Nuuk, 2011-04-18 16:51 CEST (GLOBE NEWSWIRE) --
- The result before tax for the period was a loss of 2.1 mDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
- NunaMinerals A/S has invested 2.9 mDKK in exploration and evaluation during the first quarter, following the plans laid out in the Annual Report 2010.
- Cash and Cash Equivalents of 27.6 mDKK and an unutilised credit facility of 13 mDKK as of March 31, 2011.
- In February 2011 the Company initiated the extraction of Kimberlite Indicator Minerals (KIM) and analysis of kimberlite float samples from Ullu Trend, Qaamasoq licence. The work is aimed for substantiating the prospectivity for diamonds in the area that could support the continued partner search for the prospect. The results of the analysis are expected to be available towards the end of Q2-2011. Further interpretation of the magnetic data with a view to locating the source of the Ullu Trend kimberlite float has provided 7 targets for ground follow-up work.
- In March 2011 core from the 1970 drilling of the Qeqertaasaq licence, currently stored at the BMP drill core archive, has been logged and resampled. The drill core is from areas within NunaMinerals’ initial area of interest for REE. The samples will test the potential for REE and other elements of the drilled areas. The results of the analysis are expected to be available during Q2-2011.
- Further interpretation of the geophysical survey at the Tikiusaaq licence has raised the prospectivity of the area for REE. Interpretation of the magnetic data indicates that the carbonatite dykes continue to at least 500 m at depth. The thorium-anomaly, within which all the REE-enriched float samples are located, indicates a separate body about 750 m long and of the order of 100 m wide. Magnetitic data also indicates that the carbonatite could be larger and more complex than previously thought, with a twin core structure.
- Compilation of historic geochemical data for Inglefield licence has led to the identification of several copper-gold targets which coincide with some of the 14 geophysical targets already identified as having prospective signature.
- Marketing of the Company’s prospects were conducting during Q1-2011 in London, Cape Town, Toronto and Nuuk. The company is continuously in dialogue with potential partners for the company’s exploration projects.
Read the entire interim report in the enclosed PDF-file.
Chairman of the supervisory board Anton Christoffersen, phone +299 55 52 10
President, CEO Ole Christiansen, phone +299 55 18 57
