Statement re Financing
             



                                                        5th JULY 2007


                          ANGUS & ROSS PLC
                       ("Angus & Ross" or "the
                              Company")
                             (AIM: AGU)

                         BLACK ANGEL UPDATE

                     US$30 MILLION LOAN FACILITY
          APPROVED FOR DEVELOPMENT OF BLACK ANGEL MINE AND
                         FURTHER EXPLORATION


Angus & Ross plc, the AIM listed mining
exploration  company  with   interests  in   Greenland,  Brazil   and
Australia, is
pleased to update  the market  with developments at  its Black  Angel
mine
following Monday's EGM,  at which  shareholders approved   the  US$30
million
facility agreement with Cyrus Capital Partners LP.

This is an important step forward for the Company especially
given the fact that the financing has been achieved before a Bankable
Feasibility Study has been  completed. Now that  the financing is  in
place the
Company can start to  accelerate the development  of the Black  Angel
project,
including the start of initial  ore production in 2008 and  increased
exploration
activity.

HIGHLIGHTS


  * US$30 million loan facility agreed
    with 37.5 million 3 year warrant issue at 20p;



  * Exercise of warrants at today's
    exchange rates would amount to a further US$15 million in
    financing;



  * Access to the financing should enable
    the re-opening of the mine to take place a year earlier than
    anticipated;



  * Onsite
    camp established; civil engineering work commenced along with
    cable car
    renovation;



  * Initial production and ore shipments
    from the mine expected to commence in 2008 with full scale
    concentrate production
    in 2009;



  * Exploration
    drilling underway with over 2400 metres already completed so far
    this year
    and a 150 metre extension to the Glacier discovery defined;



  * Recent
    offset hole at the Glacier discovery has intersected 3 metres of
    mineralization visually estimated to contain 30% combined Zn/Pb;




  * Exploration
    programme being increased to test other prospects on the 259 sq
    km licence
    area; drilling to start within the mine later in the year.




Access
The civil engineering required for the installation of
the cable car,  which will enable  access to the  mine, is  currently
underway. In
addition, the  cable car  is presently  being renovated  and will  be
arriving at
the mine later this year.

Drilling
Once the cable car is up and running, Angus & Ross
will  be  able  to  significantly  increase  mining  and  exploration
operations within
the mine. However, exploration outside the mine is currently underway
with 2,400m
of drilling already completed. This  includes confirmation of a  150m
extension
of the  700m strike  length of  the South  Lakes Glacier  mineralized
trend drilled
last year.  The  first  set  of samples  has  already  been  sent  to
laboratories in Sweden
and results will be announced as soon as available.

In the last two days the company received a report
that one  offset hole  to  the Glacier  extension had  intersected  3
metres of high grade
mineralization visually  estimated to  contain  about   30%  combined
Zn/Pb (at a depth of around 165m).
Experience from last  year's drilling allows  confidence that  visual
estimates
are usually close to assayed values.

Infrastructure
The Company continues to progress towards reopening
the mine and will shortly be sending a team in to inspect the mine
infrastructure left by Cominco and  Boliden. A positive report  could
result in
significant cost and  time savings.  Initial inspection  by a  former
Power Plant manager
last week established that the electrical installation of the mine is
intact.

Camp Refurbishment
The Black Angel camp has now been fully refurbished
and has good facilities  for 44 people. The  focus remains firmly  on
gearing up
operations with further drill crews and construction workers  planned
to be on
site later this year.

Brazil
and Australia
Angus & Ross's Brazilian and Australian operations
continue to develop with  the Company focusing  on providing a  broad
exploration
and production portfolio.  In particular an  update to the  Brazilian
operations
was announced on 26th June; details are on the company's website -
www.angusandross.com.

Angus & Ross
Chairman Robin
Andrews said: "We
are pleased to have won the  support of our shareholders in  securing
this
finance facility. We can now accelerate the development of the  Black
Angel
mine, with initial production and ore shipments expected to  commence
in 2008.
The mine reopening is now ahead of  schedule and we are keen to  push
ahead with
our summer exploration programme.
Already preliminary results are giving great encouragement. With work
also progressing well at
our Brazilian projects, we feel this is an exciting time for Angus &
Ross, and  we  look  forward  to updating  the  market  with  further
progress in due
course."

For further information contact:

Angus & Ross
Robin Andrews,
Chairman
Tel: 01751 430988
Paul Williams,
Finance
Director                                                         Tel:
01606 855022

Bishopsgate Communications
Ltd                                                 Tel: 020 7562
3350
Nick Rome
Fran Read

Teather & Greenwood
                                                 Tel:
020 7426 9000
Fred Walsh
Seb Jones

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