FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining
FinnAust Mining plc (‘FinnAust’ or the ‘Company’)
FinnAust Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to announce that its recently appointed Chief Geology Manager, Eric Sondergaard, will be attending the PDAC International Convention, Trade Show & Investors Exchange, being held in Toronto, Canada from 5–8 March 2017. PDAC is the world’s leading convention for people, companies and organisations in, or connected with, mineral exploration and finance. Eric will be representing the Company at the conference; should you wish to arrange a meeting with him please contact him via email: firstname.lastname@example.org
For further information on the PDAC conference please visit http://www.pdac.ca/convention
For further information please visit www.titanium.gl or contact:
|Roderick McIllree||FinnAust Mining plc||+44 (0) 20 7907 9326|
|Graham Marshall||FinnAust Mining plc||+44 (0) 20 7907 9326|
|Ewan Leggat||SP Angel Corporate Finance LLP||+44 (0) 20 3470 0470|
|Laura Harrison||SP Angel Corporate Finance LLP||+44 (0) 20 3470 0470|
|Elisabeth Cowell||St Brides Partners Ltd||+44 (0) 20 7236 1177|
|Charlotte Page||St Brides Partners Ltd||+44 (0) 20 7236 1177|
FinnAust has a number of highly prospective licences at various stages of development in Greenland and Finland. The Company is dual listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Pituffik Project in Greenland, an area that has only recently revealed its mineral potential following changes in the climate. Pituffik, which FinnAust conditionally acquired in December 2015, has demonstrated the potential to be in the top percentile of projects worldwide in terms of heavy mineral grade.
Pituffik comprises three main target areas along an >80km coastline historically proven to contain large and high-grade accumulations of primary ilmenite occurring as placer deposits in the following environments:
- Raised beaches; containing ilmenite accumulations over widths of more than 1km, of unknown depths, along more than 20km of coastline;
- Active beaches; which refer to the area seaward of the frontal dunes, including the beach, tidal zones and surf zone – historically samples from this area have achieved 70% ilmenite by weight; and
- Drowned beaches; refers to the areas seaward of active beaches.
The Company’s strategy is focused on the production of a bulk sample “proof of concept” from the Pituffik Project in 2017 with the aim of ultimately generating cash flow to create a company capable of self-funding exploration on future acquisitions.
FinnAust has an interest in 60% of Bluejay Mining Limited the holder of the Pituffik exploration licence and has an option to acquire the remaining 40%. FinnAust announced its intention to exercise the option to acquire the remaining 40% of Bluejay Mining Limited on 20 February 2017, subject to the approval of shareholders.
FinnAust also holds a 100% interest in a portfolio of copper, zinc and nickel projects in Finland. This multi-commodity portfolio remains a strategic asset of importance and has been restructured to be cost-sustainable whilst determining the best plan for future development.