Greenland Minerals poised to move on Kvanefjeld rare earths plan

Dec. 5, 2010 - PRLog -- GREENLAND Minerals and Energy soared more than 75 per cent today after the Greenland government made a key regulatory change.
   
The Perth-based company  welcomed news that Greenland’s government   had amended the standard terms for exploration licences, which will   allow it to develop its flagship Kvanefjeld project for its rare earth   elements, uranium and zinc.
Greenland Minerals said it can now commit to definitive feasibility studies in 2011, as   planned, after the decades-old ban on uranium mining was essentially   lifted.
The news saw Greenland soar 75.34 per cent to 64 cents by early afternoon - making it the biggest winner on the stock exchange.
   
 Lars   Emil Johansen, a former prime minister of Greenland and chairman of the   company’s local subsidiary, said the government would now assess each   licence on a case-by-case basis.

“It's not permission to start mining, but it is permission to make   studies for mines with uranium. It's a very big step forward for the   company,” he told Dow Jones Newswires.
Greenland Minerals said Kvanefjeld is the world's second-largest rare earths deposit and the sixth-largest uranium deposit.
A   pre-feasibility study estimates the mine can produce 43,729 metric   tonnes of rare earths oxides and 3895 metric tonnes of uranium a year   during a 23-year lifespan.

# # #

Greenland Minerals and Energy Ltd, is a mineral exploration and development company, focused on unlocking the mineral riches of Greenland, one of the world’s last natural resource frontiers.