Exploitation License Application For Malmbjerg Molybdenum Project Under New Mining Act

Exploitation License Application For Malmbjerg Molybdenum Project Under New Mining Act

TORONTO – Greenland Resources Inc. has applied for an exploitation license under the new Mining Act in Greenland which replaces the prior Mineral Resources Act and provides a faster path towards the permitting of an exploitation license. The Company believes that the Mining Act is very positive and will accelerate capex financing, permitting and project development. Among other things, the requirements with regard to an EIA (Environmental Impact Assessment) and SIA (Social Impact Assessment) have been amended to provide that they may be fulfilled subsequent to grant of an exploitation license.

The Mining Act requirements for the application of an exploitation license are a viable mineral deposit and Project Terms of Reference for an EIA/SIA that have been subject to public consultation and have been approved by the Government of Greenland. Greenland Resources has a viable mineral deposit as defined in the Malmbjerg NI 43-101 Definitive Feasibility Study completed by Tetra Tech, and has approved Terms of Reference for its EIA/SIA. Accordingly, the Company is eligible for and has applied for an exploitation license.