Zinc, lead and gold prospector Angus & Ross reports hefty resource increases around its Black Angel mine in Greenland.

AIM-quoted Angus, which is also exploring prospects in Brazil and Australia, says consultant geologist Wardell-Armstrong International has confirmed a 66 per cent increase to 160,000 tonnes of contained lead metal and a 114 per cent increase to 61,000 tonnes of lead in the three 'satellite deposits' around Black Angel. These are South Lake Glacier, where the resource is indicated, Nunngarut 2, where the resource is partly indicated and partly only inferred, and ARK, where the resource is all inferred as yet and the overall ore grades are 6.6 per cent zinc, 2.5 per cent lead and 17 grammes of silver per tonne of ore.

In the year to August, the company increased its losses 28 per cent to £2.4 million, but ended the year with £7.4 million cash and cash equivalents. Chairman Robin Andrews says a new resource statement for Black Angel should be ready as part of a feasibility study by the end of the year.

Floated in 2001 at 19p, Angus & Ross shares behaved miserably, falling to 7.5p two years ago. Then they recovered as the company changed direction, reaching 27.25p last year.

Now 20.5p, up 1.25p this morning, their appeal remains speculative, especially in the light of zinc's poor recent price performance, but is enhanced by these new findings.

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