Angel Mining PLC Production Update (2418T)
December 11 2012 - 5:35AM
UK Regulatory
TIDMANGM
RNS Number : 2418T
Angel Mining PLC
11 December 2012
11 December 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM: ANGM
PRODUCTION UPDATE
The Board of Angel Mining plc, the Greenland-focused mining and
exploration company, is pleased to announce that, its Nalunaq gold
mine completed a gold doré pour of 19.254 kg (c.557oz gold) on 30
November 2012 and a further 20.77 kg (c.601oz gold) on 05 December
2012.
The gold pour on 30 November was less than anticipated at the
time and it was discovered that gold was plating on the cathodes of
the electrolysis unit. On site treatment released a further 20.77
kg and it is still estimated that there is approximately 1 kg of
gold on each of the six cathodes. These are now being sent to the
Company's refiner in Switzerland to recover this remaining gold.
The cathodes have been replaced with new ones.
Nicholas Hall, CEO, commented: "This boost to our production is
very encouraging. We continue to focus on generating consistent
output at Nalunaq, which will generate increased cashflow -
underpinning the Company's growth potential."
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
& Broker)
Daniel Fox-Davies
Simon Leathers 0203 463 5010
Bishopsgate Communications Limited
Nick Rome 0207 562 3350
Background to Angel Mining
Nalunaq
The Company first poured gold at Nalunaq on 27 May 2011
following final completion of the processing plant and is targeting
optimal production by Q1 2013 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 one to two 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 currently
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 in the future.
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
================================================================================
Category Tonnage Zinc Lead Silver Mineable
(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").
Dr Bob Dowdell is the qualified person that has reviewed and
approved the technical information contained in this announcement.
Dr Dowdell holds a BSc and Doctorate in Mining Engineering from
Newcastle University and is a Chartered Engineer and Member of the
Institution of Mining and Metallurgy.
More information on the Company is available on the website,
please click here: http://www.angelmining.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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