Trading Update (2111G)
27 6월 2012 - 3:00PM
UK Regulatory
TIDMANGM
RNS Number : 2111G
Angel Mining PLC
27 June 2012
ANGEL MINING PLC
("Angel Mining" or the "Company")
AIM:gel Min
TRADING UPDATE
HIGHLIGHTS
-- Rate of ore processing at Nalunaq improved significantly
-- Potential use of hydro-electric power generation at Black Angel
Nalunaq
The board of Angel Mining plc is pleased to announce that, it
has recently completed two gold dore pours; 15.211kg (489oz) on 19
June and 12.25kg (394oz) on 24 June. These bring the total amount
of dore poured for the month of June to 27.46kg (883 oz).
As previously indicated, faulting in the South Block has
diminished the grade of the material being processed. Accordingly
development in this area has now been temporarily postponed until
there has been time to study the structural displacement of
mineralisation in this area. Nonetheless the gold produced in June
will raise approximately $1.3 million, which covers the group's
operating costs for the month.
The next gold pour is expected to be in late July and the
Company expects the quantities of gold produced to resume growing,
following on from the record monthly production announced on 29
May, because the Company expects to shortly be processing ore from
the higher grade pillars. The Company believes that a permit will
be issued in the near future by the Bureau of Minerals and
Petroleum to enable the Company to mine the high grade pillars,
based upon a study previously undertaken by Golders Associates.
This high grade resource is expected to underpin the level of gold
production for the next year or more. Assuming the permit is
received shortly from August the Company expects to be producing
consistently above 1,500 oz per month from a single gold pour, i.e.
at commercial levels of production given the Company's target of
1,500-2,000oz per annum. In the longer term other high grade
material is known to be available in the Mountain Block, although
the development of this is subject to further underground
exploratory drilling.
The process plant treated an average of 142 tonnes of ore per
day between 2 June and 15 June up from an average of 62 tonnes of
ore per day throughout May. This represents a steady processing
rate improvement over previous months and combining this with the
higher grade ore expected from the pillars, the Company anticipates
a significant increase in gold production rates.
Black Angel
The Company has commissioned Golders Associates to produce a
study to consider the use of hydro-electric power for the Black
Angel project. There is a large and constant flow of water in the
Deep Ice Zone which will be the source of water for the process
plant and it may also be channeled to drive a turbine. Diesel oil
is currently expected to account for approximately 25% of the cash
cost of producing the zinc and lead concentrates so this exercise
has the potential to significantly reduce the cash cost of
production although there will be additional associated capital
cost.
Nicholas Hall, CEO, commented: "We eagerly await the permit to
commence mining of pillars at Nalunaq. The high grade ore which is
available in the Target Block pillars will have an immediate
positive impact on gold production. Exploration in the Mountain
Block may reveal very high grade deposits but that work will not be
undertaken in the immediate future. Our near term target is
improved cash generation; firstly to see Nalunaq generate at the
target level and secondly to generate funds for the development of
Black Angel.
The hydro-electric study is the last significant piece of work
on the design phase of the Black Angel project. If hydro-electric
power is viable, the potential cost savings are very significant
and could dramatically impact the economics of the project."
Enquiries:
Angel Mining plc 07931 709 053
Nicholas Hall, Chief Executive Officer 07900 690 908
Kevin McNair, Chief Financial Officer
Fox-Davies Capital (Nominated Adviser
& Broker)
Daniel Fox-Davies
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 of approximately 18,000 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.g debt.ng the Company with cash flow which will
be dedicated to funding development at Black Angel, further
exploration at ereby providing 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.l
Mining currently operates the only operational gold mine in the
region and afor 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 (g/t) Mineable reserves
(kt) (%) (%) (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 os 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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