www.ggg.gl
Greenland Minerals and Energy Ltd, is a mineral exploration and development company, focused on unlocking the mineral riches of Greenland, one of the world’s last natural resource frontiers. Our aim is simple; to identify large mineral deposits with the potential to underpin long term, economically robust mining operations. This is achieved through technically-focused exploration, aggressive resource development programs, and a strong understanding of the fundamentals that drive the business of mineral exploration and development globally.
Our flagship project is Kvanefjeld, a multi-element deposit located near the southwest tip of Greenland. Through focused exploration, Kvanefjeld is rapidly growing to become one to the world’s largest undeveloped deposits of rare earth elements, uranium and naturally occurring sodium fluoride, commodities with long term forecasts for strong demand increases.
Greenland Minerals and Energy granted permit to evaluate Kvanefjeld Project
The government of Greenland has given approval to Greenland Minerals and Energy (ASX: GGG) to fully evaluate the Kvanefjeld multi‐element project, including radioactive elements such as uranium.
Greenland’s newly amended license terms have meant that a framework can be created for the evaluation of mineral deposits that include uranium amongst other economic elements.
GMEL is the first company in Greenland to receive permitting for the evaluation of a project that includes uranium.
The company is no longer in a trading halt on this announcement.
The move could open the icebound and sparsely populated country to exploration for uranium and rare earths.
It also gives the green light to an Australian mining company to develop a mine plan for what it says is the world's biggest undeveloped deposit of rare earths.
Kvanefjeld can now enter the next phase in its path to development and GMEL will work closely with stakeholders in Greenland to determine the best way forward.
Kvanefjeld is an unusual mineral deposit located near the southern tip of Greenland that is enriched in rare earth elements (REEs), uranium and zinc, and is widely known to contain one of the world’s largest resources of REEs.
The permit has been issued following a hearing process in Greenland that involved the National Environmental Research Institute, the Ministry for Health, the Ministry of Domestic Affairs, Nature and Environment (NNPAN) as well as the South Greenland municipality.
The permit is supplementary to the exploration license that covers Kvanefjeld and the broader northern Ilimaussaq complex (license 2010/02).
Critical components of a definitive feasibility study (DFS) are the Environmental and Social Impact Assessments, which are to follow the guidelines established by Greenland’s Bureau of Minerals and Petroleum (BMP).
At the completion of the DFS, including the environmental and social impact assessments, the company will lodge an application for an exploitation license with the BMP.
In 2011 GMEL is planning on closing out the current pre‐feasibility study with a final report before commencing a DFS in the latter half of the year.
Results from the 2010 exploration program will be finalized and announced in early 2011.
GGG shares rose 16% to $0.97 in intra-trading today.
