Angus Mining (Namibia) Inc.

August 04, 2011 09:43 ET

Angus Announces Completion of $1.3 Million Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 4, 2011) - Angus Mining (Namibia) Inc. (TSX VENTURE:ANA) ("Angus" or the "Company") is pleased to announce the completion of its previously announced non-brokered private placement (the "Placement") of 5,275,000 common shares of Angus at a price of $0.25 per share, as a result of which the Company raised $1,318,750 in gross proceeds.

Proceeds from the Placement will be used to continue assaying drill core at the Ondundu Gold Project in West-Central Namibia and for general working capital.

Common shares issued in the Placement will be subject to a 4 month holding period.

Forsys Metals Corp. ("Forsys") acquired 1,600,000 of the 5,275,000 common shares sold in the Placement. Pursuant to the early warning requirements of National Instrument 62-103, Forsys is required to report certain information with respect to its holdings of securities of Angus. After the completion of the Placement, Forsys now holds an aggregate of 4,600,000 Angus common shares and 3,000,000 Angus warrants representing 12.46% of the outstanding capital of Angus on an undiluted basis (or 19.04% on a partially diluted basis).

The Angus common shares were acquired by Forsys in the Placement for investment purposes. Forsys will evaluate its investment in Angus from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Angus as circumstances require.

About Angus Mining (Namibia) Inc.

Angus Mining (Namibia) Inc. is a Canadian based precious metals exploration company whose main asset is option to acquire up to a 75% interest in the Ondundu Gold Project in West-Central Namibia via a joint venture agreement with Forsys Metals Corp. The Company has also announced on June 16, 2011, that it had entered into a definitive agreement to acquire a 68% in the undiluted capital of Silver Reef Resources Ltd., a private company with an option to earn a 100% interest in 8 properties in Nevada, U.S.A. The Company's goal is to deliver superior shareholder returns by identifying, acquiring and developing high quality assets in a safe and socially responsible manner. Angus Mining is committed to providing economic and social benefit to the Namibian community through the responsible development of mining assets in the Country.

Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Certain of the statements made herein by the Company are forward-looking and subject to various risks and uncertainties, both known and unknown, many of which are beyond the ability of the Company to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking information is subject to known and unknown risks and uncertainties that may cause the Company's actual results, performance or achievements may be materially different from those expressed or implied by such forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, risks inherent to conducting business activities in the developing world and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.


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