AGU Angus&Ross

RNS Number:8392I
Angus & Ross PLC
30 November 2007

                                Angus & Ross PLC

                      Black Angel 2007 Resource Statement

*     2007 Drilling programme of 8,142 metres of diamond drilling results in
      significant increase in resources.

*     Upgrading of most of the tonnage from 'inferred' to 'indicated' category.

*     150m extension of the South Lakes Glacier mineralised zone, where
      contained zinc metal is up 66% and contained lead up 114%

*     150kt resource increase in the Nunnagarut satellite deposit

*     High prospectivity of the new Uvkusigssat licence area


Angus & Ross PLC (AGU) ("Angus & Ross" or the "Company") is pleased to announce
updated resource figures for the satellite deposits adjacent to its Black Angel
zinc / lead mine in West Greenland.

The company has received a new Resource Statement from its geological
consultants Wardell-Armstrong International (WAI) incorporating the results of
the 2007 drilling programme. This programme, which ran from June to September,
resulted in 37 holes totalling 8,142m and around 600 assayed samples. (67 holes/
8,720m were drilled in 2006). The South Lakes Glacier (SLG) prospect was the
main drilling target and a 150 metre extension of it along the strike to the
west was established. The mineralisation remains open to the west and down dip
and further drilling is planned. A certain amount of in-fill drilling was also
undertaken.

In a separate study, WAI re-evaluated the resources of the Nunngarut 2 (N2)
former mine workings, lying in close proximity to the Black Angel mine. It was
previously estimated that N2 may contain approximately 50k tonnes of ore, but
after the new study incorporating all available data the new resource figure
stands at 196k tonnes (see table).

It is worth noting that this is a new resource calculation and not just an
addition to last year's statement. As a result of new drilling the overall grade
of mineralisation in SLG is higher than before and the amount of contained metal
is significantly higher than in the 2006 statement; contained zinc metal is up
66% and contained lead up 114%. The satellite deposits now contain 160k tonnes
of zinc metal and 61k tonnes of lead metal. The increased confidence supported
by drilling allowed WAI to move most of the tonnage from the 'inferred' to '
indicated' resource category.

The WAI report also highlights the high prospectivity of the new licence area
around Uvkusigssat. Angus & Ross's geologists estimate that this area holds at
least 500k tonnes of zinc/lead mineralisation.

The proven reserve in the Black Angel mine itself previously estimated at 1.7
million tonnes of 9.7% Zn and 3.1% Pb is not part of this resource statement as
it is being studied separately as part of the Feasibility Study being prepared
by WAI and due out by the end of the year.

                            2007 Resources Statement
               for the satellite deposits in the Black Angel area
                 (does not include the Black Angel mine itself)
                    in accordance with JORC (2004) standard

         Category      Tonnage                     Grade
                                       Zn            Pb           Ag
                        (000)          (%)          (%)         (g/t)

      South Lakes Glacier Prospect (SLG)
        Indicated       1,726          6.9          2.5          14.5

      Nunngarut 2 Prospect (N2)
        Indicated        196           9.0          3.4          31.0
         Inferred        0.7           4.5          1.9          9.0

      ARK Prospect
         Inferred        492           4.7          2.2          20.4

      Total (Indicated and Inferred, weighted average)
                       2,414.7         6.6          2.5          17.0


Robin Andrews, Chairman of Angus & Ross, commented: "The new resource statement
confirms that we had yet another very successful drilling season in Greenland.
The significant increase in the metal contained figure is particularly
encouraging and with further definition drilling, could go still higher. Our
conviction that 'another Black Angel' can be discovered in the area remains
strong."

For further information contact:

Angus & Ross PLC
Robin Andrews, Chairman                                                       01751 430 988
Andrew Zemek, Chief Executive, Black Angel Mining Ltd                         07850 755 450

Bishopsgate Communications
Nick Rome                                                                     0207 562 3366

Landsbanki Securities (UK) Limited
Fred Walsh                                                                    0207 426 9000


NB: This release has been approved by the Company's technical staff who include
Dr Tom Elder, Director, who holds a BSc and Doctorate in Geology from Durham
University, is a Fellow and former Member of Council of The Institution of
Mining and Metallurgy and a Fellow of The Geological Society, in accordance with
the recent Guidance Note for Mining, Oil and Gas Companies issued by the London
Stock Exchange in respect of AIM companies, which outlines standards of
disclosure for mineral projects.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

STRILFVALVLAFID

Angus & Ross (LSE:AGU)
Historical Stock Chart
From Jul 2024 to Aug 2024

Angus & Ross (LSE:AGU)
Historical Stock Chart
From Aug 2023 to Aug 2024