Uranium joint venture for Australian
associate
30/04/2007
Press Release
Angus & Ross plc (“A&R”), the AIM listed mining
exploration company with interests in Greenland, Brazil and Australia,
is pleased to announce that its 28% owned Australian associate, ASX
listed Queensland Gold and Minerals Ltd [ASX code: QGM]
has signed an exploration joint venture agreement with Canadian listed
explorer Mega Uranium Ltd. (“Mega”).
Under the terms of the agreement, Mega will be required to spend
a minimum of A$50,000 for each of the next five years, exploring
for uranium on QGM’s tenements near Georgetown in North Queensland.
In return, Mega, which owns the rights to the Ben Lomond and Maureen
uranium deposits in North Queensland, will gain an 80% share of any
ensuing mining development.
QGM’s Managing Director, Adrian Day said, ”This agreement
is a bonus for QGM shareholders because when we listed on the ASX
in January this year our priority was on gold prospects, not the
uranium potential of our properties”.
A&R’s Finance Director Paul Williams commented, “Coming
shortly after the joint venture with Oxiana at QGM’s Warroo
property, this new agreement recognises both the quality and broader
potential of QGM’s prospects and can only be viewed as further
good news for Angus & Ross shareholders”.
- Ends -
For further information
contact:
Angus & Ross
plc
Robin Andrews, Chairman +44-1751 430 988
Paul Williams, Finance Director +44 1606 85502
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