Nuuk, 17 April 2012, 2012-04-17 07:00 CEST (GLOBE NEWSWIRE) --
The Supervisory Board of NunaMinerals A/S has today considered and approved the accounts for Q1 2012
Resume
- The result before tax for the period was a loss of 2,133 tDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
- NunaMinerals A/S has invested 2,281 tDKK in exploration and evaluation during the first quarter of 2012, following the plans laid out in the Annual Report 2011.
- Cash and Cash Equivalents of 13,458 tDKK and an unutilised credit facility of 13,000 tDKK as of March 31, 2012.
- In February 2012 the Company announced the appointment of Peter van Maastrigt as new chief geologist. Peter has a Master degree in geology and has held positions as senior and regional exploration geologist at several major companies. Peter’s main field of experience is in exploration of gold and base metal exploration within Archaean and Proterozoic terrain.
- In February 2012 the company reported the confirmation of the continuity of the Qeqertaasaq REE project as well as positive preliminary metallurgical test work based of a representative drill core sample from Discovery REE Vein. Drill results demonstrated grade continuity including 2.6% TREO over 6 meter in hole 14; 2.8% TREO over 5.0 m in hole 17 and 2.4% TREO over 2.6 m in hole 16. Leaching test work performed by IntelliMet, Missoula, USA on a representative sample from the Discovery vein continues to give encouraging results with high recoveries.
- In February 2012 the company confirmed the presence of micro diamonds in kimberlite float sample from Ullu Trend, Qaamasoq diamond project. Kimberlite Indicator Mineral (KIM) testing also established that the chemistry of mantle-derived minerals recovered from the samples is particularly favourable for diamonds.
- Compilation of historic geochemical data for Inglefield licence has led to the identification of cobalt-nickel-silver-gold as well as zinc targets beside the copper-gold targets previously identified. Some of the copper-gold targets coincide with geophysical targets.
- Marketing of the Company’s prospects were conducting during Q1-2012 in London, Paris, Toronto and Nuuk. The company is continuously in dialogue with potential partners for the company’s exploration projects.
- The Company still expect a negative EBITDA of 5-10 mDKK in 2012.
On behalf of the Board:
Anton M. Christoffersen, Chairman of the Supervisory Board • Ole Christiansen, President and CEO
