Nuuk, Greenland, 2011-11-15 14:56 CET (GLOBE NEWSWIRE) --
Resume:
The Supervisory Board of NunaMinerals A/S has today considered and approved the accounts for Q1-Q3 2011
- The result before tax for the period was a loss of 9.1 mDKK after capitalisation of exploration and evaluation costs, which is in line with expectations. A preliminary impairment test of intangible assets has resulted in a write-down of 4.1 mDKK
- For 2011 the Company still expects a negative EBITDA of 5-10 mDKK.
- NunaMinerals A/S has invested 24.6 mDKK in exploration and evaluation during the period.
- At the rare earth (REE) project within the Qeqertaasaq licence, a follow up drill program has been conducted to test the down-dip and lateral continuity of the high grade REE vein system discovered during initial drilling earlier this year. The average of 4 intersects of the Main REE Vein is 4.2 m grading 4.2% TREO*. The physical fraction of Critical Rare Earth Oxides (CREO**) amounts to 14.5% of the TREO which is equivalent to 6.1 kg CREO per ton of Main REE Vein. Mineralogical studies indicate that the main REE mineral is 1-3 mm grained ancylite. Initial metallurgical study of a 7% TREO sample from Main REE Vein indicates a high recovery of 82%. REE purification work has been initiated. The results from the follow up drilling are expecting during Q4-11. *) TREO: Total Rare Earth Oxides (oxides of La, Ce, Pr, Nd, Sm, Eu, Gd, Tb Dy, Ho, Er, Tm, Yb, Lu, Y). **) CREO: Critical Rare Earth Oxides (oxides of Nd, Eu, Tb, Dy and Y) measured as a fraction of TREO.
- At the rare earth (REE) project within the Tikiusaaq licence, an initial drilling program consisting of 12 holes in total 2300 m has been conducted to test Brown Zone. Brown Zone is a 750 m long geophysical anomaly that matches widespread REE mineralised surface float grading up to 12.4% TREO. Initial mineralogical testing indicates that ancylite is the main REE mineral. The results from the initial drilling program are expected during Q4-11.
- At the Ullu diamond project within Qaamasoq licence, four kimberlite float samples totalling 29 kg have been collected for heavy mineral processing and kimberlite indicator mineral (KIM) testing. Mineral chemistry confirm significant mantle component in these samples. The mineral compositions are consistent with samples sourced from depths comfortably within the diamond stability field.
- At the tungsten, antimony and gold project at Ymer licence, one bulk sample of approximately 400 kg tungsten ore from South Margeries Dal tungsten deposit has been sampled for metallurgical purposes.
- The planned drilling for gold at Vagar licence has been postponed.
On behalf of the Board:
Anton M. Christoffersen, Chairman of the Supervisory Board • Ole Christiansen, President and CEO
