NunaMinerals A/S publishes interim report for Q1-Q3 2014
11.11.2014 | Globenewswire Europe
The Board of Directors of NunaMinerals A/S has today considered and approved the accounts for Q1-Q3 2014Nuuk, 2014-11-11 (GLOBE NEWSWIRE) -- Resume
- The result before tax for Q3 2014 was a loss of 0.7 mDKK and year to date a loss of 4 mDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
- NunaMinerals A/S has invested 4.5 mDKK in exploration and evaluation during the first nine months of 2014, following the plans laid out in the Annual Report 2013.
- Working Capital as of September 30 2014 is 0.4 mDKK including a credit facility of 2 mDKK.
- NunaMinerals signed a 2 MUSD Option and Joint Venture Agreement with Greenland Rare Earth Projects Ltd for the Paatusoq Critical Metals Project in South East Greenland.
- After the end of H1, a 1529 line-kilometer helicopter-borne radiometric survey over the Paatusoq Syenite Complex has been completed, funded by exploration partner Greenland Rare Earth Projects Ltd. The radiometric survey will be used to delineate exploration targets for an aggressive, multi phase field program planned for 2015.
- Logging and sampling of all Qeqertaasaq drill cores completed and submitted to SGS Vancouver for geochemical analysis (all analytical data expected during fourth quarter).
- The Company continues seeking opportunities for bridge funding. After the end of H1, the Company is in advanced discussions with the Government of Greenland about a capital increase of 4.5 mDKK.
- There is still uncertainty about the Company’s ability to complete a major capital increase to fund the continued exploration and development of the NunaMinerals’ flagship Vagar Gold Project. The company remain optimistic regarding a positive outcome.
- The Company expect a negative EBITDA of 5-10 mDKK in 2014.
On behalf of the Board:
Birks Bovaird, Chairman of the Board of Directors
Ole Christiansen, President and CEO
NunaMinerals A/S
Ole Christiansen
phone +299 36 20 01, cellphone +299 55 18 57
oc@nunaminerals.com