Angel Mining rises on production update

Angel Mining, the Greenland-focused gold miner, says it has poured a further 13.77kg of gold dor at its Nalunaq site.

The December total is now at 29.2kg and, since the company first "poured" in May, the total is 103.4kg.

Dore is an alloy of gold and silver which mining companies make into bars for transportation to market.

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Angel's target production at Nalunaq (which means "difficult to find" in Greenlandic) is between 1,500 and 2,000 ounces per month.

The firm says production has recently been delayed by repair and maintenance. A "ball mill pinion" is on the way, with arrival expected in early January.

Nicholas Hall, Chief Executive Officer, commented: "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."

Angel has lost 71% of its value this year although since the beginning of December the share price has made a noticable recovery, almost doubling in value.

Just after the open this morning it had gained 13.7% to hit 1.77p.

BS