Financial Update

Angel Mining plc (the "Company" or "Angel Mining")
AIM: ANGM

On 8 July 2010, the Company announced that Cyrus Capital Partners, L.P. ("Cyrus"), the agent under the financing agreements with FBC Holdings Sarl (“FBC”) agreed to advance an additional US$4.5 million to Angel Mining (the “Bridging Loan”) bringing the total indebtedness with FBC to US$21.0 million plus accrued interest (the “8 July Announcement”). Under the terms of these arrangements, the Bridging Loan and accrued interest is repayable on 9 August 2010.

The 8 July Announcement also described the Company as being in advanced discussions with another party (the “Third Party”) in relation to a significant new financing facility, pursuant to which it is anticipated that the Third Party will, subject to Angel Mining shareholder approval, commit to a debt facility of US$100 million which will include associated equity subscription rights (the “Proposed Facility”). The negotiations in this respect are nearing completion and the Company will announce further details in due course.

It is not now intended that the Bridging Loan will be repaid on 9 August and, in light of the progress being made with the Proposed Facility, Cyrus, as agent, has agreed a forbearance on the resulting default until the close of business on 31 August 2010.