Angel Mining Share Price Drops

Share On Facebook
share on Linkedin

Angel Mining Plc (LSE:ANGM) released a statement containing unaudited financial information for the six month period ending 31 August, 2011.  The news propelled the share price down as far as 28% in early trading on Wednesday.

Financial Results

The company reported a loss of $1,654,000 for the period, a dramatic reduction from the same period last year, which saw a loss of $2,625,000. However, according to the news release, there was a positive impact of $834,000 on the profit and loss statement from the accounting treatment of the company’s Joint Share Ownership Plan, which reduced their reported losses.

The Directors set a production target of 2,000 ounces of doré per month, a target that, under the latest assessment, is reported to be out of reach until Q1 2012. The company also reported that while they are producing and selling gold regularly, for accounting purposes they have not reached commercial production levels yet. Commercial production will be achieved when it can produce 1,400 ounces per month, or 70% of their monthly production target.

Until commercial production can be achieved, the Nalunaq process plant is considered under construction, costs will be capitalised, and no revenue from gold sales will be recognised in the income statement according to the news release.

Operations Update

The company also included an update on their operations at their Nalunaq site and the Black Angel mine.


According to the company, the first doré bar was poured 31 May, 2011. Since then, the site has recovered 1,512 ounces of gold and 179 ounces of silver. The focus is now on improving the rate of ore production and improving recovery from the plant.

Black Angel

The cable car upper terminal was completed this year according to the company’s statement. Contractors have left the site and the fjord has frozen over for the year, leaving the site inaccessible by ship until Q2 2012. At this time the company plans to complete the cable car and begin to develop the mine and process plant.

Company Spotlight

Angel Mining Plc is an AIM listed company registered in England and Wales with an operational focus on Greenland. The company mines precious and semi-precious metals including gold, silver, zinc and lead with plans to expand and include coal and other minerals.

 Official Website

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch:

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20211204 05:57:21