Last checked at 27 Mar 2020 13:00
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
27 March 2020
Bluejay Mining plc ('Bluejay' or the 'Company')
COVID -19 response
Bluejay Mining plc ("Bluejay" or the "Company") announces an update in response to the COVID-19 pandemic. The Company has taken swift pre-emptive action to ensure the safety of its employees, contractors and supply chain. This includes a full financial and strategic review designed to safeguard and ensure the stability and longevity of Bluejay activities for the benefit for all its stakeholders.
In Greenland, the Government of Greenland have cancelled all air traffic international and domestic as well as imposed significant closures and restrictions on public gatherings. Bluejay have been engaged in continuous dialogue with authorities from the onset of the crises and yesterday the Government of Greenland announced that it is considering the following actions in order to protect investment and jobs in the Greenlandic exploration and mining industry:
· Relieve exploration commitments associated with licences
· No charges or fees to companies for governmental handling and administration
· Relieve financial requirements for exploitation permits
In Finland, the Government of Finland, together with the President of the Republic, have declared a state of emergency due to the COVID-19 situation, resulting in significant closures and restrictions.
In Canada, the Government of Quebec has ordered all non-essential businesses to close in an attempt to slow the spread of COVID-19. Accordingly, having successfully commissioned and operated the company's heavy mineral concentrate pilot processing facility, operations there have now been suspended. The plant has been placed on care and maintenance.
The situation is evolving rapidly, and Bluejay will continue to provide updates as appropriate in addition to the strategic review publication.
Bluejay CEO Roderick McIllree said, "We have worked hard to ensure the safety and wellbeing of all our team and wish to thank them as well as our suppliers, communities and government entities for their support during this challenging time. Bluejay is committed to working with all its stakeholders in helping overcome the unprecedented challenges presented by this pandemic."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information, please visit http://www.bluejaymining.com or contact:
Roderick McIllree | Bluejay Mining plc | +44 (0) 20 7907 9326 |
Kevin Sheil | Bluejay Mining plc | +44 (0) 20 7907 9326 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser | +44 (0) 20 3470 0470 |
Soltan Tagiev | SP Angel Corporate Finance LLP Nominated Adviser | +44 (0) 20 3470 0470 |
Andrew Chubb | H&P Advisory Ltd. | +44 (0) 20 7907 8538 |
Charlotte Page | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Cosima Akerman | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Notes
Bluejay is dual listed on the London AIM market and Frankfurt Stock Exchange and primarily focused on advancing the Dundas Ilmenite Project in Greenland into production in the near term. Dundas has been proven to be the highest-grade mineral sand ilmenite project globally, with a JORC Compliant Resource of 117 million tonnes at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ.
The Company's strategy is focused on securing an offtake partner and commencing commercial production at Dundas in the near term in order to create a company capable of self-funding exploration on current projects and future acquisitions.
Bluejay holds two additional projects in Greenland - the 2,897sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide ('MMS') nickel-copper-platinum project ('Ni-Cu-PGM'), which has shown its potential to host mineralisation similar to the world's largest nickel/copper sulphide mine Noril'sk-Talnakh, and the 692sq km Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where historical work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver and identified four large-scale drill ready targets.
The Company also has a 100% interest in a portfolio of copper, zinc and nickel projects in Finland. This multi-commodity portfolio has been restructured to be cost-sustainable whilst determining the best plan for future development.