Greenland mine soon to be operational says Angus & Ross

KIRKBYMOORSIDE-based zinc and lead mining firm Angus & Ross has raised £3.5m to help advance its excavation projects.

The money, raised through the successful placing of 70,639,000 ordinary shares at a price of 5p, will be used to complete the installation of a cable car and other equipment at the Black Angel mine in Greenland.

Access to the mine, which is currently not yet operational, will allow further exploration of the Deep Ice zone, which is thought to hold “significant resources”.

Robin Andrews, chairman of Angus & Ross, said that it was gratifying that so many shareholders had supported the placing despite the current difficulties in capital markets.

“In particular we welcome RAB Capital’s significant and increased stake in Angus & Ross which should give confidence to all fellow shareholders,” he said.

“With zinc and lead prices currently depressed all major zinc miners throughout the world are struggling and their share prices reflect this.”

He added: “The Black Angel mine was historically one of the richest in the world. This fact will be a major advantage for your company during a period of low metal prices.

Angus & Ross has been active in Greenland since it bought a stake in the Motzfeldt field, which was exploited extensively in 2001 and 2002.

The firm, which was established 10 years ago, is hoping to strike it rich by extracting zinc and lead ore from Greenland and gold from sites in Australia and Brazil.

An application will be made to the London Stock Exchange for the placing shares to be admitted for trading on the Alternative Investment Market (AIM) with an expected commencement date of July 2.