Black Angel hope for mining firm
YORKSHIRE firm Angus & Ross, which explores and mines for zinc in Greenland and Brazil, has seen half year losses increase but is planning to widen its exploration operations after positive results from its drilling programmes.
The Kirkbymoorside-based company today announced interim losses of £2.43m compared to £1.96m for the same period last year. The losses were principally the costs of its exploration programmes in Greenland, Brazil and Australia.
The main project for Angus & Ross is the Black Angel site in Western Greenland. The financing package for the project was approved by shareholders in July and the first production is expected in 2008.
Black Angel was one of the richest zinc mines in the world before it closed in 1990 after 17 years of continuous operation. Angus & Ross is looking to exploit advances in mining technology to begin mining the site again, taking advantage of rising zinc prices.
Today chairman Robin Andrews said that a new resource statement from Black Angel showed an increased in metal content and the group has widened its exploration programme for next year.
He said a Swiss-made cable car system would be set up at the mine by next September, allowing 30,000 tonnes of high grade iron ore to be extracted by the end of 2008.
The firm is also exploring a site near Cuiaba in Brazil where it believes 600,000 ounces of gold can be reached and in Australia it has a 28 per cent ownership of Queensland Gold and Minerals which is drilling in Northern Queensland.
Mr Andrews said: “It has been an extremely active six months for the management team; with a new year on the horizon, we look forward keenly to the generation of our first revenue.”
