PERTH, WESTERN AUSTRALIA--(Marketwired - July 25, 2013) - Greenland Minerals and Energy Ltd. (News - Market indicators)(PINKSHEETS:GDLNF) -
In January, 2013 the European Union (EU) initiated the EURARE Project "Development of a sustainable exploitation scheme for Europe's rare earth ore deposits" which aims to establish a rare earth element value creation chain in Europe. Greenland Minerals and Energy (Trading) A/S, the wholly owned Greenland subsidiary of Greenland Minerals and Energy Ltd. ("GMEL" or "the Company") is a key participant in the EURARE Project, owing to the Company's Kvanefjeld uranium-rare earth project.
The Kvanefjeld project has a resource base of 10.3Mt of rare earth oxide (REO) making it the world's largest JORC-code or NI43-101 compliant REO resource, as well as containing 575Mlb's of U3O8. Feasibility studies on Kvanefjeld are well advanced, demonstrating a long-life, cost-competitive project. Kvanefjeld is slated to be a polymetallic operation that produces uranium, zinc and rare earth concentrates, with the clear potential to be a globally significant producer of the critical, high-value rare earths for which the demand outlook is strong.
The program for EURARE is being coordinated by the National Technical University of Athens (NTUA) who have emphasized that the participation of GMEL is important to the Project's success.
"Greenland Minerals and Energy bring one of the world's great rare earth deposits to the EURARE program. Their technical experience in developing metallurgical processes for rare earth treatment provides a significant contribution to the project. A solid industry participant is needed for the success of the EURARE Project"
- Professor Ioannis Paspaliaris, NTUA - EURARE Project Coordinator
GMEL is one of four mining development companies involved in the EURARE Project; with the remainder of the consortium made up of geological surveys, university-affiliated research groups, metallurgical and engineering groups, equipment manufacturers, and end-users. Owing to its respected technical expertise in the processing of REE-uranium bearing ores, the Company has been appointed as the program leader for the work stream that addresses the beneficiation (concentration) of ores. Sample material from Kvanefjeld will be one of the main source materials used in the EURARE test work programs.
GMEL has already developed a beneficiation circuit for the Kvanefjeld project that delivers an industry-leading upgrade ratio, with test work for the circuit complete following two successful pilot plant operations. The development of the Kvanefjeld beneficiation circuit has been presented in industry-focussed technical forums including ALTA metallurgical conferences where some of the world's latest industry developments are showcased.
The EURARE Project has an overall budget of EUR9,000,000 for the 60 month study period. Greenland Minerals and Energy is set to directly receive up to EUR375,000 toward metallurgical studies and logistical costs relating to the scope of the Project.
For GMEL the EURARE Project provides an excellent avenue to target new minerals at Kvanefjeld and improve overall metal recoveries through collaborative research programs. The EURARE project is aiming to perform pilot plants for both beneficiation and hydrometallurgical circuits in 2014 and 2015. This advanced and large scale metallurgical testwork, which will utilise sample material from Kvanefjeld, will further increase the processing knowledge and of great benefit to GMEL. The pilot plants are to be funded through the main EURARE program independent of company allotted funds, and, therefore, represent further significant indirect value.
GMEL is excited to be working with a diverse group of technical experts all aligned to establish a value creation chain for rare earth elements in the EU.
ABOUT GREENLAND MINERALS AND ENERGY LTD.
Greenland Minerals and Energy Ltd. (News - Market indicators) is an exploration and development company focused on developing high-quality mineral projects in Greenland. The Company's flagship project is the 100% owned Kvanefjeld multi-element deposit (Rare Earth Elements, Uranium, Zinc), that is rapidly emerging as a premier specialty metals project. A comprehensive pre-feasibility study has demonstrated the potential for a large-scale, cost-competitive, multi-element mining operation. For further information on Greenland Minerals and Energy or to see the Statement of Identified Mineral Resources, Kvanefjeld Multi-Element Project visit http://www.ggg.gl.
Greenland Minerals and Energy Ltd. will continue to advance the Kvanefjeld project in a manner that is in accord with both Greenlandic Government and local community expectations, and looks forward to being part of continued stakeholder discussions on the social and economic benefits associated with the development of the Kvanefjeld Project.
To read the full Company Announcement visit: http://www.ggg.gl/docs/ASX-announcements/Eurare-Update.pdf
ABN 85 118 463 004
