FinnAust Mining PLC Senior Appointments to Strengthen Development team (5142V)
31 January 2017 - 6:00PM
UK Regulatory
TIDMFAM
RNS Number : 5142V
FinnAust Mining PLC
31 January 2017
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:
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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