Angel Mining PLC : Rescheduling of the Cyrus Short Term Loan

12 December 2011

Angel Mining plc (the "Company" or "Angel Mining")

AIM: ANGM

Repayment extended 12 months to 31 December 2012

The Board of Angel Mining is pleased to announce that it has reached an agreement with Cyrus Capital Partners, LP ("Cyrus) and its affiliate, FBC Holdings s.a.r.l with regard to the repayment terms of the short term debt which currently stands at $23.2 million plus accrued interest to 31 December 2011 of $4.8 million.

Under the revised terms, the repayment date of the loan is extended from 31 December 2011 until 31 December 2012.  Additionally, interest accrued up to 31 December 2011 will be capitalised and not due for repayment until 31 December 2012.  The revised terms of this agreement with Cyrus also fulfill the outstanding conditions required of the revised payment schedule recently agreed with YA Global Master SPV Ltd, advised by Yorkville Advisors UK LLP, as announced on 25 November 2011.

This is the first step in a more extensive refinancing plan, which is still being developed, to facilitate the financing of the Black Angel project.

Nick Hall, CEO of Angel Mining, commented: "Cyrus have supported Angel Mining with the finance to build the Nalunaq Gold Mine, which is now operational and generating cash.  Full scale production will not be achieved until early 2012 and the Company is confident that it can meet all existing and future financial commitments from gold sale revenues.  We are fortunate to have the support of Cyrus who are providing us with a stable platform from which we can develop our mining projects in Greenland.

Enquiries:
Angel Mining plc Nicholas Hall, Chief Executive Officer	[phone]
Angel Mining plc Kevin McNair, Chief Financial Officer	[phone]
Fox-Davies Capital (Broker) Fox-Davies Capital (NOMAD & Broker) Daniel Fox-Davies Simon Leathers	[phone]
Bishopsgate Communications Limited Nick Rome/Shabnam Bashir	0207 562 3350