The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Tuesday, 7th April 2009 (1781 views)

Angus & Ross (A&R) has revealed that it is paying $1.5 million (£1 million) in cash to buy Nalunaq gold mine from Crew Gold.

The mining group is planning to restart production at the site this year and has described the purchase as a "major step" in its transformation from an exploration to mining business.

Non-legally binding heads of terms for the acquisition have been agreed and Angus & Ross will assume responsibility for debt due from the mine to Crew.

Nicholas Hall, the firm's chief executive, said: "The opportunity to acquire the Nalunaq gold mine represents an excellent opportunity for A&R to establish near term positive cash flow."

Mr Hall added that its revised mining plan and proposals for on site processing will significantly reduce costs at Nalunaq, generating operating profits.

UK-based Angus & Ross is listed on the AIM market of the London Stock Exchange, with prospects in Greenland, Brazil and Australia.

 

« Back to Gold News stories