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Nalunaq fully operational, says Angel Mining

By BFN News | 02:21 PM | Tuesday 10 April, 2012


Angel Mining says the main generator at Nalunaq is now fully operational and the processing of ore recommenced on 5 April. The company said mining of high grade ore continued throughout March and work also continued on the construction of a new bulkhead to create a much enlarged storage area for tailings. Work on this project should be complete by the end of May. The company also announced that it has raised approximately £259,000 through the issue of 15,588,998 new ordinary shares to YA Global masters SPV Ltd at 1.66p per share under the terms of the standby equity distribution agreement announced on 28 July 2011. The proceeds will be used to meet the company's repayment obligations for March 2012 under the promissory note facility with Yorkville which was announced at the same time as the SEDA. Chief executive Nick Hall said: "The team at Nalunaq have worked tirelessly over the past four weeks to repair the main generator at site with excellent support from Pon Caterpillar in Denmark. "It will take at least two weeks for the plant to be fully recharged and then a further 10 days for carbon stripping before the next gold pour, which is now expected to take place in early May. "A second gold pour is also planned for later in May and, after that, the mine and plant should settle to a much more consistent period of cash generative production." At 2:21pm: (LON:ANGM) share price was +0.01p at 1.48p Story provided by StockMarketWire.com