TIDMANGM
RNS Number : 1510W
Angel Mining PLC
25 January 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM: ANGM
Publication of Newsletter
The Board of Angel Mining is pleased to announce the publication
of a corporate newsletter. The full wording of the newsletter can
be found on the company's website (www.angelmining.com) but the
summary text is as follows:
"Angel Mining's Company objectives for 2012
-- Maximise the maintainable gold production at Nalunaq
-- Work smarter cost reduction programme
-- Develop a deliverable financing plan for Black Angel
Nalunaq
Production
As the initial stockpiles have begun to be depleted, production
of ore from the mine has been ramped up, with tonnage and grades
now sufficient to fully feed the process plant. The plant aims to
increase its operational efficiency and reduce its costs by
extending the interval between shipments. This will give the plant
a longer, more regular processing cycle which will reduce chemical
and energy consumption and reduce shipment costs of dore bars to
the refinery whilst yielding the same amount of gold from fewer
production cycles. Accordingly, the next pour of gold at Nalunaq is
scheduled for Monday, 30(th) January.
The team needs to implement three more important improvements to
the process plant before optimum performance can be achieved:
1. The throughput of the ball mill needs to be increased and
this should now be possible as the new pinion, referred to in a
previous update, has arrived on site.
2. A new pump, with a recessed impeller, is to be installed for
the transfer of gold-loaded carbon between the CIP tanks and the
elution circuit. The current pump damages the carbon and creates
fines, which are lost to tailings resulting in the loss of some
gold. We are currently out to enquiry for fast delivery. Once
installed, this should permit Nalunaq to achieve the best recovery
efficiency of gold that it can.
3. De-bottlenecking of the plant crushing circuit: the team is
currently studying how to upgrade this section of the processing
plant.
Cost Reduction
As the production process begins to settle into a routine and
the team becomes better established, we have begun to identify
areas where cost savings can be achieved. The main initial areas we
are focusing on are; travel, administration, procurement of
consumables and dore shipment costs.
New Ideas
Since commencing production, the mining team and the geologists
have discovered that additional high grade ore may be accessible
for processing and that the grade in the new development area of
South Block is better than had been expected. As a result, we are
refining our plans for new exploration drilling to try to extend
the life of the mine.
Black Angel
Project Director
The recruitment of a Project Director for Black Angel continues.
This is a crucial role and we are determined to find the best
candidate possible. In the meantime, work is proceeding with
support from Qualter Hall.
Site Planning Meeting
A site meeting was held at Black Angel for a week last autumn
and significant progress was made with some fascinating new ideas
emerging.
Qualter Hall and EMJ jointly designed the site layout at
Maarmorilik to extend the camp, provide new fuel storage
facilities, developed a covered store for concentrate awaiting
shipment and operational consumables. The plan links buildings with
the materials handling system to ensure efficient loading and
unloading of cable car gondolas. They were also required to design
a layout and operating system which will be as automated as
possible to minimize the use of people and to cater for the very
low winter temperatures. Golders and our team identified the ideal
location for the mineral process plant as being inside the old
workings and were able to determine the basics of ventilation and
material handling.
Golders also examined the bulkhead that exists in the entrance
to the Deep Ice Zone tunnel. As the tunnel is flooded, a well
engineered plan will be required to work out how to safely remove
the bulkhead so that access can be restored.
Perhaps the most interesting development, however, was the idea
that the pillar entrapment mining method for safe pillar removal
may be modified. Under this new plan, the pillars to be retained
for roof support would be supported by a series of backfill walls,
creating a honeycomb of voids which can then be used for the safe
disposal of tailings. Golders need to complete a mining method
report and model the new ideas but, at this stage, it is clear that
the concept should benefit both CAPEX and operating costs whilst
providing an environmentally safe repository for the tailings.
Financial Model
A new financial model is being prepared for the project based on
cost data provided by GBM, Qualter Hall and EMJ. The CAPEX
constituents reflect the work done in the autumn as referred to
above but it is believed that a material reduction can be achieved
by better sourcing of plant and equipment. Consequently, an
exercise has begun to get more competitive supplier quotations and
it is hoped that the revised cost data can be obtained within the
next two months.
Finance
As reported in the last newsletter, every effort is being made
to accelerate production of gold at Nalunaq to improve cashflow.
Currently, the production is enabling the Company to meet its
ongoing operating costs and as such the Company is working to
reduce the backlog of supportive creditors.
People
Some kind shareholders presented the company with some bottles
of champagne and that inspired a prize giving to members of the
team who have made an exceptional contribution to the group in the
last three months. The recipients of the prizes were:
1. Steve Ainsworth (Deputy GM and Head of Mining) for his
contribution in transforming the mining team at Nalunaq
2. Joan Plant (Operations Support Manager) for developing a new
control system to ensure that we are in total control of reports to
the BMP (the Greenlandic regulatory authority) and with permit
applications and renewals. Her work has been much praised by the
BMP
3. Kevin McNair (CFO) for the effective management of cash
through a period of great difficulty during which he was able to
maintain the vital support of our suppliers.
Nalunaq Production Stats Year to date December
Tonnes mined 11,531 2,080
------------- ---------
Tonnes processed 22,369 2,515
------------- ---------
Dore produced (ounces) 3,324 939
------------- ---------
Gold sold (ounces) 2,968 842
------------- ---------
"
Enquiries:
Angel Mining plc
Nicholas Hall, Chief Executive Officer 07931 709 053
Kevin McNair, Chief Financial Officer 07900 690 908
Fox-Davies Capital (Nominated Adviser
and Broker)
Simon Leathers 0203 463 5010
Bishopsgate Communications Limited
Nick Rome/Shabnam Bashir 0207 562 3350
This information is provided by RNS
The company news service from the London Stock Exchange
END
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