test,test,test

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Report ...it's finally out!!

Post by Moneypenny on Tue Mar 26, 2013 10:24 am

Thanks for everybody for being so patient, I've had limited time to get this out. To my knowledge I have done a true and honest report with the meeting I had with Nick.

Meeting with Nick Hall 20th March 2013

RNS – Oct 2012. Announcement of a delay on delivery of fuel, only one single pour of October due to these consequences an additional $2m from Cyrus – all outstanding existing loans from 31 Dec to 15 Feb 13. The total $30.4m plus accrued interest. Cyrus ANGM must pay $ 3.8m on 15th Feb or they will require 75% of Arctic Mining – owns share capital of Black Angel mining. What happened?

Nick: A formal contract was agreed with Cyrus, we had no choice. If we had been mining the pillars we would have been able to meet the debt (we had not started mining the pillars at that point). We did not sign that agreement without an understanding we could meet the permit conditions. Their insistence to have a notion of 75% of Black Angel for a £1 was nonsense. That would mean having the finance for Black Angel totally impossible, I could not go out and raise the money and say I only have 25% of BAM, and Cyrus were not prepare to put in 75% of the funding

Did they make that clear? No not really, I knew why Cyrus wanted to benefit from Black Angel, but they didn’t want to put the money in, otherwise they would have done so. I had a meeting with them and MRI last July, where basically I put the proposition for Black Angel forward. I was looking for them for a 3rd of the funding because I got a basic understanding from our broker we could get the rest in a form of a bond and the rest from equity and I thought it needed the collateral from Cyrus and or MRI (company that has the offset agreement) MRI were up for it but they wanted 2 things, a resource statement , we have a lot of geological data before JORC had been invented, ( MRI were happy to accept a report based on the data) so we have an understanding on what the resource was there, but it doesn’t comply precisely with JORC. Second thing they wanted was a financial program to show the project was viable at the then prevailing commodity price. At the time of the meeting zinc was $1800 and at that point the project just about breaks even. We all believed this was achievable but it was all based that Zinc price would not stay where it was. A well respected forecaster suggested in a couple of years time Zinc will be 4000oz. The project is viable at 2000oz. One day it will make Black Angel a huge cash generative company, it will make the investment by Cyrus and everybody else relatively small beer. The only way Cyrus can get their money back is and investors can really prosper if the company comes out of administration and Black Angel project succeeds.

Why did the financial plan fail to pay off $3.8m to Cyrus? The situation that became the last straw was the first pour in January, it was more than disappointing, we got 5.5kg and it was suppose to have been over 16kg. The samples that we were taking off the feed into the mill was that the grade had got very low (coming from lower end of the upper mountain block) The Geologist was saying this is high grade material, he didn’t believe it was low grade as the laboratory was saying. He said “there is an error here, either they are not taking the samples or processing it properly, I can tell you that this is high grade” so we continued mining it, but the Geologist at the end of the day was wrong the laboratory had been right. A very bad mistake so consequently the cash was a lot less in January than originally planned.

Apart from our commitment from Cyrus it meant that we had a problem with the tax authorities (not prepared to say the amount) . 3 elements, 1st the regular December payroll, 2nd unpaid taxes 2011 (which we were paying off in instalments) and 3rd holiday pay 12½ %(Greenland law) We didn’t quite have enough cash, we could pay 80% and the balance a week later (we still had money coming from the December pour)). Kevin McNair had a good friendship with a chap within the tax authority who agreed this would be ok to do. At 4pm on the Friday the boss at the tax authority said “no it’s no good, if you don’t have the cash in the bank by Monday morning we will commence proceedings to wind up the company” We contacted Cyrus , they said we can’t allow that to happen and to appoint an administrator to prevent the tax authority from being able to get that through the court. I contacted the minister and the lawyer and over the weekend managed to get an agreement with the tax authority, they would post a meeting of creditors that took place on 30th January(about 2 weeks later) Cyrus and myself flew out to Greenland. Along with the General Manager from Nalunaq ,we put together a recovery program to the Tax Authority and they all agreed. Cyrus agreed to back the plan with a drawdown facility so that even if we had a problem with the weather or whatever, there would still be the money there committed. But as part of the overall plan, the creditors were perplexing that money would only be used to operate the mine and generating cash, no money would be used for running the Parent Company, for example; paying the stock broker, stock exchange fees etc. Ours lawyers said under the circumstance to protect ourselves as directors they recommended we file for notice of intention for appointed firm , we had to suspend trading in our shares and the administrator were appointed.

Cyrus are supporting the recovery plan (a standstill agreement), at present everyone is focused on operating the mine and generating cash. What is going to happen next I don’t know? All sorts of things are possible but it would be dangerous and foolish for me to speculate. I am not getting paid anything by Angel Mining, Arctic Mining or anyone else, I’m still the director of Angel Mining. Everything is effectively being run by the administrator, so I no longer have any authority as a director but I still have responsibility, which is an odd situation to be in. I could resign, our chairman Frank Chapman decided to go, he felt there was no more he could contribute. As far as I’m concerned I have never been in this position before but I felt that I should continue as director of all of the companies, even though I am not getting paid so that if any opportunities arise where I can do something that is in the best interest for creditors, employees or shareholders then I could do it. I‘m fairly impotent at present but I am doing what I can. The operations are being managed by Peter Connolly, we have a new CFO Nick Dove who has taken over Kevin McNair who has been made redundant, those guys are reporting directly to the administrator.

Did you managed to pay anything back to Cyrus? Everything got taken over in the end by the situation. Apart from the Geologist, there was also a delay in the approval that just got very silly. The Pillar mining only started in February, the mountain block first pour in January was very poor, once they realised they were mining rubbish they quickly switched to high grade still in the mountain block. The pillar mining was signed off earlier than February but we had a guy called Nigel Handley who was head of mining but he quit in early December (personal reasons) . If Nigel had stayed we would have mined the pillars a lot quicker. We then recruited another guy but basically he was not up to the job, so we lost time, we thought we had a really good guy. When he got there he had a really bad knee and couldn’t get into the mine, how can you have someone head of mining but couldn’t go into the mine? We told him to go. We are now mining the pillars and its going really well.

There seems to be some gaps in your pours from October to January? It was not always appropriate to do a news release every time we have a pour, most companies do not do that. I don’t mind people knowing what individual gold pours were. I don’t quite know why they need to know? Probably because it gives an indication on the income coming in, as a shareholder it’s a need for reassurance especially under the circumstances? I’m sorry I just don’t remember those particular figures to hand but if the company comes out of administration I am happy to give those figures.
Angel Mining plc is the parent company to Arctic Mining Ltd. Black Angel Mining A/S and Angel Mining Gold A/S are Greenlandic Companies and they hold the licences, these companies are like shelf companies that happen to have the permits.
Why is all the activities channelled through Arctic Mining Ltd and not the Greenlandic Subsidiaries? The mineral development act requires the Greenlandic companies to have a maximum debt equity ratio of 2:1 so if you are going to develop that means raising funds from the parent company, if you were cascading it down that you would have to a 1/3 of it as equity 2/3 as debt. When you start generating cash you can pay you can pay the 2/3 loan back but you can’t pay the equity back. You would end up with a large amount of money trapped. (although I do believe these laws may have changed now)

Why are the Arctic Mining accounts overdue? The Arctic Mining Ltd accounts were prepared and audited many months ago but we have been unable to pay the exorbitant audit fee in full and Deloittes were refusing to sign the accounts. A payment has now been made and they have now agreed to sign the accounts and I am informed that they will be filed at Companies House before the end of March.

The Arctic Mining website is currently being developed because we are still having to recruit employees, if they go to the Angel Mining website and it has a big administration notice, people will think should I be involved in the company? We still have to buy things off people and if your company doesn’t have a website it doesn’t look good. We got this up and running from day one as it was something we had to do. I was very concerned to get this done.

We did file notice of intention to appoint an administrator for both companies but the Arctic mining has no restrictions on how it may use funds generated from gold sales. Because it has an agreement with the creditors if doesn’t need to have further protection, so it became unnecessary.

The licences cannot be sold on. A Joint venture would not be my decision, whatever you want to do you have to make an application to the BMP. The BMP are a regulatory body and they have their regulations, if they are not certain and it’s a regulation they have never thought about they will have to put it to the minister , if the minister says I am unauthorised to make a decision it could end up with the Greenland Government deciding. There is no president. I am trying to help the Greenland Authority to make themselves more affective , and to do things to enable us the mining people to operate more affective. Has there ever been any interest in a joint venture? No, I personally think joint ventures are difficult, to bring in new money with the current tax laws right now unless we can change the law it’s difficult to get joint ventures. We could have and may still have (if it all goes back) a JV with Nuna Minerals. I received the Nuna report in the first week in February, it was an encouraging report and they identified 3 areas where more work should be done. The administrators will have no interest in future development.

On the 22nd January you announced you were commercial, but still 25% below forecast? That’s because we were still not mining the pillars based on the forecast. Since that date we have not received any more data, are we breaking even now? Nick: No we are much better than that.

You have finally got there and now the shareholders stand to lose everything? People have waited so long, been so patient and poured all their money into the company and now it’s if you don’t actually need us anymore? We have been shut out?

We don’t know what will happen, I can’t comment. Everybody was aware there was secure credit, and therefore with a secure creditor if you’re in default they can do all sort of things that are obviously not going to be in the interest of shareholders.

28th of August the permit was received but with conditions. At the AGM you gave out the forecast many shareholders feel was irresponsible bearing in mind you didn’t have the final ok? Misleading?
I suppose for the benefit of hindsight I wish I hadn’t done it but you must appreciate that you can’t run a Greenland operation in a different country. I went as often as I could but it would take me a week to just go there for a day. I had to rely on information, some had been better than others. At the time of the AGM I thought that I would share with shareholders the same information that I knew from what the guys in the mine tell me.

Surely the guys in the mine understood how the BMP works, they would probably have known there would be hold ups with BMP? With all past experiences they were going to have problems?

I think at the time when we got the permit and the conditions we thought there is nothing there we can’t deal with, we really didn’t anticipate there would be those kind of delays. With the Geologist also saying don’t worry plenty more high grade in the mine, (who got it so wrong) Why did he get it so wrong? Because the deposits are difficult to grade, because it’s so Nuggety( he did give a very detailed explanation)

It was a degree of confidence from YAGM to take shares below par value. How were they persuaded? They were not persuaded, YAGM said they would rather take shares, they wanted to have shares and reduce their debt , how could I say no? I think they are now the largest shareholder, (someone told me that was the case) This part of the conversation was a bit vague to me.

Last comments from Nick: If I had been Cyrus I would not have gone down this route. As much as I’d love to make a comment, I don’t want to give the impression nothing is being done and nobody is concerned for shareholders, I am concerned and if I can do anything I will. I don’t have as much influence as I may have had, I don’t want to raise false hopes. I didn’t expect to be in this position. I don’t blame Cyrus as we have failed to deliver, we have had the support but there does come a time when people say enough is enough, unfortunately as a director of a company you don’t know when that point will be until it happens, we have now hit the bucket. As it happens they are still saying carry on with it but taking it from here there is no clear thinking amongst them and if there is nobody is telling me.




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Moneypenny

Post by slothman3000 on Tue Mar 26, 2013 9:47 am

Is it possible to guage when your report will be ready and can you comment whether the meeting implied good news or bad at the moment, Thanks again for your effort.

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GedW

Post by jaf1948 on Tue Mar 26, 2013 12:42 am

According to GedW on LSE 'Unfortunately the ANGM free forum has been taken off the air. There is a moratorium on commentary regarding the Administration via bulletin boards, that is my understanding. But I stand corrected from those in the know!'


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MP4

Post by wassatt on Mon Mar 25, 2013 10:27 pm

I would like to express my thanks for you giving up some of your time last week to meet with NH, and am sure that there was a lot to talk about. I believe that many people are clutching to this report as a life line, but I have already put ANGM to one side, as I do not believe that we wiill get anything back from the company. If we do, its a bonus IMO, but I am not holding my breath on that one.
It will be very interesting to see what NH had to say for himself, and whether it was a defensive NH or not. Please do not rush the report, I would much rather you spent the time in your response than rush it and leave out some important factors, but as has been already stated elsewhere, its highly unlikely that he would be able to give any earth shattering news, but why it happened would be interesting for sure.
Once again, thank you for your effort.
Ciao Wassatt

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Meeting with Nick Hall

Post by Sorte_Engel on Mon Mar 25, 2013 8:24 pm

Looks like 'No news is ........no news yet'

Wink

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meeting

Post by mariog on Mon Mar 25, 2013 5:47 am

any further update??

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Question

Post by tony727 on Sun Mar 24, 2013 8:36 am

Any News on the meeting ??

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Re: test,test,test

Post by slothman3000 on Fri Mar 22, 2013 8:09 pm

Gorilla wrote:Creditor action update On 24 January 2013,


Operational update On Sunday 27 th

January,

From my earlier post.

Taken from the Stock Exchange web site.
The dates make no sense.

Anyone noticed ?[justify]

Holy.... I see there were half commercial with the $1.0 million three days before the admin.

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Re: test,test,test

Post by T-Tom on Fri Mar 22, 2013 5:53 am

Moneypenny look forward to your report and thank you very much,
all the best T-Tom

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Stuart

Post by 600 on Fri Mar 22, 2013 1:00 am

That is a very good point - time will tell but it is thoughts like that that keep my 1% hope alive! Very Happy

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Re: test,test,test

Post by JohnnyT on Thu Mar 21, 2013 11:52 pm

Stuart... that's a lovely thought.

I really hope you're right ;-)

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Thought for the day

Post by stuart143 on Thu Mar 21, 2013 10:28 pm

So still not sold up to somebody. Could it be that CG like some of the guys here have found discrepancies (rns's etc) in the events leading up to this and cannot/would not be prepared to go to a court and get the winding up order as they could not justify doing so and to that end are still trying to keep the company afloat. If posters here (well done) can find issues then you better believe CG will have found them as well. If pillars and grades were right and are now being used to commercial levels then I think it would be hard for any court to close down a business that is/could be profitable now. No rose glasses just mulling it over.

Thanks MP4 for yesterday a lot of time spent when you have other commitments

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dates

Post by Gorilla on Thu Mar 21, 2013 9:57 am

Creditor action update On 24 January 2013,


Operational update On Sunday 27 th

January,

From my earlier post.

Taken from the Stock Exchange web site.
The dates make no sense.

Anyone noticed ?[justify]

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600 and co

Post by Moneypenny on Thu Mar 21, 2013 9:19 am

I was with Nick for over 2 hours. Some interesting stuff and have started to shift through it all tonight.

Sorry slothman, no report. i was trying to say I'll do a report on the outcome of the meeting.

I'd rather take my time and do it properly that give out snippets of info, please be patient Smile

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Be patient

Post by 600 on Thu Mar 21, 2013 5:46 am

Thank you Moneypenny, a couple or three days more is nothing in the context of the months we have waited for any information.

I did not anticipate you would be there as long as it appears - I expected it to be a send you off ASAP meeting but evidently you didn't let him do that. That in itself is a major achievement! Once you have seen to your other, more important duties, I look forward to receiving your fuller response - no real surprises or not! The fact is, NH nor the Administrators will know the outcome - our destiny themselves (IMO).

Pour yourself a little glass of red this evening and put your feet up. Better to have a good solid break from the past weeks and then tackle your report.

Many thanks again. Well done. Smile

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Post by slothman3000 on Thu Mar 21, 2013 5:14 am

Sorry it must have been rude my first comment, I am just anxious to see what you have to say.

So I am sorry for not thanking you for making time to go today.

Rereading what you have wrote seems like to managed to get alot of information and you mentioned a report, Nuna or our end of year? as said before my email address is infogathering11111@gmail.com would appreciate anything send over.

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Re: test,test,test

Post by goooba769 on Thu Mar 21, 2013 4:52 am

Bad I expect

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Post by slothman3000 on Thu Mar 21, 2013 4:00 am

Good or Bad outcome for us would you say.

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Dear All

Post by Moneypenny on Thu Mar 21, 2013 3:30 am

I have just got back from seeing Nick (at one point his wife turned up!) a lot of information to get through but at the same time no real surprises. I have now got to take my daughter to the doctors, followed by shopping and then I have to cook tea this evening.
Tomorrow I’m at work all day, then I have parents evening. I am going to struggle to find time to plough through the information and report, please be patient.

It’s been a long day and will continue to be so!

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Re: test,test,test

Post by Gorilla on Thu Mar 21, 2013 3:22 am

AIM: ANGM 04 February 2013

ANGEL MINING PLC

("Angel Mining" or the "Company")

Shareholders Update

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

Operational update On Sunday 27 th

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 06 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 Kevin McNair, Chief Financial Officer

07931 709 053 07900 690 908

Fox-Davies Capital (NOMAD & Broker) Daniel Fox-Davies/Simon Leathers

0203 463 5000

Bishopsgate Communications Limited Nick Rome 0207 562 3350

This information is provided by RNS The company news service from the London Stock Exchange

END

MSCXZLFBXLFBBBK

London Stock Exchange plc is not

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re:

Post by Gorilla on Wed Mar 20, 2013 10:04 pm

Don't think you can keep operations running if you declare yourself bankrupt.

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Bankruptcy

Post by bjarnen on Wed Mar 20, 2013 4:52 pm

I recived similar letter from danske bank saying the company was in bankruptcy. What ever they mean with that.

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Re: test,test,test

Post by mariog on Wed Mar 20, 2013 11:18 am

mimbrit wrote:From whom did you get a letter titled 'bankruptcy'? That's not correct terminology, unless I am much mistaken.

At this point, we are in administration and I'm assuming that Nick Hall (who trumpeted integrity and honesty on the company website) in his capacity as CEO (and director of our operating subsidiary companies) is out there negotiating the best deal for shareholders (which includes himself) for the company to continue in some guise.

mim


from Danske Bank

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Mariog

Post by mimbrit on Wed Mar 20, 2013 10:52 am

From whom did you get a letter titled 'bankruptcy'? That's not correct terminology, unless I am much mistaken.

At this point, we are in administration and I'm assuming that Nick Hall (who trumpeted integrity and honesty on the company website) in his capacity as CEO (and director of our operating subsidiary companies) is out there negotiating the best deal for shareholders (which includes himself) for the company to continue in some guise.

mim


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meeting

Post by mariog on Wed Mar 20, 2013 10:27 am

just think that at least two people should go for that meeting with Nick Hall..

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Re: test,test,test

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