News

January 10, 2008

Angus & Ross Hopes To Unveil More Resources In Greenland

By Alastair Ford

When global warming’s on your side, there’s no point in being pessimistic. The glaciers in Greenland are said to be retreating slowly, and every inch of ice that rolls back reveals another patch of potential zinc-rich ground for AIM-traded Angus and Ross. “It’s now looking like a very huge zinc province, much as Ireland did in the 1960s”, says the company’s chairman Robin Andrews. Angus and Ross has been in Greenland for some years now, but only acquired full control of the old Cominco-run Black Angel mine in the west of the self-governing province in 2006.

Initially there was some scepticism in the market, as Angus and Ross was already widely felt to have too many irons in the fire, and the addition of a redundant asset that had been shut down in 1990 was hardly felt to be company making. But the company did its studies and got on and drilled the property. Then zinc price went through the roof and market sentiment shifted markedly.

There are still some sceptics around, in part because Black Angel is icebound for several months of the year, in...