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    GGG   AU000000GGG4

GREENLAND MINERALS LIMITED

(GGG)
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Greenland Minerals and Energy Limited : Bell Potter Securities initiate research coverage on Greenland Minerals and Energy

09/25/2012 | 04:09am EDT

Company Announcement, Tuesday 25th September, 2012

Bell Potter Securities Initiates Research Coverage on Greenland Minerals and Energy Ltd

Greenland Minerals and Energy Limited ("GMEL" or "the Company") is pleased to advise that Bell Potter Securities Limited (Bell Potter) has initiated research on the Company. Bell Potter is one of Australia's largest independent full service stockbrokers and a leading financial advisory firm that offers a full range of services to private, corporate and institutional clients.

The initiation of research coverage by Bell Potter comes on the back of continued advances in the development of GMEL's core asset; the Kvanefjeld multi-element project that is recognised as one of the world's largest resources of heavy and light rare earth elements and uranium. In May 2012 GMEL released a comprehensive prefeasibility study that provides a clear indication of the potential for Kvanefjeld to be developed as a long life, cost-competitive producer of both heavy and light rare earth elements and uranium oxide. Since the prefeasibility study release, GMEL has continued to optimise the process flow sheet and improve Kvanefjeld's economic metrics.

The initiation of coverage by Bell Potter marks the third Australian stockbroking firm to issue research on the Company this year, reflecting the systematic progress GMEL has made in advancing Kvanefjeld toward development.

In order to gain access to Bell Potter's research on GMEL visit the Company's website for the contact details under the 'Research Reports' link.

Yours faithfully,

Roderick McIllree

Managing Director
Greenland Minerals and Energy Ltd

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Table 1. Statement of Identified Mineral Resources, Kvanefjeld Multi-Element Project

Multi-Element Resources Classification, Tonnage and Grade Contained Metal

Cut-off Classification M tonnes TREO2 U O LREO HREO REO Y2O3 Zn TREO HREO Y2O3 U3O8 Zn

(U O ppm) 1 Mt ppm ppm ppm ppm ppm ppm ppm Mt Mt Mt M lbs Mt

Kvanefjeld - March 2011

150 Indicated 437 10929 274 9626 402 10029 900 2212 4.77 0.18 0.39 263 0.97
150 Inferred 182 9763 216 8630 356 8986 776 2134 1.78 0.06 0.14 86 0.39
150 Grand Total 619 10585 257 9333 389 9721 864 2189 6.55 0.24 0.53 350 1.36
200 Indicated 291 11849 325 10452 419 10871 978 2343 3.45 0.12 0.28 208 0.68
200 Inferred 79 11086 275 9932 343 10275 811 2478 0.88 0.03 0.06 48 0.20
200 Grand Total 370 11686 314 10341 403 10743 942 2372 4.32 0.15 0.35 256 0.88
250 Indicated 231 12429 352 10950 443 11389 1041 2363 0.24 2.53 2.63 178 0.55
250 Inferred 41 12204 324 10929 366 11319 886 2598 0.04 0.45 0.46 29 0.11
250 Grand Total 272 12395 347 10947 431 11378 1017 2398 0.28 2.98 3.09 208 0.65
300 Indicated 177 13013 374 11437 469 11906 1107 2414 2.30 0.08 0.20 146 0.43
300 Inferred 24 13120 362 11763 396 12158 962 2671 0.31 0.01 0.02 19 0.06
300 Grand Total 200 13025 373 11475 460 11935 1090 2444 2.61 0.09 0.22 164 0.49
350 Indicated 111 13735 404 12040 503 12543 1192 2487 1.52 0.06 0.13 98 0.27
350 Inferred 12 13729 403 12239 436 12675 1054 2826 0.16 0.01 0.01 10 0.03
350 Grand Total 122 13735 404 12059 497 12556 1179 2519 1.68 0.06 0.14 108 0.31

Sørensen - March 2012

150 Inferred 242 11022 304 9729 398 10127 895 2602 2.67 0.10 0.22 162 0.63
200 Inferred 186 11554 344 10223 399 10622 932 2802 2.15 0.07 0.17 141 0.52
250 Inferred 148 11847 375 10480 407 10887 961 2932 1.75 0.06 0.14 123 0.43
300 Inferred 119 12068 400 10671 414 11084 983 3023 1.44 0.05 0.12 105 0.36
350 Inferred 92 12393 422 10967 422 11389 1004 3080 1.14 0.04 0.09 85 0.28

Zone 3 - May 2012

150 Inferred 95 11609 300 10242 396 10638 971 2768 1.11 0.04 0.09 63 0.26
200 Inferred 89 11665 310 10276 400 10676 989 2806 1.03 0.04 0.09 60 0.25
250 Inferred 71 11907 330 10471 410 10882 1026 2902 0.84 0.03 0.07 51 0.2
300 Inferred 47 12407 358 10887 433 11319 1087 3008 0.58 0.02 0.05 37 0.14
350 Inferred 24 13048 392 11392 471 11864 1184 3043 0.31 0.01 0.03 21 0.07

Project Total Cut-off Classification M tonnes TREO2 U3O8 LREO HREO REO Y2O3 Zn TREO HREO Y2O3 U3O8 Zn

(U3O8 ppm)1 Mt ppm ppm ppm ppm ppm ppm ppm Mt Mt Mt M lbs Mt

150 Indicated 437 10929 274 9626 402 10029 900 2212 4.77 0.18 0.39 263 0.97
150 Inferred 520 10687 272 9437 383 9820 867 2468 5.55 0.20 0.45 312 1.28

150 Grand Total 956 10798 273 9524 392 9915 882 2351 10.33 0.37 0.84 575 2.25

1There is greater coverage of assays for uranium than other elements owing to historic spectral assays. U3O8 has therefore been used to define the cut-off grades to maximise the confidence in the resource calculations.

2Total Rare Earth Oxide (TREO) refers to the rare earth elements in the lanthanide series plus yttrium. Note: Figures quoted may not sum due to rounding.

2

ABOUT GREENLAND MINERALS AND ENERGY LTD.

Greenland Minerals and Energy Ltd (ASX - GGG) is an exploration and development company focused on developing high-quality mineral projects in Greenland. The Company's flagship project is the 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 visit http://www.ggg.gl or contact:

Roderick Mcillree Managing Director +61 8 9382 2322

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.

The information in this report that relates to exploration targets, exploration results, geological interpretations, appropriateness of cut-off grades, and reasonable expectation of potential viability of quoted rare earth elem ent, uranium, and zinc resources is based on information compiled by Mr Jeremy Whybrow. Mr Whybrow is a director of the Company and a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Whybrow has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Whybrow consents to the reporting of this information in the form and context in which it appears.

The geological model and geostatistical estimation for the Kvanefjeld and Zone 2 deposits were prepared by Robin Simpson of SRK Consulting. Mr Simpson is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Simpson consents to the reporting of information relating to the geological model and geostatistical estimat ion in the form and context in which it appears.

3

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Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,30 M -2,30 M
Net cash 2020 36,0 M 26,9 M 26,9 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 133 M 99,4 M 99,4 M
EV / Sales 2019 2 293x
EV / Sales 2020 2 018x
Nbr of Employees 28
Free-Float 81,4%
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Managers and Directors
NameTitle
John Lefroy Mair Managing Director & Executive Director
Miles Simon Guy Chief Financial Officer & Secretary
Peng Ho Non-Executive Chairman
Simon Kenneth Cato Non-Executive Director
Xiaolei Guo Non-Executive Director
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