Strong debut of Australian subsidiary on ASX exchange
08/01/2007
Press Release
- IPO of Australian subsidiary, Queensland Gold and Minerals Limited raises A$4.00 million
- Drilling to start on the 14th of January
- Encouraging preliminary results from Oxiana JV at Warroo
Angus and Ross (“A&R” or “the Company”) is pleased to announce that its Australian associate, Queensland Gold and Minerals Limited (“QGM”) has successfully listed on the Australian Stock Exchange (“ASX”).
The initial public offering raised A$4.00 million (gross) to be used for further exploration and trial mining on QGM’s eight gold prospects in Northern Queensland.
QGM’s shares (code: QGM) started trading on ASX on 3rd January 2006 rising from the 20 cent issue price to 39 cents at the end of the first trading day. The shares traded at 30 cents at the market close on Friday, 5th January.
A&R, which owned 48.22% of the issued share capital of QGM prior to the IPO, now holds 28.2% (14.7 million shares) and is the largest single shareholder. Robin Andrews, the Chairman of Angus & Ross plc, is also a board member of QGM.
QGM’s Queensland tenements are prospective principally for gold. Amongst them is Warroo where the joint venture partner Oxiana has recently commented that: “The ongoing field programme has provided highly encouraging results. Rock chips assaying between 3-30 g/t gold were collected in an area not previously sampled to the southwest of the historic workings and mapping indicates alteration to be more extensive than initially anticipated. Results from recent soil geochemical sampling and geophysical surveys are being compiled to prioritize drill targets”
On 14th January an initial 600m reverse circulation drilling programme on the Eveleigh prospect will be started. Rock chip sampling has indicated gold mineralisation in altered quartz-mica host rocks, and has demonstrated the potential for a large low grade resource.
A&R Chairman Robin Andrews said: “The oversubscription and the strong performance of the QGM stock in the first two days of trading supports our long standing view that QGM’s properties hold significant potential. The joint venture with Oxiana on the Warroo project further strengthens our belief that QGM will prove to be a significant and successful investment for A&R.”
- Ends -
For further information
contact:
Angus & Ross
plc
Robin Andrews, Chairman +44-1751 430 988
Paul Williams, Finance Director +44 1606 85502
Andrew Zemek, Chief Operating Officer +44 7850 755 450
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