Financing Update (7648T)
12 Dicembre 2011 - 9:00AM
UK Regulatory
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
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