FAM.L Share News (FAM)

LONDON (Alliance News) - FinnAust Mining PLC on Thursday said it has appointed SRK Exploration Services Ltd and the Geological Survey of Greenland and Denmark to complete various work programmes associated with advancing development of the Pituffik titanium project in Greenland.

GEUS will assist in the design and execution of the 2016 field season and will also complete the initial metallurgical test work designed to produce a representative concentrate for Pituffik.

SRK will review and standardise exploration activities that should result in a geological model and initial resource calculation for the high-grade Moriusaq target towards the end of 2016.

FinnAust added that it has shortlisted groups with respect to completing social impact assessments and environmental impact assessments for the project.

"These developments position the company well as it finalises all aspects necessary to support the rapid advancement of Pituffik, which continues to demonstrate the potential to be in the top percentile of projects worldwide in terms of heavy mineral grade," FinnAust said in a statement.

Shares in FinnAust were trading up 2.3% at 1.97pence on Thursday morning, having jumped to 2.28p following the announcement.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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