Queensland Gold & Minerals
Ltd (QGM) announces key joint venture with Oxiana Ltd (OXR)
15/03/2006
Press Release
Angus & Ross plc, the AIM listed mining
company with advanced exploration zinc assets in Greenland is pleased
to announce that its 52% owned Australian gold exploration company,
Queensland Gold & Minerals
Ltd (QGM), has signed a joint venture agreement with leading gold
and base metal miner Oxiana Ltd (OXR) on its Warroo
project in South
East Queensland. Under the terms of the agreement, Oxiana is required
to spend a minimum of A$0.5M this year and up to A$4M at any time
over the following four years to earn up to an 80% interest in the
property.
The Warroo project in the Texas region, three hours west of Brisbane,
is focused on the potential for large, low-grade disseminated gold
and copper porphyry deposits suitable for open pit mining. Twenty
kilometres to the south west of Warroo is Macmin's Twin Hills silver/lead/zinc
epithermal deposit, which is thought to be sourced from a larger
porphyry system.
As well as having a high regard for the
potential value of the exploration prospect, Oxiana also recognised
in late 2005 that QGM's senior exploration staff had gained vital
experience and knowledge of the Warroo prospect during the 1990s.
In commenting on this important joint venture agreement, QGM's Chairman,
Mr Wayne Reid said: 'We believe this is the first investment
in Queensland by the Oxiana group and this agreement provides the
opportunity for us to undertake both geophysical surveys and drilling
on the project, as we believe that targets with the highest potential
occur under alluvial cover.'
Angus & Ross's Chairman, Robin
Andrews added: 'This agreement
is significant to the shareholders of Angus & Ross,
as it demonstrates the company's intention of ensuring that its
interests outside Greenland are separately financed and managed.
This joint venture with Oxiana is an indication of the quality
of the exploration portfolio that QGM has built over the last eight
years. QGM is seeking up to A$4.00 million to fund exploration
work on its prospects and documentation for an IPO on the Australian
Stock Exchange has been prepared.'
Angus & Ross
plc
Robin Andrews (Chairman) 01751 430 988
Paul
Williams (Finance Director) 01606 855 022
Queensland Gold and Minerals Limited
Wayne Reid
,Chairman +61 3 9824 4418
Financial
Dynamics,
Billy Clegg, Edward Westropp, 020
7831 3113
Notes to Editors
Queensland Gold and Minerals Limited
QGM is an Australian company in which Angus & Ross has a 52%
interest. The balance is owned by a team of highly experienced mining
professionals in Australia. These include Gavin Thomas, Director
of Kingsgate Consolidated Limited (KCN), Adrian Day, Tony King, Professor
Ian Plimer and John Nethery. The company owns mining and exploration
licences covering 8 project areas in Queensland and 1 in Victoria,
principally for gold. These projects have been accumulated over an
8-year period. Currently the company is preparing to list on the
ASX stock exchange.
Angus & Ross PLC
Angus and Ross is listed on the London Stock Exchange's
AIM (Alternative Investment Market) with it's principal current project
being the development of the former Black Angel zinc mine in Greenland.
Its other interests include a portfolio of mineral licences prospective
for gold, tantalum and base metals in Australia, Brazil, and Greenland.
Angus & Ross recently raised £3.3 million in an institutional
placement principally to fund this summer's exploration, drilling
and development programme at the Black Angel.
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