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Hitt og þetta 28. ágúst 2007

First results of Black Angel 2007 exploration - amend

28th August 2007 Angus & Ross PLC First results of Black Angel 2007 exploration Excellent results obtained from the first 12 holes drilled this year. 7,350 metres of diamond drilling in 32 holes completed. Drilling continuing. "Glacier Zone" resource growing along strike and at depth. Now third largest found in Black Angel area. Results include mineralised sections up to 66m thick (hole 48) with varying grades of Zinc (Zn) and Lead (Pb) (See Table below). Also many other high-grade intercepts over shorter lengths 3.12m @ 16.5% Zn and 6.8% Pb in hole 54, 3.02m @ 14.8% Zn and 4.7% Pb in hole 50. Exploration of newly acquired and nearby Appat and Ukkusissat licence areas suggest large potential resource. Angus & Ross PLC (AGU) ("Angus & Ross" or the "Company") is pleased to update its shareholders with the excellent results, so far, of the exploration at its Black Angel Zinc / Lead Project in West Greenland. THE DRILLING To date 7,350 metres of diamond drilling in 32 holes have been completed at the South Lakes Glacier (SLG) zone. So far the first two batches of assays from the first 12 holes have been received. High grade intersections have been found in 6 of the 12 holes reported, which should add significant tonnage to the 1.8 million tonne resource from last year already reported. The 2006 drilling programme resulted in an independently estimated JORC-compliant resource of nearly 2 million tonnes of zinc-lead mineralisation (see PR of 6/12/06). Building on this success, the main objective of the 2007 programme was to test the expectation that the SLG discovery could be extended both 'down dip' and 'along strike'. Results so far from the 2007 programme have supported this assumption. Indeed in terms of continuous massive sulphide mineralisation, the SLG Zone is now the third largest ever found in the Black Angel area and is becoming larger especially along strike to the west. The structural re-interpretation of another mineralised zone, named 'Lakeshore', which has never been drilled in earlier programmes, indicates that it lies in a similar structural and stratigraphic setting to the main SLG discovery. This mineralised zone, located 1.2 km south of the SLG, is currently being tested by drilling. RESULTS Very high grade and potentially economic intersections have been found in 6 of the 12 holes reported, which are adding significant tonnage to the resource reported last year. The best intercepts include mineralisation spread over an interval of approximately 66 metres in hole 48, 3.12 metres of 16.5% Zn and 6.8% Pb in hole 54 and 3.02 metres of 14.8% Zn and 4.7% Pb in hole 50 (see table below). This mineralisation occurs in the form of massive sulphides with buckshot texture, semi- massive sulphides, disseminations and "veinlets", i.e. similar in style to the original Angel Zone mineralisation. The latest drill intercepts indicate a high potential for continued massive sulphide mineralisation at depth, in an extensive and poorly explored area north of the two lakes, between the Glacier in the east and the Black Angel mine in the west. OTHER AREAS Recent structural re-interpretation and exploration of the newly acquired licence areas near Ukkusissat and on Appat Island have also commenced. The licence (totalling 72 sq km) is located 20km South West from Black Angel and was granted to Angus & Ross plc in January 2007. Based on previous drilling results (from 1979), the Ukkusissat area alone contains of the order of 500kt of Zn/Pb mineralisation. Further geological mapping and structural re-interpretation indicate that the mineralised zone is open along strike, suggesting a very large potential resource. Mineralisation is high grade, very similar to the Black Angel mine, and in the same geological settings. These prospects are likely to be drilled next year. The total landholding of the Company in the Black Angel area is now 259 sq km. New resource estimates will be prepared by Wardell Armstrong International, once all the assays from this year's drilling have been received. THE PEOPLE The 20-strong team is lead by Frank van der Stijl, the former Chief Geologist of the Black Angel mine and a geologist with over 20 years of experience in Greenland. Ukkusissat and Appat Island exploration is headed by Dr. Guy Della Valle, a Swiss geologist, who has explored the area since the 1970s and conducted drilling there in year 1979. Both have been working with Angus & Ross for the past 3 years. Significant contribution to the understanding of the structural geology has been made by Dr Dave Coller, who is supporting the team for the second year. THE ASSAYS AND INTERCEPTS The assays of the best intersections from the first two batches of samples are shown in a table on page 3 (12 holes out of 32 drilled so far). Assaying is done by the ALS Chemex laboratory in Pitea in Sweden (preparation) and in Vancouver. Selected assays from the 2007 drilling programme at the Black Angel Glacier Zone Zn/Pb +---------------------------------------------------------------------------+ | Hole| Eastings| Northings| From| Intercept| Pb| Zn| Ag| | | UTM 22| UTM W| | | | | | |----------+----------+-----------+--------+-----------+-----+------+-------| | | (m)| (m)| (m)| (m)| (%)| (%)| (g/t)| |---------------------------------------------------------------------------| | | |Glacier Prospect (32 holes drilled so far, results pending from 20 holes) | | | |---------------------------------------------------------------------------| | 07GLA045| 500698| 7889904| 217.65| 1.35| 1.8| 5.5| 10| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA046| 500650| 7889902| 192.95| 0.40| 5.1| 9.7| 12| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 196.66| 4.71| 3.2| 9.3| 16| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA047| 500546| 7889942| 236.20| 0.36| 2.1| 7.0| 14| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 238.17| 0.23| 2.1| 5.7| 16| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA048| 500546| 7889942| 151.85| 0.95| 4.3| 18.3| 32| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 169.25| 2.30| 3.6| 6.6| 18| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 174.76| 2.58| 3.9| 7.0| 19| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 190.45| 2.42| 3.1| 8.8| 15| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 200.95| 0.91| 3.2| 13.8| 10| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 211.65| 2.13| 2.7| 5.4| 16| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA050| 500502| 7889978| 213.03| 4.07| 2.6| 4.6| 11| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 220.59| 0.59| 7.0| 20.7| 34| |----------+----------+-----------+--------+-----------+-----+------+-------| | | | and| 228.40| 3.02| 4.7| 14.8| 25| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA052| 500505| 7889868| 249.07| 0.73| 2.7| 20.5| 29| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA054| 500800| 7889867| 162.70| 3.12| 6.8| 16.5| 38| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA055| 500800| 7889867| 184.75| 0.53| 1.3| 4.6| 12| |----------+----------+-----------+--------+-----------+-----+------+-------| | 07GLA056| 500800| 7889815| 188.49| 0.34| 1.4| 4.5| 31| +---------------------------------------------------------------------------+ Robin Andrews, Chairman of Angus & Ross, commented: " These first results of the 2007 drilling programme are particularly exciting. We are continuing to delineate an increasingly important resource in the South Lakes Glacier zone, one which may eventually prove to be a major deposit. The "Lakeshore" mineralised zone, currently being drilled, is also promising - lying as it does in the same stratigraphic setting as the South Lakes Glacier. Furthermore, with a new structural model in mind, the re-assessment of the Ukkusissat and Appat Island showings confirms their high potential to host Black Angel type deposits." For further information contact: Angus & Ross PLC Robin Andrews, Chairman 01751 430 988 Andrew Zemek, Chief Executive, Black Angel Mining Ltd 07850 755 450 Bishopsgate Communicatons Nick Rome 0207 562 3366 Landsbanki Securities(UK) Limited Jeff Keating 0207 426 7716 Fred Walsh 0207 426 3202 NB: This release has been approved by the Company's technical staff who include Dr Tom Elder, Director, who holds a BSc and Doctorate in Geology from Durham University, is a Fellow and former Member of Council of The Institution of Mining and Metallurgy and a Fellow of The Geological Society, in accordance with the recent Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outlines standards of disclosure for mineral projects. ---END OF MESSAGE---