Angel Mining (LON:ANGM) told investors that it has completed its first gold sale from the Nalunaq gold mine in Greenland.
This morning it confirmed that a shipment of 5 doré bars, weighing 11.5 kilograms, was sent to Switzerland for refining.
According to Angel the refiner estimates that the gold content is 9.93 kilograms (about 87 per cent) of gold and 1 kilogram (9 per cent) of silver. The definitive assay will be completed in a few days time, Angel said.
In anticipation of the final assay results, Angel has now sold 300 ounces of gold to Auramet Trading, LLC for $523,000 – which equates to US$1,743.33 an ounce. Angel is aiming to build up its production capability to 2,000 ounces a month by early 2012.
"This is the milestone that we have been working so hard to achieve,” said chief executive Nicholas Hall. “The team on site, lead by Mike Buckland, have worked brilliantly to achieve this result.”
"They have encountered and dealt with many setbacks, thanks to their dedication and ingenuity, as demonstrated most recently by their ability to overcome the problem of a malfunctioning atomic absorption machine.”
“It is also worth noting that our first sale has been at a time when the price of gold has been hitting new market highs.”