VANCOUVER, British Columbia, April 08, 2020 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson” or the “Company”) – TSX Venture Exchange “HUD”; OTC “HUDRF”) owns and operates the White Mountain (Qaqortorsuaq) anorthosite mine in Greenland through its wholly owned subsidiary, Hudson Greenland A/S. Hudson Resources also holds the Sarfartoq rare earth element (REE) and niobium exploration license in Greenland.
In response to the Covid-19 pandemic, the Government of Greenland recently announced that it will be providing emergency relief for mining companies. The first initiative is the waving of mineral exploration license obligations and expenditures through to December 31, 2020. (https://govmin.gl/2020/04/02/adjustment-of-exploration-obligations-for-2020-to-zero/). As such, Hudson will not have any expenditure obligations for its Sarfartoq REE and niobium license (see NR2020-1). The Government is also considering additional relief including the postponement of administrative case handling expenses and temporarily, partially or fully reimbursing the funds held in escrow for clean-up and environmental monitoring. Hudson currently has DKK 10M (approximately C$2M) held in escrow as a closure bond.
The Company hopes to re-initiate exploration activities at Sarfartoq later in 2020 with a focus on the high-grade niobium targets, but this will be dependent on the restrictions and implications of the pandemic.
Jim Cambon, President commented: “We want to thank the Government of Greenland for taking decisive action in response to the global impact of the Covid-19 pandemic. This support from the government to the mining industry reinforces our position that Greenland is one of the best jurisdictions in the world to work in and we remain fully committed to building and growing our business here.”
Limited activities at White Mountain are ongoing but under strict controls with no travel allowed in or out of the mine. Hudson is unable to make a definitive plan for the reopening of production at this time as a result of the global pandemic.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Cambon”
President and Director
For further information:
Ph: 604-628-5002
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the financing, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward- looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.