Published on Nov 23, 2012
Avannaa Resources Ltd (“Avannaa”) is pleased to announce that it has entered into an Option and Joint Venture Agreement (the “Agreement”) with Anglo American. The Agreement has the objective to explore for copper in parts of the Jameson Land basin in East Greenland.
Anglo American may earn 55% interest in Avannaa’s existing exploration licence 2012/01 and any additional properties that the parties choose to jointly explore within an Area of Interest comprising southern and central Jameson Land by expenditure of $ 15,000,000 USD over a five year period. This licence area and the Area of Interest are wholly outside of the National Park of North and East Greenland. On completion of the earn-in, and in the event of a successful exploration, the parties will form a Joint Venture to further develop any discoveries made.
The Jameson Land basin contains many known copper and other base metal mineralisations found mainly in Permo-Triassic rocks that are time-equivalent with units from the Zechstein basin in Northern Europe, which contains a number of historical base-metal districts. To date the East Greenland rocks, comprising approximately 2,500 km2 within the Area of Interest, remain under-explored.
Avannaa Resources is a UK registered private company that is solely engaged in mineral exploration in Greenland where it currently holds 14 exploration licences. Avannaa’s exploration portfolio is focused on base metals and notable projects include: sediment hosted copper in North and central East Greenland ; zinc in North and central West Greenland; and a magmatic copper-nickel-PGE target in the West Greenland flood basalt province.
Anglo American, one of the world’s largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Anglo American’s portfolio of mining businesses spans bulk commodities – iron ore and manganese, metallurgical coal and thermal coal; base metals – copper and nickel; and precious metals and minerals – in which it is a global leader in both platinum and diamonds. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company’s mining operations, extensive pipeline of growth projects and exploration activities span southern Africa, South America, Australia, North America, Asia and Europe.
For further information contact:
Nicholas Rose, CEO, Avannaa Resources Ltd
Telephone: +45 35347000