Angus Mining (Namibia) Inc.
TSX VENTURE : ANA

April 27, 2011 08:27 ET

Angus Mining Delivers Initial Drill Results from the Ondundu Gold Project in Namibia

TORONTO, ONTARIO--(Marketwire - April 27, 2011) - Angus Mining (Namibia) Inc. ("Angus Mining" or the "Company") (TSX VENTURE:ANA) is pleased to provide an update from its Phase One drilling program, and assay results from eight diamond drill holes in the Main Zone ("OMZ") of the Ondundu Gold Project in Namibia.

Angus Mining is currently completing the final five diamond drill holes of the Phase One Exploration Program, which is designed to test the extent and scale of the mineralized zone at OMZ. The program covers 2.7km of strike length, with widths of up to 400m, and an average depth of 250m. Once completed, the Company will have drilled a total of 60 diamond holes, with individual section spacing of approximately 100m. Figure 1 details the OMZ zone and progress of the Phase One drill program.

Following the full receipt of assays, the Company intends to work towards the delivery a 43-101 compliant resource calculation, defining a large scale, bulk-mineable gold deposit at OMZ.

The Company has engaged a second assay laboratory based in South Africa, with sample preparation facilities in Namibia, from which it has begun to receive results. With over 50 diamond drill holes remaining to be assayed completely, the Company expects the rate and consistency of delivery to continue to improve. Given the commitments of the Namibian Exclusive Prospecting License (the "EPL"), the Company was required to expeditiously complete the first phase of the drill program.

Angus Mining expects to fulfill the requirements of the first portion of its earn-in agreement with Forsys Metals Corp. ("Forsys"), and to exercise the related (50.1%) acquisition option by June, 2011. The second portion of the agreement requires an additional C$ 6M in exploration expenditures, and the delivery of a bankable feasibility study, for an additional 24.9% interest. The Company, in partnership with Forsys, is also in the process of renewing the Ondundu EPL, which was granted by the Ministry of Mines and Energy of the Republic of Namibia until May 30, 2011.

Highlights from the eight diamond drill holes received include 1.99g/t over 29m, 1.66g/t over 29m, 2.03g/t over 7m, 0.83g/t over 27m, and 7.94g/t over 1m. Results are summarized in table 1.

Angus Mining's CEO, Fraser Buchan, comments: "The results from the Main Zone at Ondundu continue to support and confirm the potential for a large, bulk mineable gold resource. The higher-grade results close to surface in drill hole ADD009 are particularly encouraging"

Mr. Buchan further offered; "Peter Olander (COO) and his team have executed the Phase One drill program ahead of schedule and on budget, and with the processing of drill core now occurring at two independent labs, the Company looks forward to providing results to the market over the coming months at an accelerated rate."

Table 1: Drill Results, April 27, 2011

Drill HoleIntersectionAssayIncluding
ADD00340m - 160m120m @ 0.32g/t
ADD005115m - 135m20m @ 0.40 g/t
ADD00620m - 105m85m @ 0.40 g/t6m @ 1.13 g/t, from 46m-52m
9m @ 0.83 g/t, from 77m-86m
ADD00775m - 307m232m @ 0.33 g/t
ADD00920m - 229m209m @ 0.54 g/t110m @ 0.81 g/t, from 20m-130m
29m @ 1.99 g/t, 20m-49m
9m @ 0.65 g/t, 71m-80m
ADD01043m - 161m134m @ 0.32 g/t29m @ 1.66 g/t, from 264m-293m
ADD022150m - 155m5m @ 0.43 g/t11m @ 1.01 g/t, from 162m-172m
166m - 193m27m @ 0.83 g/t1m @ 7.94 g/t, from 171m-172m
5m @ 1.72 g/t, 180m-185m
ADD03366m - 176m110m @ 0.46 ppm18m @ 0.73 g/t, from 66m-83m
7m @ 2.03 g/t. from 11m-118m

About the Ondundu Gold Project

The Ondundu Gold Project is located on a 19,969 hectare contiguous license in the Damara Belt of West-Central Namibia, approximately 250km from the Capital of Windhoek. Gold mineralization at Ondundu occurs in bedding-conformable quartz veins and in wall rocks adjacent to the veins. The OMZ Zone is located within the sheared common limb of an anticline and syncline, with mineralization extending along a strike length of 2.7km, with widths up to 400m and depths to 250m.

Figure 1: Ondundu Phase One Drilling Program: http://file.marketwire.com/release/ang0427.pdf

About Angus Mining (Namibia) Inc.

Angus Mining (Namibia) Inc. is a Canadian based precious metals exploration company focused on developing the Ondundu Gold Project in West-Central Namibia via a joint venture agreement with Forsys Metals Corp. 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. Angus Mining currently employs 20 local Namibians.

Quality Assurance/Quality Control

Dr. Roger Laine is the qualified person under National Instrument 43-101 who has supervised the preparation of and verified the technical information presented in this press release. For a summary of the geology, nature of the mineralization and other technical information with respect to the Ondundu Gold Project, please refer to the Technical Report on the Ondundu Gold Project-EPL3195, Namibia, filed September 17, 2010 at www.sedar.com.

Angus Mining (Namibia) Inc. adheres to a rigorous QA/QC program across all aspects of the sampling and analysis process. All drill samples are held in a secure warehouse in Omaruru, to and from which they are handled by independent courier companies. Diamond core is marked, logged and split at site, where half is maintained for future reference, and half is sent for analysis.

Diamond drill core samples from Ondundu are processed by screen metallic analysis and fire assay at SGS and Intertek/Genalysis, both located in Johanesburg, RSA. Standards and blanks are inserted by the laboratories and/or Angus every 20 to 30 samples.

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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information