FinnAust Mining PLC Appointment of mineral sands specialist, Greenland (0014V)
25 January 2017 - 6:00PM
UK Regulatory
TIDMFAM
RNS Number : 0014V
FinnAust Mining PLC
25 January 2017
FinnAust Mining plc / EPIC: FAM / Market: AIM / Sector:
Mining
25 January 2017
FinnAust Mining plc ('FinnAust' or the 'Company')
Appointment of mineral sands specialist to support
commercialisation of Pituffik Titanium Project
FinnAust Mining plc, the AIM and FSE listed company with
projects in Greenland & Finland, is pleased to announce that it
has engaged the services of Titanium Industry Global Advisory Pte
Ltd ('TIGA') as marketing advisor to the Company. TIGA is an
advisory firm specialising in providing strategic and commercial
direction to the mineral sands industry with focus on titanium
dioxide ('TiO(2) ') feedstocks.
Bruno Cavalancia, Managing Director of TIGA, a mining
professional with over 25 years of experience in the mineral sands
industry, will guide the Company towards commercialisation and
strategic partnering for the Pituffik Titanium Project in Greenland
('Pituffik' or the 'Project'), where metallurgical test work has
highlighted the potential for commercial production of an ilmenite
product from a pure, high-grade mine concentrate.
Prior to TIGA, Bruno was Head of Commercial and Strategic
Development - Asia for Kenmare Resources Plc ('Kenmare'). For the
last five years of his career at Kenmare he was based in Singapore
where he managed the company's business development efforts in
China, India and Japan. His career in the industry started at Rio
Tinto where he worked for 20 years in senior global and regional
roles within the titanium business unit, including Director of
Business Development, Global Director of Sales and Marketing and
VP, Sales and Marketing - Asia. He is recognised for developing and
executing market entry and growth strategies as well as
establishing competitive intelligence platforms and building
long-term customer and stakeholder relationships throughout Asia,
Europe and the United States.
FinnAust CEO Roderick McIllree said, "With a maiden JORC
resource expected in the coming months ahead of bulk sampling in
2017, and metallurgical test work highlighting the potential for a
commercially pure, high-grade concentrate, we remain committed to
the fast-paced development of Pituffik. In support of this, we are
delighted to have appointed TIGA as we look to prove up the
Project's commercial viability. Bruno's proven experience within
the mineral sands industry will be invaluable in positioning our
product for sale and identifying potential end-users in order to
maximise the value potential of Pittufik. We look forward to
working with him to support the on-going growth of the
Project."
**ENDS**
For further information please visit www.finnaust.com or
contact:
FinnAust Mining +44 (0) 20 7907
Roderick McIllree plc 9326
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FinnAust Mining +44 (0) 20 7907
Graham Marshall plc 9326
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SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
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SP Angel Corporate +44 (0) 20 3470
Laura Harrison Finance LLP 0470
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St Brides Partners +44 (0) 20 7236
Elisabeth Cowell Ltd 1177
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St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 1177
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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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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