Appointment of Consultants to Advance Pituffik

RNS Number : 1967S

FinnAust Mining PLC

16 March 2016

 

FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining

16 March 2016

FinnAust Mining plc ('FinnAust' or the 'Company')

Appointment of Consultants to Advance the Pituffik Titanium Project, Greenland

FinnAust Mining plc, the AIM and FSE listed exploration company with projects in Greenland, Finland and Austria, is pleased to announce that it has appointed NIRAS Greenland A/S ('NIRAS') and Orbicon A/S ('Orbicon') to support the completion of various permitting and regulatory work at the Pituffik Titanium Project in Greenland ('Pituffik' or 'the Project').  Both consultants are Danish companies with proven operating experience in Greenland.

NIRAS is an international, multidisciplinary consultancy company that has been appointed to complete a Social Impact Assessment ('SIA') at Pittufik.  This SIA will fulfil regulatory and permit requirements as specified by the Greenlandic Mining Resource Authorities ('MRA') and in compliance with international standards.

Orbicon is a technical advisory services company, which provides professional and sustainable engineering and environmental consulting services.  Orbicon will support FinnAust in its completion of an Environmental Impact Assessment ('EIA') at Pituffik, which will be prepared in accordance with guidelines published by the MRA. This will be a requirement ahead of the Company's proposed initial bulk-sampling proof-of-concept operation targeted for 2017.

FinnAust CEO Roderick McIllree said, "We continue to make big strides in advancing Pituffik, a project that continues to demonstrate significant potential.  The appointment of NIRAS and Orbicon marks a substantial step towards licencing and regulatory compliance.  Crucially, these two groups are recognised leaders in their respective fields in Denmark and are also experts at operating in Greenland having been involved with several of the larger infrastructure and mining projects in-country, including advising the US Air Force on environmental management at the nearby Thule airbase.  Their knowledge and experience of the Pittufik area will help streamline the permitting process, supporting our fast-paced development approach. With a proven in-house exploration and management team and a strengthened consultancy team we look forward to finalising our 2016 work programme, further detail of which will be provided in due course."

**ENDS**

For further information please visit www.finnaust.com or contact:

Roderick McIllree	FinnAust Mining plc	[phone]
Graham Marshall	FinnAust Mining plc	[phone]
Ewan Leggat	SP Angel Corporate Finance LLP	[phone]
Laura Harrison	SP Angel Corporate Finance LLP	[phone]
Elisabeth Cowell	St Brides Partners Ltd	[phone]
Charlotte Heap	St Brides Partners Ltd	[phone]

Notes

FinnAust has a number of highly prospective licences at various stages of development in Greenland, Finland and Austria.  The Company is dual listed on the London AIM market and Frankfurt Stock Exchange.

The Company is currently focussed on advancing the Pituffik Titanium 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 & 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

·    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 also holds a 100% interest in a portfolio of copper, zinc and nickel projects in Finland and an 80% interest in the previously producing 33 km sq Mitterberg Copper Project in Austria.  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. 

 

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