AGU Angus&Ross

RNS Number:1111P
Angus & Ross PLC
08 January 2007





8th January 2007


Angus & Ross PLC


Strong debut of Australian subsidiary on ASX exchange


*   IPO of Australian subsidiary, Queensland Gold and Minerals Limited raises
    A$4.00 million

*    Drilling to start on the 14th of January

*    Encouraging preliminary results from Oxiana JV at Warroo



Angus and Ross ("A&R" or "the Company") is pleased to announce that its
Australian associate, Queensland Gold and Minerals Limited ("QGM") has
successfully listed on the Australian Stock Exchange ("ASX").

The initial public offering raised A$4.00 million (gross) to be used for further
exploration and trial mining on QGM's eight gold prospects in Northern
Queensland.

QGM's shares (code: QGM) started trading on ASX on 3rd January 2007 rising from
the 20 cent issue price to 39 cents at the end of the first trading day. The
shares traded at 30 cents at the market close on Friday, 5th January.

A&R, which owned 48.22% of the issued share capital of QGM prior to the IPO, now
holds 28.2% (14.7 million shares) and is the largest single shareholder. Robin
Andrews, the Chairman of Angus & Ross plc, is also a board member of QGM.

QGM's Queensland tenements are prospective principally for gold. Amongst them is
Warroo where the joint venture partner Oxiana has recently commented that: "The
ongoing field programme 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"

On 14th January an initial 600 metres reverse circulation drilling programme on
the Eveleigh prospect will be started. Rock chip sampling has indicated gold
mineralisation in altered quartz-mica host rocks, and has demonstrated the
potential for a large low grade resource.

A&R Chairman Robin Andrews said: "The oversubscription and the strong
performance of the QGM stock in the first two days of trading supports our long
standing view that QGM's properties hold significant potential. The joint
venture with Oxiana on the Warroo project further strengthens our belief that
QGM will prove to be a significant and successful investment for A&R."

Enquiries:


Angus & Ross PLC
Robin Andrews, Chairman                                   Tel: +44 1751 430 988
Paul Williams, Finance Director                           Tel: +44 1606 855022
Andrew Zemek, Chief Operating Officer                     Tel: +44 7850 755 450




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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