8th Gold Pour (4554U)
22 December 2011 - 6:00PM
UK Regulatory
TIDMANGM
RNS Number : 4554U
Angel Mining PLC
22 December 2011
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM: ANGM
8TH GOLD POUR
The Board of Angel Mining is pleased to announce that a further
13.77 kilograms (428 ounces) of gold dore was successfully poured
at Nalunaq on Monday 19(th) December.
This pour brings the total gold dore poured so far in December
to 29.2kg (938.8 ounces) and the total poured to date, since the
first pour on 27 May, to 103.4 kilograms (3,323.8 ounces).
This recent pour provides yet further confidence in the Company
building up its production towards a target of between 1,500 and
2,000 ounces per month, which it hopes to achieve in early
2012.
Production, during the recent two week period was adversely
affected by a planned two day plant shut down for repairs and
maintenance. The replacement ball mill pinion has been
manufactured, is in transit to site and is expected to arrive in
early January.
The carbon regeneration circuit is now operational, which is an
important step towards increasing the rate of dore production and
the Company expects to see the benefit of these reflected in
increased production rates in early 2012.
Nicholas Hall, CEO, commented: "The team at Nalunaq have
achieved so much in the last few months. We now have a mine that is
producing high grade ore to feed the only underground cyanide
leaching plant in the world, as far as we know. They will be
working throughout the Christmas and New Year period and we look
forward to the challenges and opportunities that await us in
2012."
Enquiries:
Angel Mining plc
Nicholas Hall, Chief Executive Officer 07931 709 053
Kevin McNair, Chief Financial Officer 07900 690 908
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Fox-Davies Capital (Broker)
Daniel Fox-Davies
Simon Leathers 0203 463 5010
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Fox-Davies (Nominated Adviser)
Simon Leathers 0203 463 5010
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Bishopsgate Communications Limited
Nick Rome/Shabnam Bashir 0207 562 3350
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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 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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