Copenhagen, 2011-03-31 15:18 CEST (GLOBE NEWSWIRE) -- The Supervisory Board of NunaMinerals A/S has today considered and approved the Annual Report for the year 2010.
- The Company has in 2010 had a high level of explorations activity and invested 37.0 mDKK in exploration focusing on gold, Rare Earth Elements (REE), diamonds and iron.
- Exploration for gold in Nanortalik Gold Province has lead to the definition of new drilling targets. Gold-bearing quartz veins have been identified containing up to 1,013 g/t (1kg/t) gold. The quartz veins have an average width of 0.5 m, are 50 m apart and have a potential strike length of more than 500 m. Granodiorite hosting the vein system contains up to 12.1 g/t gold.
- Exploration for Rare Earth Elements (REE) in Qeqertaasaq and Tikiusaaq has lead to the discovery of high grad REE mineralization containing up to 13,2 % TREO (Total Rare Earth Oxides). In Qeqertaasaq 153 samples from an area of interest covering 1.5 km² returned average grades of 2.3 % TREO.
- The interpretation of the geophysics survey covering the Minturn iron anomaly has lead to the discovery of 14 copper-gold targets and NunaMinerals has applied for an approx. 4,500 km2 enlargement of the Inglefield exclusive exploration license, bringing the total license held by NunaMinerals in the area up to approx. 5,800 km2.
- Earnings before interest, taxes, depreciation and amortisation (EBITDA) was a loss of 5.8 mDKK which is in accordance with the Company’s guidelines, and an improvement compared to 2009 with a loss of 7.4 mDKK
- The result before tax for the period was a loss of 34.8 mDKK. As part of the Company’s strategy of focusing on the most promising projects in the portfolio, NunaMinerals has written down intangible assets by a total of 27.6 mDKK. The write-downs have no influence on the cash situation and are in accordance with the company’s accounting policies.
- Cash and Cash Equivalents of 34.6 mDKK and an unutilised credit facility of 13 mDKK at the end of the period.
- In May 2010, the company completed a fully subscribed directed issue of shares with net proceeds of 23.091 tDKK.
- The company expects an EBITDA loss in the region of 5-10 mDKK in 2011. Entering new partnerships can affect expectations.
NunaMinerals
Anton M. Christoffersen, Chairman of the Supervisory Board
Ole Christiansen, President and CEO
