Record gold pour for Angel Mining

Angel Mining has reported another record gold pour, with the 539.9 ounces produced at its Nalunaq site becoming the firm's single largest pour to date.

The miner said the figure demonstrates continued progress towards its target of between 1,500 and 2,000 ounces per month, something it hopes to achieve early this year.

However, during the three weeks since the last pour, the team lost about four days of production due to maintenance and repairs of the main generator. Despite this, the team still believes that gold recovery from the plant has now improved to about 84%, a significant improvement over the levels achieved during the last few months of 2011.

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The company also announced that it has fully drawn down on a $3.65m loan facility, which will be repaid in a series of payments starting on March 8th, 2012 and finishing on September 30th 2012.

Chief Executive Officer Nicholas Hall said: "The continued improvement in gold recovery and the associated increase in production levels indicate that the team is making important strides towards achieving our production target. The ongoing improvements to the process plant will further these efforts."

The share price fell 2.46% to 2.98p, despite the good news.

NR