TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Greenland Resources Inc. (“Greenland Resources” or the “Company”) is pleased to announce that the Greenland Mineral License and Safety Authority has granted an enlargement to the Company’s 100% owned mineral license MER 2018/11. The size of the Malmbjerg molybdenum project has thus increased from the original 11 km2 where the Molybdenum deposit open pit is located to 82 km2 (Figure 1). The license enlargement covers the lands where the production and access tunnel are planned, as outlined in the recent Concept Study press released on November 20, 2018. The tunnel will allow hydraulic transport of ore from the mine via a surface pipeline to the milling facility located on barges at tidewater. It will also permit the free movement of workers and mine consumables.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1668bae3-31fa-4877-bbc6-6fda97c38b6b
In addition, the Board has appointed Executive Chairman Dr. Ruben Shiffman as President and acting CEO to fill the current vacancy. Mr. James Steel, P.Geo., M.B.A., a director of the Company and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information in this press release.
About Greenland Resources Inc.
Greenland Resources is a Canadian reporting issuer regulated by the Ontario Securities Commission, focused on the acquisition, exploration and development of mineral properties in Greenland. The flagship project is the Malmbjerg Molybdenum deposit, a world class Climax-type molybdenum deposit located in east-central Greenland. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) as well as our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com.
| For further information please contact: | ||
| Ruben Shiffman, PhD | Executive Chairman, President | |
| Keith Minty, P.Eng, MBA | Engineering and Project Management | |
| Jim Steel, P.Geo, MBA | Exploration and Mining Geology | |
| Gary Anstey | Investor Relations / Business Development | |
| Corporate office | Suite 612, 390 Bay St. Toronto, Ontario, Canada M5H 2A4 | |
| Telephone | +1 647 273 9913 | |
| Web | www.greenlandresources.ca | |
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.