The Supervisory Board of NunaMinerals A/S has considered and approved the
accounts for first quarter of 2010 today.
The result before tax for the period was a loss of 1.8 mDKK after
capitalisation of exploration and evaluation cost, which is in line with
expectations.
NunaMinerals have during the quarter invested 5.2 mDKK in exploration and
evaluation and follows the plans laid out in the Annual Report 2009.
The Company has Cash and Cash Equivalents of 39.3 mDKK and an unutilised credit
facility of 13 mDKK at the end of the quarter.
In March 2010 a helicopter borne magnetic survey within the diamond projects
Tikiusaaq and Qaamasoq was initiated. In late March 2010 an airborne combined
magnetic and gravimetric survey of the Inglefield land Iron Project was
initiated. Both surveys progress according to plans.
In January 2010 The Company applied for a new license of 1,095 km2 covering
areas in Inglefield Land prospective for iron. The Company's combined licenses
in Inglefield Land are now 1,342 km2.
The Company expects to have results from the analysis and a scoping study of
the Capital Cost and Cash Cost relating to the placer prospects in the Vagar
license.
The Company expects exploration and evaluation activities in 2010 to be on the
level as in 2009.
The Company still considers a directed issue of up to 9.99% of existing share
capital
For 2010 Management expects a negative EBITDA of 5-10 mDKK.
Announcement is given in attached file.
