The NunaMinerals A/S Supervisory Board today reviewed and approved the
financial statements for the first nine months of 2008.
NunaMinerals had a net profit of DKK 0.5 million for the nine-month period
after capitalisation of exploration costs. This financial result is better than
the announced plans.
In the first six months of 2008, NunaMinerals has invested DKK 21.2 million in
exploration, following the plans most recently announced in its 2 June 2008
prospectus.
The liquidity situation is strong with a cash holding of DKK 75.0 million.
In the Qussuk-gold-copper-project diamond drilling have demonstrated continuity
at depth within the identified mineralization. Two types of mineralization
have been identified; one in each zone. Due to these very positive results a
micro bulk sample has already been collected in order to carry out metallurgic
studies.
In the Vagar-placer-gold-project a georadar survey has identified several
generations of deposition. The measured sediment basins vary between 10 and
100 meters in depth giving a higher volume than anticipated. Test excavation
confirms the presence of finer sediments underneath 3 meters of moraine.
In the Ymer Ø tungsten-antimony-gold-project reanalysis of historic drill core
confirms the presence of high grade tungsten mineralization. Interpretation of
hyperspectral data indicates a potential for discovering additional
mineralization.
In the Storø-gold-project additional micro-bulk sampling for metallurgic
studies have been completed.
In the Amikoq-platinum-prospect (in cooperation with Implats) a reef hosting
platinum “Octopus Reef” has been identified.
Two new exclusive concessions were granted in the first half of 2008, and three
existing concessions expanded. The company has also applied for a new exclusive
concession in northern Greenland.
The projection for the 2008 financial year is adjusted upwards to an operating
loss of DKK 3 million before financial items and after capitalisation of
exploration costs against a loss of DKK 4 million previously.
Announcement is given in attached file.
