Trades and observations from a British contrarian stock investor

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Tuesday, February 15, 2011

Angel Mining sold today after 2 day rise

I took the decision today to sell Greenland gold producer, Angel Mining (ANGM), given I was expecting some confirmation of the first shipment of gold dore by now from the Nanulaq mine. The price has risen over the last 2 sessions on rumours that news is imminent but I was spooked by the fact that it could be smokescreen for a delay so I have sold. I am reluctant to invest in companies that do not keep their shareholders fully informed of events and are constantly issuing new shares to maintain operations. It may be the Angel will issue an RNS tomorrow or by the end of the week but so be it. Its a great long term play with a good story both from its gold mine but also its Black Angel zinc prospect, but I'll stay on the sidelines for a little time and see what happens.

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