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FinnAust Mining buys Avannaa, gains new Greenland exploration licence

Thu, 05th Jan 2017 07:44

(ShareCast News) - Titanium and ilmenite explorer FinnAust Mining has bought Avannaa Exploration, after gaining approval from the Greenland government, and has won a new licence, which "strengthens" its footprint within country.FinnAust bought Avannaa from Capricorn Oil, a subsidiary of Cairn energy, for £500,000, which was paid for by the issue of 7.58m shares of 0.01p each sold at 6.59p. The shares are expected to trade on AIM on 11 January withe company's share capital now consisting of 614.16m shares.The AIM-listed miner was also granted a 28 square kilometers exploration licence for the Illukunnguaq area adjacent to Avannaa's existing licence areas.The company already holds a majority stake in the Pituffik titanium project, which is in the Illukunnguaq area and has the potential to be a top percentile ilmenite project for heavy mineral grade with the maiden resource expected during February. FinnAust's focus is on delivering a bulk sample during the year and larger scale production in 2018.Through the acquisition it gained two new projects, the 194 square kilometer Disko-Nuussuaq magmatic massive sulphide nickel-copper-platinum project and the 107 square kilometer Kangerluarsuk Sed-Ex lead-zinc-silver project.Chief executive Roderick McIllree said, "Having already proven the success of our exploration model and regional understanding of Greenland through the advancement of the Pituffik titanium project, we are delighted to have strengthened our footprint within this extremely prospective region."Our newly acquired projects complement our stated strategy of acquiring low cost, high quality assets and we believe all three offer significant upside potential. Whilst Pituffik remains our flagship project and primary exploration/development focus, with a maiden JORC resource and bulk sampling due next year, we look forward to further proving up the resource potential of these new projects in order to build value for shareholders."He added that the Disko project in particular, has the potential to become "a significant nickel sulphide deposit".Shares in FinnAust Mining were down 1.06% to 7p at 0928 GMT.
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31 Jan 2017 11:08

FinnAust makes two senior appointments as Pituffik progresses

(ShareCast News) - Greenland and Finland-focused FinnAust Mining announced on Tuesday that it has finalised two senior appointments to strengthen its development team as it continues to evaluate commercialisation of the Pituffik Titanium Project. The AIM-traded firm confirmed Hans Jensen has been ap

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25 Jan 2017 10:46

FinnAust appoints experienced marketing advisor

(ShareCast News) - Greenland and Finland-focused FinnAust Mining announced on Wednesday that it has engaged the services of Titanium Industry Global Advisory as marketing advisor to the company. The AIM-traded firm said TIGA is an advisory firm specialising in providing strategic and commercial dire

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16 Jan 2017 13:04

FinnAust posts positive test data from Pituffik

(ShareCast News) - Greenland and Finland-focused FinnAust Mining updated the market on its metallurgical test work programme at its Pituffik Titanium Project in Greenland on Monday. The AIM-traded company said Allied Mineral Laboratories was engaged in October 2016 to complete the next phase of proc

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22 Nov 2016 13:24

FinnAust In Talks To Raise GBP5 Million For Pittufik Project (ALLISS)

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22 Nov 2016 13:19

FinnAust Mining in talks over share placing

(ShareCast News) - AIM-listed FinnAust Mining said it is in discussions with investors to potentially raise up to £5m from a placing of new ordinary shares to fund feasibility studies, among other things. The group said the proceeds would also be used to fund an environmental impact assessment, a so

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5 Oct 2016 15:11

UK Shareholder Meetings Calendar - Next 7 Days

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4 Oct 2016 10:32

FinnAust Mining shares rise as Pituffik development continues

(ShareCast News) - Greenland and Finland-focused company FinnAust Mining announced "significant advances" on Tuesday, in its optimising of the metallurgical processes required to produce an ilmenite concentrate from the Pituffik Titanium Project in Greenland. The AIM-traded firm said the "successful

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27 Sep 2016 14:16

FinnAust announces completion of 2016 work programme

(ShareCast News) - Greenland and Finland-focused company FinnAust Mining announced on Tuesday that it has completed its 2016 work programme at the Pituffik Titanium Project in Greenland. The AIM-traded firm said the programme was designed in consultation with SRK Exploration Services, and executed b

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19 Sep 2016 08:49

FinnAust Mining's full year pre-tax loss widens due to recent acqusitions

(ShareCast News) - Titanium and ilmenite explorer FinnAust Mining's full year pre-tax loss widened due to the cost of recent acquisitions, with management adding it was wary of the impact the Brexit vote would have on future trading and performance. For the year ended 30 June, loss before tax widene

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14 Sep 2016 08:59

FinnAust Gets Green Light From Greenland For Social Impact Assessment

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5 Sep 2016 11:04

FinnAust Mining takes over Cairn Energy´s Avannaa subsidiary

(ShareCast News) - FinnAust Mining announced the purchase of Greenland-focused Avannaa through an all-share deal, giving it access to new low-cost, high-quaility assets. The miner would pay Capricorn Oil, a subsidiary of Cairn Energy, $500,000 through the issuance of new shares. Significantly, two

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5 Sep 2016 07:47

FinnAust Expands Greenland Presence With Avannaa Exploration Deal (ALLISS)

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24 Aug 2016 15:07

FinnAust Mining finds significant resource scale at Greenland titanium mine

(ShareCast News) - Precious and base metals explorer FinnAust Mining's shares rose as it said it found resources of significant scale at its pure Pituffik titanium mining project in Greenland. Extensive trenching over the main project areas identified large volumes of ilmenite rich sand across many

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19 Jul 2016 09:19

FinnAust Receives Approval For Greenland Pituffik Titanium Project

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