The Supervisory Board of NunaMinerals today approved the Annual Report for 2008.
Highlights of the year are:
• NunaMinerals incurred a loss for the year of DKK 1.9m after capitalisation of
exploration costs, which was in line with expectations and is considered
satisfactory.
• During the year, NunaMinerals and its business partners invested a total of
DKK 32.0m in what is the company's most comprehensive exploration programme to
date. Impala Platinum Holding Ltd's (Implats) share of the overall investment
was DKK 3.3m.
• The company has strong cash resources with cash and cash equivalents of DKK
69.1m.
• The company has seen positive progression of its core projects:
-> Metallurgical testing shows a high degree of gold recovery in the Storø gold
project.
-> In the Qussuk gold project, drillings made during the year showed continuous
mineralisations in two zones.
-> In the Vagar placer gold project, georadar surveying showed the presence of
substantial volumes of sedimentary deposits under 3-10 meters of moraine.
-> In the Ymer Ø tungsten-antimony-gold project, geophysical testing indicates
a potential for several tungsten mineralisations, and further confirms the gold
potential along a 10-15 km lineament.
• The company's partnerships also experienced positive progression, as a
platinum-palladium layer, the Octopus Reef, in the western flank of the
intrusion and a rhodium-enriched zone at the southern edge of the intrusion
have been localised in the Amikoq platinum project being developed in
partnership with Implats.
• The company has been granted two new exclusive licenses and expansion of
three existing exclusive licenses. The company has also applied for a new
exclusive license in northern Greenland (Thule).
• In a share issue made in 2008, the company increased its share capital from a
nominal value of DKK 80.9m to a nominal value of DKK 106.8m. NunaMinerals
received net proceeds of DKK 95.2m from the share issue. At the same time, the
company migrated its listing from Dansk Autoriseret Markedsplads to NASDAQ OMX
Copenhagen.
• A three-year warrant programme for the Executive Board and other key
employees was implemented in 2008. In December 2008, a total of 4,294 warrants
were issued at an exercise price of DKK 437.
• In light of the financial crisis and developments in metals prices,
NunaMinerals has adjusted its strategy so that, going forward, exploration
activities will centre on the company's core projects involving gold and
tungsten. The partnership strategy has been amended accordingly, so that all
of the company's projects will be open for business partnerships. With the
strategic adjustments, the company believes that it currently has sufficient
cash resources to take it well into 2011.
• For 2009, management expects an operating loss of DKK 36.5m before financials
and capitalisation of exploration costs and an operating loss of DKK 8.5m
before financials and after capitalisation of exploration costs.
Announcement is given in attached file.
Investor meetings is held
Wednesday 1 April kl. 17.00 at Nordatlantens Brygge, Strandgade 91, 1401
København K
Thursday 2 April kl. 19.00 at Radisson Scandinavia Hotel, Margrethepladsen
1, 8000 Århus C
Registration for the meetings is through NunaMinerals homepage
www.nunaminerals.com
