TORONTO, ONTARIO--(Marketwired - June 13, 2014) - Greenland Resources Inc. ("Greenland Resources" or the "Company") is pleased to announce that further to news releases of Primera Bioscience Research Inc. of May 20, 2014 and June 9, 2014, the Company has completed the acquisition of Copenhagen Minerals Inc. in a share purchase transaction (the "Acquisition") and has changed its name to Greenland Resources Inc. As a result, the Company now owns a 100% interest in the Storo Gold Project, an exploration project located in Greenland.
Pursuant to the Acquisition, Greenland Resources has a new board of directors consisting of Ruben Shiffman, Jesper Kofoed, and Leonard Asper, with Mr. Ruben Shiffman as Chairman and Mr. Jesper Kofoed as President and CEO. In addition, Greenland Resources is pleased to announce that Mr. James Steel, MBA, P.Geo., is an advisor to the board of directors .
Dr. Ruben Shiffman, Chairman stated: "After creating shareholder value with the take-over of Calvista Gold Corporation, our last gold exploration project that was listed at the TSX, we are now determined to grow in Greenland, a prospective mineral exploration constituency within the Kingdom of Denmark. Storo, our initial gold project, includes a high grade gold deposit and over US$12 million in historical expenditures including 15,000 metres of diamond drilling. We will announce shortly the recommendations of a new National Instrument 43-101 Technical Report that will detail our future work plans."
Dr. Ruben Shiffman was the Co-Founder and Executive Chairman of Calvista Gold Corporation, a company listed on the Toronto Stock Exchange successfully sold to Eike Batista'sAUX Group of Brazil (2010 - 2012). In Toronto, Dr. Shiffman was global Managing Director of emerging markets trading globally at Scotia Capital (2005-09), VP & Director of emerging markets at TD Securities (2002-2005) and Director of derivatives trading at Scotiabank (1999-2002). As a Director of the Securities Bureau for the Mexican Ministry of Finance / CNBV (1996 - 1999), he was a member of the G10/CPSS at the Bank for International Settlements in Basle Switzerland. Ruben holds a BBA/MBA from UDLA and a Ph.D in finance from the National Autonomous University of Mexico and has completed Doctoral studies in finance from the Rotman School of Management at the University of Toronto. In 1997 he received the National Finance Award "IMEF". He has been a director of various public mining companies in Canada and is currently a board member of the International Advisory of the Hartog School at Tel-Aviv University.
Mr. Jesper Kofoed has over 20 years of experience as an exploration geologist within Greenlandic and international mineral projects. From 2011 to 2013 Mr. Kofoed was Exploration Manager Fennoscandia, Eurasian Minerals Inc. with responsibility for managing a large exploration portfolio in Scandinavia in a joint venture with Antofagasta Minerals Ltd. From 2005 to 2011 Mr. Kofoed was Chief Geologist for the Malmbjerg Molybdenum Project in East Greenland owned by former Quadra FNX Mining Co. / now KGHM International. From 2004 to 2006 Mr. Kofoed was Senior Geologist for Skaergaard Minerals PLC providing site management on the Skaergaard Au-PGE project in East Greenland. From 1993 to 2000 Mr. Kofoed was Project Geologist for Nunaminerals A/S working on the development of the Storo Gold Project, and was part of the Nalunaq discovery team and subsequently worked on the development of the Nalunaq gold project. In addition, Mr. Kofoed has participated in several gold and base metal exploration programs in Greenland. Mr. Kofoed holds a BA in Geology (1991-1994) and MSc in Geology & Petrology (1995-1998), both from the University of Copenhagen, is a Certified Qualified Person (QP) by the Fennoscandian Review Board since 2012, Member of the Society of Economic Geologists since 2005 and Fellow of the Geological Society of London since 2011.
Mr. Leonard Asper is a Canadian businessperson, entrepreneur and lawyer. He is a graduate of Brandeis University and the University of Toronto Law School, and is a member of the Ontario Bar Association and The Law Society of Upper Canada. Since December, 2010, Mr. Asper has been the President and CEO as well as majority shareholder of Anthem Media Group Inc. a privately held media company which operates television channels and websites on traditional and web based platforms. From 1999 to 2010, Mr. Asper was the president and Chief Executive Officer of the Canadian media company, CanWest Global Communications Corp. Canwest was Canada's largest media company, and controlled and operated television networks in a number of international jurisdictions. Mr. Asper is also one of the founders of Canterbury Park Capital, a private equity fund. He also serves on the Board of Overseers of the International Business School of Brandeis University where he founded the Asper School for Entrepreneurship. He is a Trustee of the Asper Foundation, the founder of the Joshua Foundation and a member of the Board of Governors of the Saul and Claribel Simkin Center, a seniors' housing complex in Winnipeg. Additionally, Mr. Asper holds an honorary Doctorate in Laws from the University of Winnipeg.
Mr. James Steel is a Professional Geoscientist with thirty years' experience in mining and mining finance. He has worked in exploration and mining geology in producing mines and development projects in Canada, Latin America and Finland, as well as in advisory roles, buy- and sell-side mining investment analysis, and resource portfolio management. Most recently, as Director of Geology and Metals at consulting engineering firm Genivar Ltd. (now WSP Global Inc.), he provided regulatory oversight in National Instrument 43-101compliance in feasibility studies and preliminary economic assessments. In Toronto, Canada, he was a Vice President and Portfolio Manager at TD Bank (1997-1999), a senior mining analyst at Newcrest Capital Ltd. (1995-1997). He holds a Bachelor of Science (B.Sc), Geology/Earth Science from The University of British Columbia and an MBA from the London Business School. Mr. Steel is a Qualified Person under National Instrument 43-101.
About the Storo Gold Project
The Storo Gold Project is located in the Nuukfjord area of southwest Greenland, some 40 km northeast of the capital city of Nuuk (Godthab). The Storo exploration licence is held by Copenhagen Minerals Inc., a wholly owned subsidiary of Greenland Resources and comprises a total area of 49 km2. Since 1995, a total of 86 drill holes totaling 15,375 metres have been drilled by previous owners. The Storo Gold Project is located nearby the publicly traded companies Hudson Resources Inc., London Mining Plc, and North American Nickel Inc.
The gold prospects in the Nuuk Fjord area are located in the strongly deformed and metamorphosed rocks of Archean age. The area is an extension of the North American Craton and is suggested to correlate with the Nain Province in Labrador, Canada. At the Storo Gold Project there are two levels of mineralization, the Main Zone and the BD Zone. Both zones are situated within the Qingaq Mountain and are up to 12m wide with 10-50m wide low grade alteration halos. The main focus of Greenland Resources's exploration is the Qingaaq Mountain area in the southwest of the licence. The Main Zone occurs in an antiformal fold in the upper amphibolite unit and consists of auriferous quartz veins in garnet and biotite alteration zones up to 50m thick. Surface rock grab samples have returned up to 82.3 g/t Au (Sample RGC106916) in this area with common visible gold in both surface and drill core samples. The Main Zone has been traced to 150 m below the surface in drill holes and gold grades in drill samples range up to 52g/t Au over 2m (DDH05-05 47m-49m). The BD Zone occurs lower, on the contact between biotite-sillimanite-garnet gneiss and the upper amphibolites and gold occurs mainly in quartz-veined, arsenopyrite-bearing zones along the contact and in both rock types up to 20m away from the contact. Gold grades in drill core samples range up to 15 g/t Au over 10m (DDH 10-54 39m-49m). The BD zone has been followed along strike for 700-800 m with channel samples that returned up to 22g/t Au over a true width of 1.8m (Sample RCH213061). The Mineralization has been traced to nearby Aappalaartoq Mountain situated 4 km to the NE from Qingaq Mountain. On Aappalaartoq surface samples return up to 25.6 g/t Au (RGB212942) in situ and 46.4 g/t in scree (SCS111358).
Selected intercepts of the auriferous zones below Qingaq Mtn. comprise but are not limited to: 20m of 6.3g/t Au (DH95-03); 12m of 4.2g/t Au (DH05-01); 23.9m of 6.4g/t Au (DH05-05); 12.1m of 5.6g/t Au (DH06-32); 28.8M of 6.74g/t Au (DH10-54). True width is likely to be less than the apparent intercept depending on the orientation of the mineralized structures. Au grade = weighted average (total length(i)total grade/total length).
Mr. Johan Bradley, FGS, CGeol, EurGeol, Principal Geologist at SRK Consulting (Sweden) AB and a Qualified Person under National Instrument 43-101 has approved the technical information in this press release.
About Greenland Resources
Greenland Resources is a Canadian public company regulated by the Ontario Securities Commission, focused on the acquisition, exploration and development of properties for the mining of gold and other minerals in Greenland. The main exploration project is the Storo Gold Project, a high grade gold deposit owned 100% by Greenland Resources. With offices in Toronto and in Copenhagen, Greenland Resources is led by a management team with over 25 years of exploration and mining experience. For further details, please refer to our web site (www.greenlandresources.ca) as well as our Canadian regulatory filings on SEDAR at www.sedar.com.
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, 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, the preliminary nature of metallurgical test results, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Greenland Resources Inc.Ruben Shiffman
+1 647 273 9913
Greenland Resources Inc.Jesper Kofoed
President & CEO
+1 647 273 9913
Greenland Resources Inc.Gary Anstey
Investor Relations / Business Development
+1 647 273 9913
Greenland Resources Inc.
Corporate office Suite 507
80 Richmond St. West
Toronto, Ontario, Canada M5H 2A4
Source: Greenland Resources Inc.