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GREENLAND MINERALS LIMITED

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Greenland Minerals and Energy : and Denmark Pass Uranium Export Legislation, Solid Foundation Set for Kvanefjeld Project

06/09/2016 | 03:09am EDT

Microsoft Word - Denmark U Export Legislation V3

Company Announcement, June 8th2016

Greenland and Denmark Pass Uranium Export Legislation, Solid Foundation Set for Kvanefjeld Project
  • Danish Parliament passes legislation to create legal framework for uranium exports from Greenland
  • Greenland Parliament adopts laws in relation to non‐proliferation commitments
  • Key parliamentary developments conclude a comprehensive program by the Governments of Greenland and Denmark to establish the regulatory framework required to manage uranium production and export from Greenland
  • Sets a solid foundation for the permitting and development of the Kvanefjeld rare earth and uranium project

Greenland Minerals and Energy Limited ('GMEL' or 'the Company') is pleased to advise that both the Greenland and Danish parliaments have now passed legislation which will regulate uranium export from Greenland. This is a very significant milestone for the Company as it confirms that a regulatory framework for the export uranium will be in place for the development of the Company's Kvanefjeld Project.

In Greenland's parliament on May 25th, four bills were passed to ensure that uranium mining and export is done in a manner that meets the Kingdom of Denmark's international non‐proliferation commitments. Greenland now has a regulatory and legislative framework in place which will permit the production and export of uranium.

On June 2ndand 3rdthe Danish parliament passed legislation that creates the legal framework which will allow Greenland to export uranium. In enacting the two pieces of legislation, Denmark assumes responsibility for the application of international safeguards to ensure peaceful use of Greenland's uranium. This clears the path for international sales of uranium from Greenland in accordance with the conditions established by the legislation which will come into force on 1 July, 2016.

These latest political developments were the final steps in an extensive program to create the framework and regulations which would allow exports of uranium from Greenland while ensuring compliance with international treaties and conventions concerning trade in uranium. This program has involved the formal agreement between Greenland and Denmark on managing uranium exports and associated responsibilities, Greenland ratifying its accession to a series of international safety conventions, and the adoption of new laws in Greenland and Denmark concerning non‐proliferation.

PERTH: Unit 6, 100 Railway Road, Subiaco Western Australia 6008POSTAL: PO Box 2006, Subiaco WA 6904 Telephone: +61 8 9382 2322 Facsimile: +61 8 9382 2788

GREENLAND: PO Box 156, Narsaq, Greenland 3921

WEB:www.ggg.glEMAIL:info@ggg.gl ABN: 85 118 463 004

GMEL's Kvanefjeld Project is the only advanced minerals project in Greenland that is projected to produce uranium. The Kvanefjeld Project area has defined JORC‐code compliant resources of >1 billion tonnes containing 11.1Mtonnes rare earth oxide, and 593Mlb's U3O8.

The initial development strategy is projected to produce rare earth metals critical to energy efficient technologies, with uranium to be an important by‐product. An exploitation (mining) license application for the Kvanefjeld Project is currently under assessment by the Greenland government.

Dr John Mair, GMEL Managing Director commented:

'The establishment of a regulatory framework within the Kingdom of Denmark to manage uranium exports from Greenland is an important prerequisite for Kvanefjeld's successful development. The parliamentary approvals that have completed this process represent a significant milestone, and set a solid foundation for Kvanefjeld's progress toward development. The developments provide a further demonstration of Greenland's efforts to support the resources industry and attract foreign investment.'

Background: Key Steps in Establishing a Uranium Export Regulatory Framework

The recent parliamentary developments in Greenland and Denmark stem from a Danish/Greenlandic 2013 report which identified the need to establish a special system to meet international obligations in regards to the safeguarding of nuclear materials.

Since this point considerable work has been conducted by Greenland and Danish government departments to establish and implement such a system. Important developments toward concluding this program have included:

  • In December 2015, Greenland parliament ratified its participation in a series of international regulatory conventions concerning the safety and handling of radioactive materials. This followed a public‐hearing on regulatory conventions through the middle of 2015.

  • In January 2016 Greenland and Denmark signed uranium export agreements. The agreements reaffirmed Greenland's full authority over its natural resources including environmental, health and safety at any uranium production facility in Greenland. The agreements also establish a framework under which Denmark will assume responsibility for nuclear non‐proliferation and safeguards matters.

  • On May 25thGreenland passed the enabling legislation to adopt the laws relating to the export of uranium in accordance with international best practice.

  • On June 2ndand 3rd, the Danish parliament passed legislation that creates the legal framework to allow Greenland to export uranium

There is now a solid foundation for the development of the Kvanefjeld Project with both a robust regulatory framework implemented, and extensive technical studies addressing project feasibility, and the environmental and social impact assessments completed. The Company looks forward to providing further updates on the permitting process.

‐ENDS‐

Statement of Identified Mineral Resources, Kvanefjeld Project, Independently Prepared By SRK Consulting (February, 2015)

Multi‐Element Resources Classification, Tonnage and Grade Contained Metal

Cut‐off

(U3O8ppm)1

Classification

M tonnes

Mt

TREO2

ppm

U3O8

ppm

LREO

ppm

HREO

ppm

REO

ppm

Y2O3

ppm

Zn

ppm

TREO

Mt

HREO

Mt

Y2O3

Mt

U3O8

M lbs

Zn

Mt

Kvanefjeld ‐ Fe

150

bruary 2015

Measured

143

12,100

303

10,700

432

11,100

978

2,370

1.72

0.06

0.14

95.21

0.34

150

Indicated

308

11,100

253

9,800

411

10,200

899

2,290

3.42

0.13

0.28

171.97

0.71

150

Inferred

222

10,000

205

8,800

365

9,200

793

2,180

2.22

0.08

0.18

100.45

0.48

150

Total

673

10,900

248

9,600

400

10,000

881

2,270

7.34

0.27

0.59

368.02

1.53

200

Measured

111

12,900

341

11,400

454

11,800

1,048

2,460

1.43

0.05

0.12

83.19

0.27

200

Indicated

172

12,300

318

10,900

416

11,300

970

2,510

2.11

0.07

0.17

120.44

0.43

200

Inferred

86

10,900

256

9,700

339

10,000

804

2,500

0.94

0.03

0.07

48.55

0.22

200

Total

368

12,100

310

10,700

409

11,200

955

2,490

4.46

0.15

0.35

251.83

0.92

250

Measured

93

13,300

363

11,800

474

12,200

1,105

2,480

1.24

0.04

0.10

74.56

0.23

250

Indicated

134

12,800

345

11,300

437

11,700

1,027

2,520

1.72

0.06

0.14

101.92

0.34

250

Inferred

34

12,000

306

10,800

356

11,100

869

2,650

0.41

0.01

0.03

22.91

0.09

250

Total

261

12,900

346

11,400

440

11,800

1,034

2,520

3.37

0.11

0.27

199.18

0.66

300

Measured

78

13,700

379

12,000

493

12,500

1,153

2,500

1.07

0.04

0.09

65.39

0.20

300

Indicated

100

13,300

368

11,700

465

12,200

1,095

2,540

1.34

0.05

0.11

81.52

0.26

300

Inferred

15

13,200

353

11,800

391

12,200

955

2,620

0.20

0.01

0.01

11.96

0.04

300

Total

194

13,400

371

11,900

471

12,300

1,107

2,530

2.60

0.09

0.21

158.77

0.49

350

Measured

54

14,100

403

12,400

518

12,900

1,219

2,550

0.76

0.03

0.07

47.59

0.14

350

Indicated

63

13,900

394

12,200

505

12,700

1,191

2,580

0.87

0.03

0.07

54.30

0.16

350

Inferred

6

13,900

392

12,500

424

12,900

1,037

2,650

0.09

0.00

0.01

5.51

0.02

350

Total

122

14,000

398

12,300

506

12,800

1,195

2,570

1.71

0.06

0.15

107.45

0.31

Multi‐Element Resources Classification, Tonnage and Grade Contained Metal

PERTH: Unit 6, 100 Railway Road, Subiaco Western Australia 6008POSTAL: PO Box 2006, Subiaco WA 6904 Telephone: +61 8 9382 2322 Facsimile: +61 8 9382 2788

GREENLAND: PO Box 156, Narsaq, Greenland 3921

WEB:www.ggg.glEMAIL:info@ggg.gl ABN: 85 118 463 004

Greenland Minerals and Energy Limited published this content on 08 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 June 2016 07:09:04 UTC.


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Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,34 M -2,34 M
Net cash 2020 36,0 M 27,3 M 27,3 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 130 M 98,6 M 98,8 M
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