Last checked at 31 Jan 2017 07:00
FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector: Mining
31 January 2017
FinnAust Mining plc ('FinnAust' or the 'Company')
Strengthens Management Team to support the Development of the Pituffik Titanium Project
FinnAust Mining plc, the AIM and FSE listed company with projects in Greenland & Finland, is pleased to announce that it has finalised two senior appointments to strengthen the development team as it continues to evaluate commercialisation of the Pituffik Titanium Project in Greenland ('Pituffik' or the 'Project'), where metallurgical test work has demonstrated the potential for commercial production of an ilmenite product from a pure, high-grade mine concentrate.
Hans Jensen ('Hans') has been appointed as Chief Operating Officer. Hans has more than 30 years of experience managing and operating Greenland wide logistical, transport and resupply chains, as well as international shipping. Hans has previously held senior roles in the largest Greenland transportation and logistics companies such as Royal Arctic Line AS and Leonhard Nilsen & Sønner AS where he was Vice-President in charge of Projects and Transportation. Hans is also familiar with permitting regulations required by the various Ministries of Greenland regarding these types of activities.
In addition, the Company has also engaged Eric Sondergaard ('Eric') as Manager of Geology. Eric is a graduate of the University of Calgary, has extensive experience in Greenland and has worked on similar sedimentary type projects in Canada. Eric also managed the exploration team that uncovered the super-giant Kvanefjeld Rare Earth project in Greenland.
FinnAust CEO Roderick McIllree said, "Today's appointments continue to demonstrate our commitment to the Project. Hans is one of the most experienced supply chain experts in this part of the world. Eric is an experienced Greenlandic operator having executed several large-scale projects prior to this. I expect their appointments to have an immediate positive impact on the work programmes currently being designed and implemented as we continue to develop Pituffik. We look forward to the maiden JORC resource for Pituffik and further additions to the team in the medium term."
**ENDS**
For further information please visit www.finnaust.com 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 |
Notes
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 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.