Angel Mining (ANGM) said on Monday it had completed its first gold sale from the Nalunaq mine in Greenland for $523,000 (£320,695).

The AIM-listed miner said it sent a shipment of five dore bars weighing 11.5 kilograms (kg) to Switzerland for refining last week.

In its initial x-ray assay the refiner estimated the gold and silver content to be 9.93kg of gold and 1kg of silver.

But the definitive assay will not be completed for a few days yet. Angel said the exact gold and silver content of the bars will then be credited to its metal stock account held by the refiner.

Shares in Angel were over 5% higher at 2.13p in early-afternoon trading.

In anticipation of the results, Angel has sold 300 ounces of gold to Auramet Trading for $1,743.33 per ounce. Silver will be sold to the refiner to pay for the refining of the dore and any excess will be sold as sterling silver, the company added.

For more on how investors can make a play on rising prices, read: How to trade the gold boom.

Angel said it was building up its production capability to a target of 2,000 ounces per month, which it aims to achieve in early 2012.

The company also updated investors on the progress of its new atomic absorption machine. It said a firm delivery date had yet to be established but it expects the device to be on site before the middle of September.

In the meantime, the laboratory team have discovered that they can get acceptable readings by re-calibrating the old atomic absorption machine each time before it is used.