Ann: Results of Meeting, page-4

Besieged explorer Greenland Resources has held out hope of still developing its flagship rare earths project despite an Inuit-led coalition winning government with an anti-uranium platform. Facing investors for the first time since its shares lost two-thirds of their value, Greenland Resources managing director John Mair said management was trying to “engage with the government and understand from their side what the issues are”. Dr Mair said ore processing could be changed so that uranium was removed and sent to tailings without drastically effecting the economics of the rare-earths focussed project. “There is obviously some uncertainty before us but we have been through uncertainty before,” he said. Greenland Resources’ plans have faced protests from environmental groups about the commercial extraction of uranium and toxic waste potentially leaking into surrounding waterways and land in southern Greenlands. Backed by an environmental impact assessment on the Kvanefjeld project, a project consultation process was supported by the previous government of the autonomous Danish territory. But a cloud has hung over Kvanefjeld since the Inuit Ataqatigiit party won the greatest number of seats in an election seven weeks ago. Greenland Resources plunged from above 30¢ to 20¢ between end the January and late March, and has since spent most of the past two months languishing below 10¢. Dissident shareholder Greg Barnes, who is promoting a rare earths project in southern Greenland, said the company had made a big mistake funding an advertising campaign against Inuit Ataqatigiit during the election. “The way you have pushed the project in Greenland, you have killed it,” Mr Barnes said in a discussion after the company’s annual general meeting. Mr Barnes drew a colourful response from Greenland Resources metallurgist Dominic Furfaro when he criticised exploration work and claimed the company had not submitted assays of the rare earth actinium. Mr Furfaro said: “What a load of s...”. “You don’t what ... you are talking about,” he added. Environmental campaigner and Mineral Policy Institute board member Lian Sinclair warned shareholders that the company likely faced a tougher task than was presented to the meeting. Dr Sinclair said the new government was strongly opposed to uranium mining and activists would continue to campaign against the project because of the uranium. Greenland Resources chairman Tony Ho said there was a big difference between what was said in an election campaign and what elected officials did when making decisions about the future of their people. Mr Ho would not “beat the drum” as his team sought to build a relationship with the new government of the Danish territory. “We are trying to keep a low profile and trying to use quiet,” Mr Ho said.