NunaMinerals A/S publishes Annual Report for the year 2011

NunaMinerals A/S 

30.03.2012 15:33
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Nuuk, 30 March 2012, 2012-03-30 15:33 CEST (GLOBE NEWSWIRE) -- 

The Supervisory Board of NunaMinerals A/S has today considered and approved the
Annual Report for the year 2011. 



The Company has in 2011 had a high level of explorations activity and invested
29 mDKK in exploration focusing on Rare Earth Elements (REE), diamonds,
copper-gold and tungsten. 

Drilling for rare earths elements (REE) at Qeqertaasaq led to the discovery of
high grade REE veins that might be feasible to exploit. Initial metallurgical
studies of sample material from Qeqertaasaq indicate that it might be possible
to produce saleable REE-products by relatively simple and cost-effective
processes. The metallurgical test will be continued into 2012 with a focus of
demonstrating that mixed REE carbonates can be produced. 

During 2011 float samples of kimberlite in the Qaamasoq diamond project have
been analysed and the results showed that diamonds where present in several
float samples. Interpretation of geophysical data from the area has led to the
discovery of at least 7 possible kimberlite pipe targets in the area. The
company plans to conduct follow up work on these targets during 2012. 

Interpretation of geophysical data on Inglefield Land has led to the
identification of 14 copper-gold exploration targets. Additionally the
compilation also a high prospectivity for zinc and Cobalt type
cobalt-nickel-silver-gold deposits. The company expects to follow up on these
targets positive results and conduct a detailed sampling during 2012. 

At Ymer tungsten project, the company has collected bulk samples. The sample
has been sent for metallurgical tests. The aim of these tests is to show that
saleable scheelite concentrate can be produced from the scheelite property. The
results of these tests are expected to be available during Q1 2012. 

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was a
loss of 4.9 mDKK which is in accordance with the Company's guidelines, and an
improvement compared to 2010 with a loss of 5.8 mDKK 

The result before tax for the period was a loss of 33.4 mDKK. As part of the
Company's strategy of focusing on the most promising projects in the portfolio,
NunaMinerals has written down intangible assets by a total of 23.1 mDKK. The
write-downs have no influence on the cash situation and are in accordance with
the company's accounting policies. 

Capital Positions at the end of 2011 amounted to 31 mDKK which included an
unutilised credit facility of 13 mDKK. 

In June 2011, the company completed a fully subscribed directed issue of shares
with gross proceeds of 19.5 mDKK. 

The Company plans for additional funding in a dual-listing on an international
stock exchange focusing on the mineral sector in the coming year, maybe
combined with a direct listing to existing shareholders. It is the company's
aim to complete the dual listing and capital increase in the second half of
2012. 

The Field Programme for 2012 is expected to be:

-      bulk-sampling from the Storø gold project to verify grades

-      1,500 m drilling at the Vagar gold project to test the continuity of the
gold mineralisation located on the surface 

-      detailed surface sampling of approximately 30 exploration targets
defined by interpretation of geophysical and geochemical data 

The company expects an EBITDA loss in the region of 5-10 mDKK in 2012. Entering
new partnerships can affect expectations. 

No events have occurred since the balance sheet date that would materially
influence the evaluation of the Annual Report 





NunaMinerals



Anton M. Christoffersen, Chairman of the Supervisory Board

Ole Christiansen, Presiden and CEO





5 Years Key Figures and Key                                                     
 Ratios                                                                         
                                                                                
                                  2011       2010       2009       2008    2007*
                            ----------------------------------------------------
                                  tDKK       tDKK       tDKK       tDKK     tDKK
FIVE-YEAR KEY FIGURES                                                           
Revenue                            921      1.227        914      2.990    3.971
EBITDA                          -4.924     -5.808     -7.378     -3.150   -2.072
Amortisation, depreciation     -28.483    -29.117    -10.986     -1.386   -2.164
 & imp. losses                                                                  
Profit before financials       -33.408    -34.925    -18.364     -4.536   -4.236
Profit before tax              -33.382    -34.828    -16.588     -2.627   11.197
Profit for the year            -33.382    -34.828    -16.588     -2.627   11.197
Equity                         136.552    151.252    162.582    178.277   84.957
Total assets/liabilities       140.976    156.251    166.684    183.663   89.670
Number of shares at 100 DK   1.291.619  1.174.306  1.067.616  1.067.616  809.101
 nom.                                                                           
Cash and cash equivalents       18.422     34.551     45.313     69.142    4.788
                                                                                
FIVE-YEAR KEY RATIOS                                                            
Earnings per share (DKK)        -25,87     -29,69     -15,56      -2,79    13,84
Operating margin (%)            -3.628     -2.846     -2.010       -152     -107
Return on equity (%)               -24        -23         -2         14       -5
Debt/equity ratio (%)               97         97         98         97       95
Net asset value per share       105,72     128,80     152,29     166,99   105,00
Dividend per share                   0          0          0          0        0
Acquisition of property,           248        379        829      1.795    3.653
 plant & equipment                                                              
Acquisition of intangible       29.635     37.056     28.867     31.131   23.893
 assets                                                                         
Number of man-years                9,9       13,7       18,7       16,3       11
Number of employees                 17         39         44         38       33
News Source: NASDAQ OMX



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Language:     English
Company:      NunaMinerals A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0016190986
WKN:          
 
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