ANGM Angel Mining

TIDMANGM

RNS Number : 7648T

Angel Mining PLC

12 December 2011

ANGEL MINING PLC

("Angel Mining" or the "Company")

   AIM:   ANGM 

Rescheduling of the Cyrus Short Term Loan

Repayment extended 12 months to 31 December 2012

The Board of Angel Mining is pleased to announce that it has reached an agreement with Cyrus Capital Partners, LP ("Cyrus") and its affiliate, FBC Holdings s.a.r.l with regard to the repayment terms of the short term debt which currently stands at $23.2 million plus accrued interest to 31 December 2011 of $4.8 million.

Under the revised terms, the repayment date of the loan is extended from 31 December 2011 until 31 December 2012. Additionally, interest accrued up to 31 December 2011 will be capitalised and not due for repayment until 31 December 2012. The revised terms of this agreement with Cyrus also fulfill the outstanding conditions required of the revised payment schedule recently agreed with YA Global Master SPV Ltd, advised by Yorkville Advisors UK LLP, as announced on 25 November 2011.

This is the first step in a more extensive refinancing plan, which is still being developed, to facilitate the financing of the Black Angel project.

Nick Hall, CEO of Angel Mining, commented: "Cyrus have supported Angel Mining with the finance to build the Nalunaq Gold Mine, which is now operational and generating cash. Full scale production will not be achieved until early 2012 and the Company is confident that it can meet all existing and future financial commitments from gold sale revenues. We are fortunate to have the support of Cyrus who are providing us with a stable platform from which we can develop our mining projects in Greenland."

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) 
  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 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

MSCDKBDPOBDKCBD

Angel Mining (LSE:ANGM)
Gráfico Histórico do Ativo
De Mar 2025 até Abr 2025

Angel Mining (LSE:ANGM)
Gráfico Histórico do Ativo
De Abr 2024 até Abr 2025