Recently, interest in developing mineral deposits in Greenland has increased and the country is
considered to have a highly promising mineral and petroleum inventory. Mineral exploitation in
Greenland has mainly been limited to one cryolite mine, two lead-zinc deposits and one coal
deposit. Current prospecting activities are concentrated on the gold, diamond and lead-zinc
potential. The Government of Greenland is supportive of mining as a means of boosting local
employment opportunities and foreign exchange and the country continues to work towards
making the mineral and petroleum industry an important part of its economy. The ongoing
development of the small, high-grade Nalunaq Au deposit is the most recent example of this
increased interest.
The Bureau of Minerals and Petroleum of the Government of Greenland (“BMP”) encourages
local participation in the mineral sector and as a partial result, many industrial and precious metals
such as gold have been discovered in Greenland.
The geological mapping of Greenland is carried out by the Denmark and Greenland Geological
Survey (“GEUS”), a research institution under the Danish Ministry of Environment and Energy,
based in Copenhagen. GEUS also carries out initial exploration projects. Exploration and
exploitation are, however, usually performed by private enterprises. Shambhala Gold has been
successful in cultivating a positive relationship with government bodies involved in the mineral
sector including GEUS and the BMP.
http://production.investis.com/ggp/projects/srk/SRKConsultingReport.pdf
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