Angel Mining PLC : Shareholder Update

ANGEL MINING PLC

("Angel Mining" or the "Company")

Shareholder Update

Angel Mining plc, the Greenland-focused mining and exploration company, is pleased to provide shareholders with the following update:

Operational update

On Sunday 27th January, there was a gold doré pour at Nalunaq of 24.5kg, being 670 ounces of gold which has generated US$1,104,740.  This gold pour was achieved with 14 days of production effort and, if maintained, it would be considered a commercial level of production.  Pillar mining has just commenced and the Bureau of Minerals and Petroleum are expected to visit site during the next two weeks to approve the first pillar workings.

Creditor action update

On 24 January 2013, the Company announced that it had filed an intention to appoint an administrator both for the Company and its principal operating subsidiary, Arctic Mining Ltd.  This filing provided the Company and Arctic Mining Ltd with a period of protection during which no legal action could be taken, within the UK, against either of the two companies.  Should no agreement be reached with creditors before the expiry of this period, on 6 February, the appointment of the administrator requires action on the part of either the directors or creditors. Alternatively, the Company has the option of extending the notice of intent which would provide the Company and Arctic Mining Ltd with the same protection for an additional ten business days.

A proposed deferred payment plan has since been presented to the principal trading creditors and, whilst negotiations are on-going, it is hoped to have formal agreements in place by mid-February.  The Company also continues to work with Cyrus Capital Partners LP to explore financing and restructuring options.

Suspension from Trading on AIM

Shares in the Company will continue to be suspended from trading on AIM until further notice.

Further updates will be provided to shareholders as soon as possible.

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-DaviesSimon Leathers	[phone]
Bishopsgate Communications LimitedNick Rome/Shabnam Bashir	0207 562 3350