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Share Name | Share Symbol | Market | Type |
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Arras Group SpA | BIT:AGU | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.93 | 0.915 | 0.00 | 08:08:32 |
RNS Number:4078K Angus & Ross PLC 28 April 2003 ANGUS & ROSS PLC ("Angus & Ross") Acquisition of Gold and Tantalum interests in Northern Queensland ("the Assets") Further to the announcement made on 19 December 2002 regarding the above interests, Angus & Ross now reports that final conditional agreement has been reached with the vendors of the Assets. The only conditions now outstanding in respect of the acquisition of the Assets are approval by the Australian Foreign Investment Review Board and approval by the shareholders of Angus & Ross at an extraordinary general meeting. It is expected that a circular to shareholders concerning the acquisition of the Assets and convening the extraordinary general meeting will be dispatched shortly. Commenting on the proposed acquisition, Robin Andrews, Chairman of Angus & Ross, said: "This underpins our continuing endeavours to broaden our exploration activities in recognition of current tantalum market conditions. We are not only acquiring promising gold and tantalum mining assets and - providing we can raise the necessary development capital - the potential for early cashflow, but with them comes a talented team of eight highly experienced Australian mining experts, two of whom - Professor Ian Plimer and Mr. Adrian Day - we are proposing join the Angus & Ross board. The team members, each with between 25 and 35 years in the minerals industry, have the breadth of contacts and complementary skills that give us almost unparalleled access to other future projects in Australia. "Already this agreement, and the people that come with it, has attracted the attentions of major mining companies with discussions on-going. It is hoped that we will be able to report positively on the outcome of such discussions shortly." Of the assets (full details of which are given below), Grant Gully and Rutherford's Table, will be the primary focus of work this year because they have the best potential for early production and revenue generation. It is hoped that bulk sampling of alluvial tantalite-gold resources at Grants Gully will commence this summer along with further definition drilling followed by bulk sampling at Rutherford's Table. A complete inventory of the Northern Queensland assets is: i. Grant's Gully The Grant's Gully mine, located 20 kilometres south west of Georgetown, Queensland, is in the Etheridge Goldfield and comprises 84 square kilometres of mining leases, mining lease applications and exploration permits for minerals, a 10 cubic metres per hour alluvial testing plant, water supply and a base camp. The required access agreements with the local indigenous people and the North Queensland Land Council have been signed for the Exploration Permits. An altered granite dome hosts tantalum-lithium-beryllium bearing albite pegmatites and peripheral lithium mica-amblygonite-rich dykes containing tantalite-cassiterite mineralisation. The metamorphic rocks enveloping the granites contain gold. These areas have shed tantalite and gold into an alluvial system (Grant's Gully). ii. Rutherford's Table and White's Mine The Rutherford's Table and White's mines are located in the Mount Wyatt Goldfield near Ukalunda, 150 kilometres south west of Bowen, Queensland. The area comprises two granted mining leases of 2.4 square kilometres area. The area incorporates a 2 square kilometre Tertiary mesa of 50 metres of volcanic-derived sediments overlying a 5 metre thick gold-bearing lake sediment layer, which in turn may overlie a mineralised Tertiary hydrothermal eruption breccia. A regular pattern of 34 underground continuous chip samples of the wash over one to two metre vertical sections produced an average grade of 2.4 grams per tonne of gold but the grade is highly variable as shown from the 11 previous air core drill holes. In order to demonstrate the viability of early low cost production, immediate attention will be paid to what is considered to be the easily accessible material around the periphery of the mesa in the vicinity of White's Mine. iii. Top Camp Top Camp was the first discovery of gold in the Cloncurry district, east of Mount Isa. It comprises mining leases covering 4 square kilometres. Historically, there has been alluvial and eluvial production of 25,000 ounces and limited aeromagnetics, surface geochemical sampling and drilling. Previous exploration has not reconciled alluvial production and exploration results. The untested Black Fort Fault Zone with workings over 1500 metres with surface rock sampling grades greater than 1 gram per tonne of gold, is the principal exploration target. Untested aeromagnetic anomalies have potential for Ernest Henry-type and Osborne-type copper-gold targets. The drilling of these targets is proposed. iv. Application for permits Applications for Exploration Permits for Minerals in the far north of Queensland are also included in the package. These include: Werrington, 258 square kilometres, 60 km south of Kidston, for gold, Diggers Creek, 54 square kilometres, 40 km south of Forsayth, for gold; and Eveleigh, 127 square kilometres, in the Einasleigh area, for gold and platinum. In addition to the first consideration of 5,000,000 shares, two further considerations of a maximum 5,000,000 shares each will be granted to the vendors on achievement of the following objectives: a. after either 1000 oz of gold or 15,000 pounds of contained tantalum pentoxide is produced and sold after commencement of production. b. having achieved a market capitalisation of UKP10 million pounds for a consecutive period of thirty (30) calendar days; or the option for the gold mine project is taken up and successful completion of due diligence has occurred and the required security deposit is paid. Enquiries, please contact: Robin Andrews Neil Boom Executive Chairman Managing Director Angus & Ross plc Gresham PR Ltd. 01439 748 350 020 7404 9000 This information is provided by RNS The company news service from the London Stock Exchange END ACQMGGZDVKGGFZM
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