TIDMJAY
RNS Number : 6422X
Bluejay Mining PLC
01 September 2020
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
1(st) September 2020
Bluejay Mining plc ('Bluejay' or the 'Company')
Positive Adjustment to 2020 Greenlandic Licence obligations and
Licence extension award
Bluejay Mining plc, the AIM and FSE listed company with projects
in Greenland and Finland, is pleased to advise of the Government of
Greenland's decision to approve the following two major amendments
to their mineral licensing standard terms and conditions:
-- Postponement of the transferred outstanding annual
exploration obligations for all mineral exploration licences by one
year.
-- Extension of the licence period for all mineral exploration licences by one year.
This approval is a significant positive amendment to the
Government of Greenland's previous supportive decision from 2
April, which set exploration obligations for year 2020 to zero, and
again clearly demonstrates Greenland's support for its minerals
sector. Importantly, whilst the Company has no outstanding
expenditure commitments for 2020, the various expenditure credits
that the Company currently enjoys for various licences will be
carried forward into 2021.
Background
In the Operational Update RNS on 14 April 2020, the Company
stated that the Greenlandic Authorities had agreed Exploration
Waiver commitments saving the Company and its shareholders
significant capital. In their 27 August, 2020 announcement, the
Greenlandic Government expanded the relief package to the industry,
stating:
" Licensees have exploration obligations in Greenland, which
include financial obligations to conduct exploration activities.
The financial obligations are based on the licence age and the size
of the licence. The current situation, however, restricts the
licensees to fulfil their obligations. The Government's decision to
set the exploration obligations for year 2020 to zero did not
affect the transferred outstanding obligations from previous years,
which the licensees would have still needed to fulfil in 2020. The
current Government approval, however, postpones these transferred
outstanding obligations by one year. This means that the
outstanding obligations that the licensees would have needed to
fulfil in 2020 are transferred to 2021.
The extension of the licence period by one year means that 2020
is taken out of the licence period, i.e. year 2020 is temporarily
"paused". This means that all licences will expire one year later
than they were supposed to ".
https://govmin.gl/2020/08/additionally-adjustments-of-the-exploration-obligations-and-a-one-year-extension-of-the-licence-period/
Bo Møller Stensgaard , COO of Bluejay Mining said " Bluejay is
thankful for the thoughtful and pragmatic approach that the Mineral
License and Safety Authority and the Government of Greenland have
taken towards the licencing conditions during this unprecedented
pandemic. These measures apply to all of Bluejay's mineral
exploration licences in Greenland, including special exploration
licences, regardless of the licence age, and relates to expenditure
obligations between 1 January 2020 and 31 December 2020. Therefore,
all exploration expenditure on Bluejay's licences made during 2020,
will be transferred as credit into 2021. This decision demonstrates
the positive business mindedness and appreciation that the
Greenlandic Government and Ministry of Mineral Resources has for
the value and opportunity that the mining sector will bring to all
of Greenland.
Early in the pandemic we took the cautious and correct approach
of postponing our field operations, in order to protect our
employees, the society in Greenland and our shareholders' capital
by de-risking the financial logistic risks in executing complex
field operations. Now Greenland has begun to reduce COVID-19
related restrictions and procedures for travelling, Bluejay has
demonstrated both its commitment and readiness to get back to its
business by recommencing activity at our recently acquired Gold,
PGE and Base Metal Project, Thunderstone in Southern Greenland. We
look forward to recommencing our other field activities as soon as
is feasible".
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9326
Kevin Sheil Bluejay Mining plc +44 (0) 20 7907 9326
------------------------------ ---------------------
SP Angel Corporate Finance
LLP
Ewan Leggat (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ ---------------------
SP Angel Corporate Finance
LLP
Soltan Tagiev (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ ---------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------ ---------------------
Charlotte Page St Brides Partners Ltd +44 (0) 20 7236 1177
------------------------------ ---------------------
Cosima Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
------------------------------ ---------------------
Notes
Bluejay is dual listed on the London AIM market and Frankfurt
Stock Exchange with projects in Greenland and Finland. Its most
advanced project is the Dundas Ilmenite Project in Greenland, which
is being developed towards production in the near term. The Dundas
Ilmenite Project has been proven to be the highest-grade mineral
sand ilmenite project globally, with a JORC Compliant Resource of
117 million tonnes at 6.1% ilmenite and a maiden offshore
Exploration Target of between 300Mt and 530Mt of ilmenite at an
average expected grade range of 0.4 - 4.8% ilmenite in-situ.
The Company's strategy is focused on securing an offtake partner
and commencing commercial production at Dundas in the near term in
order to create a company capable of self-funding exploration on
current projects and future acquisitions.
Bluejay holds three additional projects in Greenland - the
2,897sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide
nickel-copper-cobalt-platinum group element-gold project
('Ni-Cu-Co-PGE-Au'), which has shown its potential to host
mineralisation similar to the world's largest nickel-copper mining
district at Noril'sk-Talnakh, northern Russia; the 692sq km
Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where
historical work has recovered grades of 41% zinc, 9.3% lead and 596
g/t silver and identified four large-scale drill ready targets; and
the 2,025 sq km Thunderstone project which has the potential to
host large-scale base metal and gold deposits.
The Company also has a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
has been restructured to be cost-sustainable whilst determining the
best plan for future development.
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END
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