Update re Australia

RNS Number:2469L
Angus & Ross PLC
31 October 2006

                                 PRESS RELEASE



                  Angus & Ross plc - An Update from Australia





*         IPO of Australian subsidiary, Queensland Gold and Minerals Limited
          to raise up to A$6.00 million.

*         Minimum listing requirement of $3.00 million underwritten.

*         Encouraging preliminary results from Oxiana JV at Warroo.





Angus and Ross ("A&R" or "the Company") is pleased to announce that A$3 million
of the forthcoming initial public offering on the ASX of its Australian
associate, Queensland Gold and Minerals Limited ("QGM") has been underwritten by
Sydney brokers, Martin Place Securities.



The offer is expected to close on 8th December and is open to receive up to an
additional A$3 million over and above the amount underwritten - at A$0.20 per
unit.  (A unit consists of one share and a quarter of a warrant exercisable for
two years at A$0.20).  Trading of the shares on the ASX should commence on 29th
December 2006.



A&R, which previously owned 52.5% of the issued share capital of QGM, currently
holds 48.22% (14.7 million shares) following the successful raising of A$750k
mezzanine finance in April this year, and the capitalisation of A$500k of loans
owed by QGM to A&R.   Assuming only $3.00 million is subscribed in the new issue
Angus & Ross's interest in QGM will be 31%.  If the full $6.00 million is raised
then this percentage is reduced to 24%.



QGM has a number of Queensland tenements prospective principally for gold,
amongst which is Warroo. According to joint venture partner Oxiana "The ongoing
field programme involving geological mapping, rock chip, soil and drainage
sampling around known and new prospects has provided highly encouraging results.
Rock chips assaying between 3-30 g/t gold were collected in an area not
previously sampled to the southwest of the historic workings and mapping
indicates alteration to be more extensive than initially anticipated. Results
from recent soil geochemical sampling and geophysical surveys are being compiled
to prioritize drill targets"



A&R Chairman Robin Andrews today said "The underwriting of QGM's public offering
provides us with great confidence for its future and allied with the initial
news from our joint venture at Warroo and the experience of our  partner there,
Oxiana, we are led to believe that QGM will prove to be a significant and
successful investment for A&R."



For further information contact:

Robin Andrews, Chairman         01751 430988

Paul Williams, Finance Director 01606 855022





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