Nuuk, 14 August 2012, 2012-08-14 07:00 CEST (GLOBE NEWSWIRE) --
The Board of Directors of NunaMinerals A/S has today considered and approved the accounts for H1 2012
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The result before tax for the period was a loss of 4,518 tDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
NunaMinerals A/S has invested 7,858 tDKK in exploration and evaluation during the first six months of 2012, following the plans laid out in the Annual Report 2011.
Cash and Cash Equivalents of 18,309 tDKK as of June 30, 2012.
At the Vagar licence within the Nanortalik Gold Province in South Greenland, the company has started approximately 1,200 metres core drilling consisting of 6 holes. The drill program tests the Amphibolite Ridge gold targets defined by surface sampling during 2010. Surface grab samples contain up to 1,013 g/t gold. Quartz veins and alteration has been intersected in most of the holes. Visible gold grains have been observed in drill-hole 2. Analytical data are expected during August 2012
In conjunction with the Vagar activities, major reconnaissance scale prospecting has taken place on the Hugin licence within the Nanortalik Gold Province of South East Greenland.
The company expects to conduct exploration as planned within Inglefield Land and in the Nuuk region during third quarter 2012. At Storø gold project, sampling of representative micro bulk-samples at Main Zone has been planned. At Inglefield Land, surface prospecting for copper and gold have been planned.
The Company still expects a negative EBITDA of 5-10 mDKK in 2012.
On behalf of the Board:
Birks Bovaird, Chairman of the Supervisory Board • Ole Christiansen, President and CEO
