Statement re suspension

Angel Mining plc *the Company*

The Company announces that it will not be in a position to publish its accounts for the year ended 28 February 2009 by 31 August 2009 as required under the AIM Rules for Companies. Accordingly, trading in the Company's shares has been suspended pending such publication.

The Company is targeting the release of its audited financial statements on or before 14 September, 2009.

The financial administration team has been strengthened recently with the appointment of a finance manager for the two Greenlandic operating companies but, despite these efforts, the Company will not achieve the reporting deadline on time. 

A summarised trading update based on unaudited financial results for the year ended 28 February 2009 is as follows:

The anticipated loss for the year will amount to approximately £1.4 million (2008: loss £4.3 million) following the reversal of an impairment provision of £3.2 million relating to exploration costs at the Black Angel mine.  In previous years a full provision has been made against the costs but this provision has been reversed as the group obtained its mining licence in May 2008 and can demonstrate that the investment will be recovered over the life of the mine.  This gain was offset by an exchange loss of £2.1 million on the $12.5 million loan from Cyrus Capital Partners, LP, due to fluctuations in the US$ GBP exchange rate in the year.  Post the reporting period end the Company successfully restructured its debt with Cyrus Capital Partners, LP.

The net assets at 28 February 2009 were £2.9 million (2008: £945,261).

Going concern of the group and the Company is dependent upon the continuing support from current lenders and the ability to raise future funding for project development.

Chief Executive Officer, Nicholas Hall, comments:

“I can only apologise to shareholders for this failure to achieve the deadline for the finalisation of the audited Annual Report and Accounts.  I appreciate the very considerable efforts that have been made by all who have been working on the task but I fear that our cost cutting for survival made us vulnerable to this shortcoming. We are now re-building the team and establishing new administrative procedures, which I am confident, will ensure that this failure to report our results on time will not happen again.”

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