Nuuk, 2013-08-13 07:00 CEST (GLOBE NEWSWIRE) --
The Board of Directors in NunaMinerals A/S has today considered and approved the accounts for H1 2013
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The result before tax for the period was a loss of 4.4 mDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
NunaMinerals A/S has invested 8.6 mDKK in exploration and evaluation during the first half of 2013, following the plans laid out in the Annual Report 2012.
NunaMinerals has re-purchased a 15 % share in the Storoe license and now owns 100 % of the license.
Cash and Cash Equivalents of 7 mDKK as of June 30 2013.
At the Vagar licence, within the Nanortalik Gold Province of South Greenland, the company completed a follow up drilling program of 723 meters at the Amphibolite Ridge target during June. The drill program tests both the along-strike and down dip extension of the granodiorite-hosted gold mineralisation. Quartz veining and alteration was identified in all holes. The analytical data is expected during Q32013.
Channel sampling of the Vein 2 gold mineralised system at Vagar resulted in the identification of visible gold in eight individual channel samples. Extensive surface work and additional channel sampling was also completed at other gold targets within the Vagar licence, including the identification of new targets.
At the Hugin license, South East Greenland, follow up work was completed at the Jokum’s Shear gold discovery, comprising of channel sampling over highly altered outcrops which yielded high gold grade chip samples during 2012. Concurrent with work at Jokum’s Shear, reconnaissance scale exploration was also completed at Sorte Nunatak and the Paatusoq Syenite Complex. Work at Paatusoq resulted in the discovery of a large layered gabbro complex with evidence of mineralisation.
Following the end of H1-2013, fieldwork at the Qeqertaasaq license, West Greenland, was completed at the phoscorite-carbonatite complex. The entire complex was remapped, highlighting the structural controls on the rare earth element and niobium mineralisation. Combined with the completion of a soil sampling program, the structural interpretation will facilitate improved targeting of concealed mineralisation beneath cover. The identification of further phoscorite occurrences markedly increases the niobium potential of the prospect.
The Company continue the work on a dual listing on an alternative international stock exchange.
The Company still expect a negative EBITDA of 5-10 mDKK in 2013.
On behalf of the Board:
Birks Bovaird, Chairman of the Board of Directors • Ole Christiansen, President and CEO
