Lincolnshire-based exploration and mining company Angus & Ross Plc (A&R) has agreed to acquire Greenland-based Nalunaq Gold Mine (NGM) from Crew Gold Corporation for $1.5 million (£1.02 million).  

Lincolnshire-based exploration and mining company Angus & Ross Plc (A&R) has agreed to acquire Greenland-based Nalunaq Gold Mine (NGM) from Crew Gold Corporation for $1.5 million (£1.02 million).  
 
The Nalunaq mine is currently closed and is being run on a care and maintenance basis. For the 12 months to 31 December 2007, NGM recorded a loss before tax of some DKK95 million (£11.5 million). A&R is planning to restart mine production in the third quarter of 2009.

CEO Nicholas Hall commented: “The opportunity to acquire the Nalunaq gold mine represents an excellent opportunity for A&R to establish near-term positive cash flow.”

In the year ended 29 February 2009, A&R reported a loss from continuing operations of £4.3 million.

The deal is subject to the provision of finance and is expected to close by the end of April.