Nuuk, 2014-07-02 07:50 CEST (GLOBE NEWSWIRE) -- NunaMinerals A/S (COPENHAGEN: NUNA.CO / NUNA.DC) wishes to announce that Greenland Holding A/S, which is a wholly owned subsidiary of the Government of Greenland (Naalakkersuisut) has agreed to provide a loan of 2.5 mDKK to the Company. This loan will strengthen NunaMinerals’ working capital position thereby permitting the Company to solidify a longer term funding plan to facilitate NunaMinerals´ future activities.
The interest rate is set at 1 % per month and is repayable no later than 31 January 2015. However, Greenland Holding A/S has made a commitment to convert the loan into shares in a possible capital increase which the company is presently working on.
Ole Christiansen, CEO of NunaMinerals A/S stated, “This commitment recognises the excellent technical results achieved by NunaMinerals at the Company’s flagship Vagar Gold Property in South Greenland in combination with the increasing partner activities within several of the Company’s Critical Metals projects. In cooperation with partner Korea Resource Corporation (KORES), NunaMinerals has been drilling for rare earth and niobium resources at the Qeqertaasaq REE and Nb project while also in advanced discussions regarding partner funded exploration at the Paatusoq Critical Metals Project as well as at the Ymer tungsten and antimony project. Work is ongoing to attract additional funding to fast track resource drilling at the Vagar gold project.”
On behalf of the board
Ole Christiansen, CEO & Birks Bovaird, Chairman
ABOUT NUNAMINERALS
NunaMinerals A/S is Greenland’s leading company in the exploration of precious and base metals as well as strategic metals. Firmly rooted in Greenland, the company is well positioned to exploit the mineral potential of one of the world’s few remaining unexplored regions. The geology of Greenland has a number of similarities with that of long-established mining countries such as Canada, Scandinavia, South Africa and Australia, which all have substantial mineral deposits of gold, platinum, nickel and copper, among other commodities. Setting up partnerships that would bring further technical and financial expertise to the development of the company’s exploration prospects is a key element of NunaMinerals’ business model. NunaMinerals began operations in 1999. It is headquartered in Nuuk, Greenland. The company is listed at NASDAQ OMX Copenhagen A/S under the symbol “NUNA” (Copenhagen: NUNA.CO).
For more information, please visit our website: www.nunaminerals.com.
Forward-looking statements contained in this announcement, including descriptions of NunaMinerals’ exploration and development projects, strategy and plans, as well as expectations for future revenue and earnings, reflect NunaMinerals’ current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved by NunaMinerals to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to exploration, development and mining activities, uncertainties related to the results of NunaMinerals’ exploration and development projects, including risks of delays or closure of projects, price falls, currency fluctuations and changes in concession terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this announcement. NunaMinerals is not under any duty to update the forward-looking statements contained in this announcement or to adjust such statements to actual results, except as may be required by law.
For further information:
Ole Christiansen, CEO, phone: +299 36 20 01, mobile: +299 55 18 57 oc@nunaminerals.com