Preliminary Results

RNS Number:7099N
Angus & Ross PLC
18 July 2003



Chairman's statement

28 February 2003

The year to 28 February 2003 has been one of significant change of direction for
your company. From a company totally dependent on one tantalum project in
Greenland, Angus & Ross now has at least five gold projects and one tantalum
project in Queensland Australia, as well as exploration licences in Greenland
and Ireland. In Brazil some preliminary work has been carried out that might
result in the acquisition of exploration licences.

The company has been strengthened by a new group of seven technically qualified
shareholders, several of whom have had significant exploration successes in the
past. Two members of this group, Professor Ian Plimer and Mr Adrian Day will
become directors.

Shareholders will have seen the recent announcement that Placer Dome Inc. had
entered into a "technical relationship" with Angus & Ross with regard to one of
the new projects in Queensland (Warroo). This relationship underlines the
quality of both the team that have joined Angus & Ross and the potential of the
assets that have now been acquired.

We have recently announced the private placing of 7,273,480 shares at 5.5p per
share. The proceeds of this issue will be used to start a work programme on the
company's recently acquired exploration and mining leases in North Queensland.
In particular a trenching and bulk testing programme on the Rutherfords Table
property will help to define a small resource in the area of the old workings
which may see rapid production. The knowledge gained will help to target a much
larger and more speculative source vent area deposit that is thought to be
underneath the old workings.

The continuing high inventories of tantalum minerals and products in the world,
and the subsequently depressed prices, means that a major project such as
Motzveldt would not be commercial at the present time. None the less it is
likely that when prices do recover Motzveldt will be recognised as an important
potential resource in a politically stable area of the world. The accounts
recognise the current situation, with an additional # 364,563 being written off
the capitalised value of the Greenland project.

More details of the company's activities will be given in the annual report
which should be in shareholders hands by the middle of August.




Profit and loss account for the year ended 28 February 2003
Preliminary Results - Unaudited

                                           Notes       2003       2002
                                                          #          #

Depreciation of capitalised exploration            (413,392)  (152,701)
costs

Exploration costs written off                       (87,105)    (3,276)

Administrative expenses                            (258,172)  (366,901)
                                                    -------    -------
                                                   
Operating loss                                     (758,669)  (522,878)

Other interest receivable and
similar income                                        7,458     29,029

Amounts written off investments                        (612)    (1,927)
                                                    -------    -------

Loss on ordinary activities before                 (751,823)  (495,776)
taxation

Tax on loss on ordinary activities                        -          -

                                                    -------    -------

Loss on ordinary activities after                  (751,823)  (495,776)
taxation                                            -------    -------

Loss per share                                 1       2.5p       2.1p
                                                    -------    -------

Notes

 1. Loss per share has been calculated on basis of the results of ordinary
    activities after taxation and on the weighted average ordinary shares in
    issue of 29,783,676 (2002 23,881,545) during the period.

 2. The amounts shown in respect of the year ended 28 February 2002 have been
    extracted from the statutory accounts of the company for that year. These
    accounts which contained an unqualified opinion, have been delivered to the
    Registrar of Companies.



Balance sheet as at 28 February 2003
Preliminary Results - Unaudited

                               2003         2003         2002      2002
                                  #            #            #         #
                            
Fixed assets

Tangible fixed assets                    731,197                969,814

Current assets

Debtors                      35,684                     8,232

Investments                       -                       612

Cash at bank and in hand    102,506                   392,531
                            -------                   -------
                            138,190                   401,375

Creditors: amounts falling
due
Within one year             (68,088)                  (62,467)
                            -------                   -------

Net current assets                        70,102                338,908
                                         -------                -------

Total assets less current                801,299              1,308,722
liabilities

Provisions                               (75,000)               (75,000)
                                         -------                -------

Net assets                               726,299              1,233,722
                                         -------                -------

Capital and reserves

Called up share capital                  317,259                259,059

Share premium account                  1,953,486              1,767,286

Profit and loss account               (1,544,446)              (792,623)
                                         -------                -------

Equity shareholders'                     726,299              1,233,722
funds                                    -------                -------




Cash Flow Statement as at 28 February 2003
Preliminary Results - Unaudited

                           Notes            2003                   2002
                                               #                      #
 
Net cash outflow from
operating
Activities                     A        (365,971)              (342,834)

Returns on investments
and Servicing of finance
Interest received                          7,458                 29,029

Capital expenditure
Payments to acquire                     (177,052)              (968,349)
tangible fixed assets


                                         -------                -------
Net cash outflow before management      (535,565)            (1,282,154)
of liquid resources and
financing


Financing

Issue of ordinary share                  244,400              1,287,000
capital, after costs of
issue
                                         -------                -------

Decrease in cash in the        C        (291,165)                 4,846
year                                     -------                -------




A Reconciliation of operating loss to net cash outflow from operating activities

                                                     2003         2002
                                                        #            #

Operating loss                                   (758,669)    (522,878)

(Increase) / decrease in debtors                  (27,452)       1,484

Increase in creditors due within one year           4,481       21,677

Depreciation                                      415,669      153,607

Deferred exploration costs written off                  -        3,276
                                                  -------      -------

Net cash outflow from operating activities       (365,971)    (342,834)
                                                  -------      -------




B Analysis of net funds

                                   1 March   Cash flow  Other non- 28 February
                                      2002                   cash         2003
                                                          changes            
                                         #           #          #            #


Cash in hand and at bank           392,531    (290,025)         -      102,506

Overdrafts                          (1,227)     (1,140)         -       (2,367)
                                   -------     -------    -------      -------

                                   391,304    (291,165)         -      100,139

Liquid resources:

Short-term investments                 612           -       (612)           -
                                   -------     -------    -------      -------

                                   -------     -------    -------      -------

Net funds                          391,916    (291,165)      (612)     100,139
                                   -------     -------    -------      -------




C Reconciliation of net cash flow to movement in net funds

                                                             2003         2002
                                                                #            #

(Decrease) / Increase in cash in the year                (291,165)       4,846

Movement in value of liquid resources                        (612)      (1,926)
                                                          -------      -------

Movement in net funds in the year                        (291,777)       2,920

Opening net funds                                         391,916      388,996
                                                          -------      -------

Closing net funds                                         100,139      391,916
                                                          -------      -------



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