Greenland Anorthosite Resources Capital Raise Includes Two State Investment Funds: Greenland Venture and Denmark’s Vækstfonden

Greenland State investment Company Greenland Venture A/S and the Danish state’s investment Fund Vækstfonden have today announced their co-investment in Greenland Anorthosite Resources A/S (“the Company” or “Greenland Resources”), a promising mineral exploration and development company which has the potential to become a major supplier to the global fiberglass marketplace.

The proceeds of the capital raise will support the company’s development and extraction of anorthosite from the site in Fiskenæsset, located on Greenland’s west coast, south of the capital Nuuk. The Company is well advanced in the process of delivering an accelerated programme of initiatives for the grant of a mining license.

The anorthosite resource in Fiskenæsset is unique in size, and studies conducted by the analytics company ALS and the technical mining consulting company SRK  show that the material from Greenland Anorthosite Resources’ mine is of particularly excellent quality with low alkali content, making the raw material  particularly attractive for use in  fiberglass production.

The material anorthosite has a wide range of applications including the production of fiberglass, cement, paint and aluminium all over the world. A critical, proven technical advantage of the high quality anorthosite discovered on the Company’s property is that it enables the production of fiberglass and aluminium using processes that are far more environmentally friendly than the normal production methods, which use materials such as kaolin and bauxite.

SRK is currently preparing a report on the results of a Resource Definition Drilling programme completed in Q3 2019, and a Resource Definition report together with a Preliminary Economic Assessment “PEA” which are both expected to be delivered in Q1 2020.

Claus Stoltenborg, CEO of Greenland Anorthosite Resources A/S, said:

“We are very pleased to work both with Denmark’s state growth fund, Vækstfonden, and Greenland’s state fund, Greenland Venture, on the development of this promising resource. Our deep test wells have shown that the resource can become the largest and best quality anorthosite resource in the world. The extracted anorthosite meets the requirements of the fiberglass industry as well as other industries where it can be used without further processing which translates into clear production benefits and CO2 savings.”