Gold and zinc explorer Angus & Ross has raised another £400,000 at 5p for its Black Angel zinc play, ahead of a projected AIM float.


AIM-quoted Angus & Ross has interests in Brazil and Queensland and is rumoured to be considering Far Eastern possibilities. It has now raised £950,000 through broker John East at 5p for Black Angel, whose mine in Greenland produced 11.2 million tonnes of rich lead and zinc ore for former major operators Comincop and Boliden between 1977 and 1990.


With zinc and lead prices lately in the ascendant, Angus & Ross has sold off 16 per cent of Black Angel, but still has 84 per cent, which chairman Robin Andrews says could be worth around £5 million if floated at the same 5p price.


That compares with Angus & Ross's £7.8 million market value at 11.25p – well below its 2001 19p AIM float price but nearly twice its 2003 levels. It does not put much value on Angus's Brazilian and Australian operations, which are also due to be spun off.