc (the "Company")

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 253,802,761 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 831,078,386.

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 more information please contact:

Nicholas Hall, Angel Mining plc Tel: 07931 709 053
Adrian Kirk, WH Ireland Ltd Tel: 0161 832 2174

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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Issue of equity

Angel Mining plc (the "Company")
AIM: ANGM

The Company announces that it has issued 6,500,000 new ordinary shares of 1p each in the Company (“Ordinary Shares”) at 2p per share in lieu of broking commission incurred from the placing announced on 27 April, 2009.

Application has been made for the admission of 6,500,000 new Ordinary Shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealings will commence on 22 September, 2009. On admission, the Company will have 253,802,761 Ordinary Shares in issue.

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Change of website address

Angus & Ross plc ("the Company") - The Company announces that its website address has changed to www.angelmining.com with immediate effect.

Nicholas Hall, CEO commented “the new website will be our most important form of communication with shareholders, prospective investors, employees, suppliers and any other stakeholder or potential stakeholder.  We plan to develop its content to provide much more information about our operations, our work in the whole area of environmental care, the use of renewable energy, our working relationships with the local community and other matters of general interest.  The website will also be available in Greenlandic and Danish. So what we have today is just the start.”

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