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GREENLAND MINERALS LIMITED

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Greenland Minerals and Energy : and Denmark Confirm Uranium Agreements

02/03/2016 | 11:58am EDT

dfafe345-3c95-480e-b75d-33df0258bf5e.pdf


ASX: GGG


Company Announcement, February 3rd, 2016


Greenland and Denmark Confirm Uranium Agreements


Greenland Minerals and Energy Limited ('GMEL' or 'the Company') is pleased to provide further updates on the agreements between Greenland and Denmark concerning uranium production and export.

The Governments of Denmark and Greenland have confirmed the uranium export agreements have been signed. The Governments have also released details that address the regulation of future mining and export of uranium from Greenland.

The agreements reaffirm Greenland's full authority over its natural resources including environmental, health and safety at any uranium (or thorium) production facility in Greenland. They also establish a framework under which Denmark will assume responsibility for nuclear non- proliferation and safeguards matters.

A new joint Denmark-Greenland structure within Greenland's Department of Industry, Labour and Trade will share aspects of implementation of export controls, inspections and reporting.

Denmark's nuclear safeguards and export control system will be modelled on the international standards practised in Australia, Canada, and Euratom (European Atomic Energy Community). The standards cover fall back safeguards, prior consent for re-transfers and other conditions similar to those applied by Australia, Canada, and the USA.

The system will ensure that only states which are a party to the Nuclear Non-Proliferation Treaty and which enter appropriate Nuclear Cooperation Agreements with Denmark can receive uranium exported from Greenland.

Denmark and Greenland will present enabling legislation to their respective Parliaments in the upcoming spring sessions this year.


Dr John Mair, GMEL Managing Director commented:


'Greenland Minerals and Energy welcomes the decisions of the two Governments, which strengthen Greenland's authority over its natural resources while providing a modern framework for the export and sale of uranium for the growing international fleet of nuclear electricity plants. These developments continue to firm confidence in the Kvanefjeld Project, with major progress now made on Greenland's capacity to produce and export uranium.'


-ENDS-.

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 100% controlled license areas in southern Greenland contain one of the world's largest resources of both rare earth elements and uranium. Initial development is focussed on the Kvanefjeld deposit that is positioned to be developed as a long-life, low cost producer of critical rare earths and uranium. The extensive mineral resources offer further expansion and development opportunities.


A pre-feasibility study was finalised in 2012, and a comprehensive feasibility study was completed in May, 2015. An exploitation (mining) license application for the initial development strategy was completed in 2015.


In 2016, GMEL is focussed on working closely with Greenland's regulatory bodies on the processing of a mining license application, and maintaining regular stakeholder updates. A greater emphasis will also be placed on commercial development and progressing the dialogue with strategic partners. In addition, the Company will look to further value add initiatives afforded by the extensive resource inventory and prospective license holding.


For further information on Greenland Minerals and Energy visit http://www.ggg.gl or contact:


Dr John Mair

David Tasker

Christian Olesen

Managing Director

Professional PR

Rostra Communication

+61 8 9382 2322

+61 8 9388 0944

+45 3336 0429


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.



Competent Person Statement - Mineral Resources and Ore Reserves


The information in this report that relates to Mineral Resources is based on information compiled by Mr Robin Simpson, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Simpson is employed by SRK Consulting (UK) Ltd ("SRK"), and was engaged by Greenland Minerals and Energy Ltd on the basis of SRK's normal professional daily rates. SRK has no beneficial interest in the outcome of the technical assessment being capable of affecting its independence. Mr Simpson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Robin Simpson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in the statement that relates to the Ore Reserves Estimate is based on work completed or accepted by Mr Damien Krebs of Greenland Minerals and Energy Ltd and Mr Scott McEwing of SRK Consulting (Australasia) Pty Ltd.

Damien Krebs is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the type of metallurgy and scale of project under consideration, and to the activity he is undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

Scott McEwing is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

The mineral resource estimate for the Kvanefjeld Project was updated and released in a Company Announcement on February 12th, 2015. The ore reserve estimate was released in a Company Announcement on June 3rd, 2015. There have been no material changes to the resource estimate, or ore reserve since the release of these announcements.

Greenland Minerals and Energy Limited issued this content on 03 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 February 2016 16:57:11 UTC

Original Document: http://www.ggg.gl/docs/ASX-announcements/Uranium-Export-Agreement-Details-3.pdf


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Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,37 M -2,37 M
Net cash 2020 36,0 M 27,7 M 27,7 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 154 M 119 M 119 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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