Largest single gold pour to date (3614V)

TIDMANGM

RNS Number : 3614V

Angel Mining PLC

11 January 2012

ANGEL MINING PLC

("Angel Mining" or the "Company")

   AIM:   ANGM

LARGEST SINGLE GOLD POUR TO DATE

The Board of Angel Mining, the Greenland-focused mining and exploration company, is pleased to announce that a further 16.1 kilograms (517.8 ounces) of gold dore was successfully poured at Nalunaq on Monday, 9 January 2012. This is the largest single pour to date and is another significant milestone as production continues to rise towards the target of between 1,500 and 2,000 ounces per month, which it hopes to achieve in early this year.

For the three weeks since the last pour the mine and plant operated with a skeleton crew over the holiday period and 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.

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.

"Photographs have been added to the photo gallery on the Company's website which helps gives some idea of the harsh conditions that the team have dealt with over the last few weeks."

Enquiries:

 
 Angel Mining plc 
  Nicholas Hall, Chief Executive 
   Officer                          07931 709 053 
  Kevin McNair, Chief Financial 
   Officer                           07900 690 908 
 Fox-Davies Capital (Broker) 
  Daniel Fox-Davies 
  Simon Leathers                     0203 463 5010 
 Fox-Davies (Nominated 
  Adviser) 
  Simon Leathers                     0203 463 5010 
 Bishopsgate Communications 
  Limited 
  Nick Rome/Shabnam Bashir           0207 562 3350

Background to Angel Mining

Nalunaq

The Company first poured gold at Nalunaq on 27 May 2011 and had poured 103.4 kilograms (3,323.8 ounces) of gold dore by 31 December 2011. The Company is targeting optimal production by Q1 2012 of approximately 24,000 oz per annum thereby providing the Company with cash flow which will be dedicated to funding development at Black Angel, further exploration at Nalunaq and reducing debt. The current mining plan anticipates a mine life of two to five years, subject to further exploration work. The directors anticipate that Nalunaq may enter into toll treatment arrangements with other potential gold mining activities in the region where appropriate. Angel Mining operates the only operational gold mine in the region and anticipates that its operation may be suitable for processing ore from other gold mining companies in the region.

Black Angel

The Black Angel project is a high grade zinc/lead project based around a previously developed mine in the north of Greenland. The table below sets out the JORC Code compliant mineral resources estimate for the Black Angel project which includes three sets of zones within the mine and three satellite deposits which have been explored.

 
 
               Summary of Black Angel Mineral Resources (JORC) 
                            as of 31 December 2007 
============================================================================ 
 
                               Tonnage    Zinc    Lead    Silver    Mineable 
                  Category      (kt)      (%)     (%)     (g/t)     reserves 
                                                                      (kt) 
==============  ===========  =========  ======  ======  ========  ========== 
 Angel Zone      Indicated         791    13.0     4.5      25.0         218 
==============  ===========  =========  ======  ======  ========  ========== 
 Cover Zone      Indicated         522     8.3     2.4      18.0         231 
==============  ===========  =========  ======  ======  ========  ========== 
 Other zones 
  within the 
  Black Angel 
  mine           Indicated         697    10.4     3.3      13.0           - 
==============  ===========  =========  ======  ======  ========  ========== 
 South Lakes 
  Glacier        Indicated       1,726     6.9     2.5      14.5           - 
==============  ===========  =========  ======  ======  ========  ========== 
 Ark             Inferred          492     4.7     2.2      20.4           - 
==============  ===========  =========  ======  ======  ========  ========== 
 Nunngarut 
  2              Indicated         196     9.0     3.4      31.0           - 
==============  ===========  =========  ======  ======  ========  ========== 
 Nunngarut 
  2              Inferred            1     4.5     1.9       9.0           - 
==============  ===========  =========  ======  ======  ========  ========== 
 Total                           4,425                                   449 
===========================  =========  ======  ======  ========  ========== 
                                Source: Wardell Armstrong International Ltd. 
============================================================================

The project consists of three phases:

Phase I: Complete the rehabilitation of infrastructure to allow access to the mine, the mine camp and related facilities.

Phase II: Complete the detailed review of the pillar extraction programme within the Angel and Cover Zones, including the construction of the process plant and related systems to allow for the shipment of concentrate from the site.

Phase III: Develop a further exploration programme for the existing JORC resources at the Ark and Glacier deposits as well as identified mineralization at Deep Ice, Nunngarut and a number of other exploration targets within the license area (see the announcements made by the Company on 6 June 2006 titled "Black Angel 2006 Resource Statement" and on 30 November 2007 titled "Black Angel 2007 Resource Statement").

This information is provided by RNS

The company news service from the London Stock Exchange

END

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