THE BOURSE WHISPERER: Greenland Minerals and Energy (ASX: GGG) is celebrating the Greenland parliament’s decision to vote in favour of uranium mining.

Greenland has removed its long‐standing zero‐tolerance policy concerning uranium and other radioactive elements.

“This landmark decision represents a significant moment for Greenland, as it places Greenland on the path to uranium‐producer status, and thereby opens up coincident resources of rare earth elements to exploitation,” Greenland Minerals and Energy said in its announcement to the Australian Securities Exchange.

“The removal of the zero‐tolerance policy is in alignment with Greenland’s broader intent to develop mining projects as a core to its future economic prosperity.”

The company laid claim to providing the country with a good reason to lifts its ban as a fair whack of uranium and rare earth elements are hosted within the northern Ilimaussaq Complex, which forms the basis of the company’s 100 per cent-owned Kvanefjeld project.

The global resource base (JORC‐code compliant) established for Kvanefjeld contains 575 million pounds of uranium, and 10.3 million tonnes of rare earth oxide (REO).

Greenland Minerals and Energy is currently conducting a definitive feasibility study over the Kvanefjeld project in order to evaluate its potential as a poly‐metallic mining operation to produce uranium oxide, rare earth concentrates, and zinc.

The company released a Preliminary Feasibility Study on Kvanefjeld in 2012, which outlined a long‐life, internationally cost‐competitive operation it considers would make Greenland a major supplier of REEs and a substantial long‐term supplier of uranium oxide.

“For these reasons Kvanefjeld represents one of Greenland’s most significant, and strategically important mining opportunities,” the company said.

“The decision to abolish the zero‐tolerance policy comes after several years in which uranium has been the subject of political and community discussions in Greenland.”

Greenland Minerals and Energy explained the timing of the announcement came at a good time for the company and for the Kvanefjeld project as it has metallurgical process development well‐advanced, and several years of environmental baseline studies have been completed.

The company said it was now looking to work closely with regulatory bodies to lock in the configuration of the Kvanefjeld project, which then allows for the finalisation of environmental and social impact assessments and the lodging of an exploitation license application.

“Greenland is preparing to be appropriately equipped to process the application, in parallel to establishing a regulatory framework to effectively manage uranium production,” Greenland Minerals and Energy said.

www.ggg.gl

 

 

THE BOURSE WHISPERER: GBM Resources (ASX: GBZ) has finalised a resource estimate for the company’s Tailings Dam project, located at the Lubuk Mandi gold mine in Terengganu State in Peninsular Malaysia.

The total resource is 1.5 million tonnes containing 34,800 ounces of gold at an average grade of 0.7 grams per tonne gold.

GBM explained 94 per cent of the resource is classified as indicated with the remaining six per cent inferred reflecting a lack of sampling data largely due to access conditions on the dam.

 

Source: Company announcement

 

“The successful estimation of indicated resource at Lubuk Mandi is a key milestone for the project as it potentially underpins the redevelopment to achieve recommencement of hard rock mining at the Mandi gold mine,” GBM Resources chairman Peter Thompson said in the company’s announcement to the Australian Securities Exchange.

“The resource blocks indicate that 83 per cent are above 0.5 grams per tonne of gold, indicating a relatively tight grade distribution, adding further confidence in the economic retreatment of the Tailings Dam.”

GBM outlined its redevelopment plan key milestones to consist of:

–    Retreatment of tailings dam to achieve production by April 2014;

–    Complete hard rock drilling program and achieve exploration target between 174,000 ounces and 443,000 ounces;

–    Complete Initial public offering of the Lubuk Mandi on the Singapore Stock Exchange (SXG) in 2014; and

–    Post Listing on SXG, recommence open cut operations and re commission the existing Carbon-in-Pulp plant.

GBM’s initial assessment and development plan identified an exploration target for the Tailings Dam project of between one million tonnes at 0.7g/t gold containing 23,000 ounces of gold and 1.4 million tonnes at 0.9g/t gold containing 38,000 ounces of gold based on limited available data from previous operators at the site.

www.gbmr.com.au

info@gbmr.com.au

THE BOURSE WHISPERER: Laconia Resources (ASX: LCR) Laconia has moved closer to the commencement of drilling at the company’s Rasuhuilca copper-gold-silver project in Peru, by securing a second key access and infrastructure agreement with local communities.

Laconia indicated it is currently in advanced discussions with the remaining community group at Rasuhuilca.

Once documentation of these agreements is complete, Laconia said it intends beginning a drilling program to test the copper targets it has already identified.

Laconia explained that as part of the second agreement, the Huacana community has voted to proceed to execute an access and exploration agreement with Laconia.

Laconia expects to execute the formal access and infrastructure agreement with Huacana over the next few weeks.

The Huacana community is the second of three community groups Laconia requires agreement from, within the immediate area of impact of the 100 per cent-owned Rasuhuilca project and the contiguous Huaco Cucho concessions, over which Laconia has an option to earn an 80 per cent indirect interest.

These projects and concessions collectively cover over 8,387 hectares of prospective geology in the Peruvian Andes.

The Huacana agreement follows the recent community agreement (and executed access and infrastructure agreement) with the nearby Yanama community.

“Gaining social licence is a critical step in Peru and Laconia is now well on the way to completing the remaining community agreement,” Laconia Resources managing director Ian Stuart said in the company’s announcement to the Australian Securities Exchange.

“Laconia can now confidently expect to complete the remaining access and infrastructure agreement documentation and required permits for drilling to commence in a timely manner.”

www.laconia.com.au

istuart@laconia.com.au

THE BOURSE WHISPERER: Wolf Minerals (ASX: WLF) has appointed former Grange Resources managing director Russell Clark as the company’s new managing director.

Clark replaces inaugural managing director Humphrey Hale who is to remain with the company as a consultant for three months to ensure an efficient hand-over and transition of leadership.

Wolf said the change of MD was in line with its transition strategy as it moves from the exploration-development phase into mine construction, and eventual production, at the company’s Hemerdon tungsten and tin project in Devon, in southwest England.

Hale departs after seven years with Wolf, where he oversaw its ASX listing in 2007, and acquired the Hemerdon project and managed its growth and development, which culminated in a robust Definitive Feasibility Study and a major funding package to facilitate the project’s development.

Clark comes to the job well credentialed with more than 35 years’ experience in technical roles, project management, general management and executive positions in the USA, Africa, Papua New Guinea, and Australia.

He was previously managing director of Grange Resources (ASX: GRR) when it merged with Australian Bulk Minerals.

He was also in charge during Grange’s completion of prefeasibility and bankable feasibility studies for its $3 billion Southdown magnetite project.

“I am absolutely delighted that the Company’s advanced Hemerdon tungsten project has attracted someone of Russell’s calibre to join Wolf as its managing director,” Wolf Minerals chairman John Hopkins said in the company’s announcement to the Australian Securities Exchange.

“He has demonstrated abilities to both develop and manage projects as well as to communicate effectively with the market.”

THE BOURSE WHISPERER: Thor Mining (ASX: THR) has received a Letter of Intent from United States-based Global Tungsten & Powders Corp (GTP).

The Letter is regards to scheelite concentrate off-take arrangements for Thor’s wholly-owned Molyhil tungsten project in the Northern Territory.

The off-take agreement, under the terms of the letter, is subject to GTP successfully completing technical and legal due diligence, and also to Thor securing necessary funding to develop the Molyhil project.

Terms include:

Off-take for in the order of 70 to 75 per cent of the annual production of scheelite concentrate from Molyhil.

Off-take for the current 4 planned year life-time of the mine with right of first refusal to a 2 year extension term.

A market price of the scheelite concentrate based on discounts to the London
Metal Bulletin (LMB) Low Tungsten APT European free-market price.

“This is both a milestone and a major forward step for the Molyhil project and we welcome the participation of Global Tungsten & Powders which is a significant player in the global tungsten industry,” Thor Mining executive chairman Mick Billing said in the company’s announcement to the Australian Securities Exchange.

“This is very much a first step agreement and remains subject to due diligence requirements and financing being met but nonetheless, he potential for near term development of Molyhil has been significantly enhanced.”

Global Tungsten & Powders Corp. is a division of the Austria-based Plansee Group, a manufacturer of tungsten and molybdenum powders.