The group said it had seen substantial developments during the period with the completion of the processing plant at Nalunaq and the start of gold production and first gold sales.

The group said it had also raised $12,256,000 via a standby equity distribution agreement and promissory note facilities with YA Global Masters SPV, the medium term note facility with Socius CG II Ltd and via the placing of new shares.

And it said further planning and development work had been carried out at the Black Angel mine.

Chairman Frank Chapman said: "Looking forward, Angel Mining's first priority is to increase the rate of cash generation and profitablity at Nalunaq.

"The second priority is to raise the project finance for the development of the Black Angel which is planned to be in production in 2013.

"There is a significant amount of work to be completed to achieve these goals but the company is building a team of experienced mining professionals who are determined to achieve these important targets."

At 9:13am: (LON:ANGM) share price was -0.15p at 0.93p

Story provided by StockMarketWire.com