Angel Mining Share Chat (ANGM)

Think they needed about $1.2m to cover cost a month. Think the break even price was about $850 oz.

No resource numbers so its difficult to sell the mine for anything significant.

The fact Cyrus are still bank rolling the mine to keep it going tells you it is producing and paying down debt. How long this will take is anyone's guess as we don't know what they are prodcing,

Also what happens if it pays back all the debt will ANGM ever come back or will it disappear.

Head line is "Greenlands mining adventure in crisis" and they refer to the Angel Mining's situation. There is no mention about any help for the mine. http://politiken.dk/indland/ECE1967740/groenlands-mineeventyr-er-i-krise/

They will make somewhere between 2-3M a month on current gold production. But is there even a profit margin with the gold mine? Operating in Greenland is not cheap and I have a hard time believing the mine is pulling out profits if they are now in Administration regardless of the lavish spending the management team did. Australia has mines dropping like flies right now and these are mines in better economics then this one and with a compliant resource. They will look to get as much as they can, probably less than 5M for the gold mine, if you compare at acquisitions in the market of late. Last week a 1M oz gold deposit went for 15M, It's a pretty glim picture for Angel Mining. Never invest in mining companies that don't have a compliant resource.

That won't happen as they won't cover the debt but they can obviously see the gold production will pay it down over time.

I see it as the gold mine will pay down creditors over the next few months until the point where they can sell the assets to cover the remaining debt. We won't see any return unless someone is willing to come in with a handsome offer for the assets/licences.

This will drag on for months/years and fizzle out

So when does the fire sale beginning? With the market the way it is, it's going to be some low prices for these projects.

Also looks like the Administrators are going to be investigating the officers and directors of Angel Mining on behalf of the creditors. Rightfully so, they should pay for getting paid to burn shareholder's hard earned money.

Basically we all creditors have agreed. They are all at the top of the list and we are right at the end so we have about a 0.1% chance of seeing a return!

What exactly does this report mean for shareholders?.... if anything!

yes that works ok

try this,

http://angelmining.com/wp-content/uploads/2013/05/Form-2.23B-Notice-of-result-of-meeting-of-Creditors.pdf

or arcticmining?