Greenland Resources Completes Community Meetings for the Malmbjerg Molybdenum Project in Greenland

TORONTO, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Greenland Resources Inc. (“Greenland Resources” or the “Company”) is pleased to announce that during October 2-4, 2019, the Company conducted a series of community meetings in Ittoqqortoormiit, Greenland to provide residents an update on the Malmbjerg Molybdenum project (“the Project”). The meetings, which are a key component of the mine exploitation permitting process, were coordinated by Golder Associates A/S in Denmark and by Ms. Nauja Bianco, responsible for the Company community relations. Ittoqqortoormiit is the only nearby settlement to the Project and is located 190 km to the southeast.

During the visit, the Company gave a general public presentation on the Project at the local school and met with the Association of Hunters, the Municipality committee members and the Municipal engineer. The presentation was in Danish supported by a local Greenlandic translator and hard copies were distributed in Greenlandic. The Company believes that the consultation meeting results were very positive and supportive of the Project. The Company agreed to maintain relevant communication through the Ittoqqortoormiit Municipal office.

Dr. Ruben Shiffman, Executive Chairman, stated, “We are very pleased to have the opportunity to work with the people of Ittoqqortoormiit in this world class project, with potential to supply 5% of global Molybdenum demand. On jobs, our plans contemplate mainly people from Ittoqqortoormiit and overall local Greenlanders. On environmental, because Molybdenum is hydrophobic, we use mainly water in the production process and therefore expect minimal environmental impacts. On corporate social responsibility, our management has a very successful track record from a previous mining project, where we significantly improved the local community living conditions, with actions that went well beyond legal obligations, contracts, and license agreements.”

The Project has a pit-constrained Measured and Indicated Resources of 247.1 million tonnes at 0.180% MoS2, for 587 million pounds of contained molybdenum metal (RPA, 2018). The Project benefits from a 2008 Feasibility Study completed by Wardrop (now Tetra Tech), an Environmental and Social Impact Assessment (SRK, 2007) and had a previous exploitation permit granted in 2009. In light of the recently completed engineering optimization and new ownership, the Company requires updated environmental and social impact assessments to obtain a new exploitation permit. These documents are on track for completion and submission in early 2021.

Mr. Jim Steel, P.Geo., M.B.A., 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 100% owned Malmbjerg Molybdenum deposit, a world class open pit Climax-type molybdenum deposit located near tide-water 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 website (www.greenlandresources.ca) as well as our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com.

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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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.