Angel Mining secures extension of protection period

Greenland-focused mining and exploration company Angel Mining has filed a notice of intention which extends the period of protection during which no legal action may be taken for another 10 business days.

The company announced on January 24th that it had filed an intention to appoint an administrator both for the company and its principal operating subsidiary, Arctic Mining.

At the time of that announcement, the filing provided the company and Arctic Mining with a period of protection during which no legal action could be taken, within the UK, against either of the two companies. That original notice of intention expired on February 6th, but has now been extended until February 20th 2013.

Three days after its notice on January 24th for appointing an administrator, the company issued an operational update stating that there was a gold dor pour at Nalunaq of 24.5kg, being 670 ounces of gold which it said had generated $1.1m.

At the time of this announcement, the company stated: "This gold pour was achieved with 14 days of production effort and, if maintained, it would be considered a commercial level of production. Pillar mining has just commenced and the Bureau of Minerals and Petroleum are expected to visit site during the next two weeks to approve the first pillar workings."

In Monday's announcement, Angel Mining reported that negotiations with its principal trading creditors were on-going and the directors hoped to have formal agreements in place by mid-February.

Frank Chapman resigned as a director of the company with immediate effect on Sunday February 10th.

The company's shares continue to be suspended from trading on AIM until further notice.

MF