Sale of Greenland Resources Ltd (“GRL”)

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.”

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