RCR has also placed a $2 target on GGG, looks like a fair amount...

RCR has also placed a $2 target on GGG, looks like a fair amount of news expected in the next 6 months.
We are looking at one of the worlds not only biggest rare minerals project but more inmportantly uranium reource.

Another possible 10 bagger over the medium term

http://www.ggg.gl/userfiles/file/RCR_GGG_1Q09.pdf


Overview: Greenland Minerals and Energy Limited is a Perth based company that listed on the ASX in
June 2006 (ASX:GGG). It is evaluating the uranium-rich Kvanefjeld multi-element project in Greenland, a
self-governing Danish province. The project was acquired in 2007.
Kvanefjeld (uranium, Greenland): The project is located on the SW tip of Greenland, within the
Ilimaussaq alkaline intrusive complex, and is one of the world’s largest undeveloped rare earth elements
and uranium deposits. The Danish Atomic Energy Agency and the Danish Geological Survey completed
>11,500m of diamond drilling (1957-1983) and defined a resource of 126mt @ 0.04% U3O8 (1km2 area).
Other potentially economic elements and minerals include zinc, tin and sodium fluoride. Uranium likely
accounts for ~25% of the potential in-ground value. GGG ownership of 61% moving to 90% with A$10m
cash payment and 100% with additional A$50m payment, subject to various conditions.
The deposit: is a flat-lying slab of disseminated mineralisation, open at depth and in three directions,
and accounts for ~10% of the prospective host rock. The current area of significant mineralisation is
1,900m by 700m and depth >275m. Current JORC Inferred resource (Aug ’08) is 334mt @ 0.03% U3O8
for 223mlbs, including 215mt @ 1.21% REO for 2.59mt and 201mt @ 1.11% NaF for 2.21mt. REO and
NaF resources expected to increase with receipt of pending assays – next upgrade possible 2Q09. Field
season completed for ’08 (runs May-Oct) with 19,334m drilling including regional exploration. Total ‘09
exp. budget ~A$3m, with potential for JV partner to contribute 40%, planning to drill 3,000m. There is
significant resource and exploration upside within the ~6km x 4km Ilimaussaq intrusive (eg targets K2 to
K8) – target resource base is 500mt. GGG indicates historical metallurgical testwork recoveries of
70%->95% using pressure alkaline leach - good recoveries though may be expensive. Further
metallurgical and mineralogical tests began 4Q07, with a 2009 budget of A$5m. Beneficiation testwork
underway has potential to reduce downstream processing costs through upgrade of U3O8 (e.g., from
0.04% to 0.14%) and REO. Potential production (open cut) is in the order of 3,000tpa U3O8 and
compares with Rossing (3,700tpa U3O8; 174kt resource @ 0.03% U3O8, 470mlbs). GGG can acquire
outstanding 39% of the project for total A$60m. There is potential to commercialise the large NaF
resource, which could have applications in dentistry, agriculture, ceramics and aluminium smelting. Pre-
Feasibility Study: began in 4Q08, drawing on the historic feasibility study. Results expected from 3Q09,
including mine plan (Coffey Mining) and multi-element process flow sheet (GRD Minproc).
Investment Comment: GGG’s primary focus is advancing the Kvanefjeld project in Greenland. Director
and former chairman, Mr H K Schonwandt, is the former minister for mines in Greenland, while new
Chairman Michael Hutchinson is a director of the LME. The scale of the current resource (upgrade
expected 2Q09), and the huge exploration upside in the area, show that Kvanefjeld has potential to be
one of the world’s largest REE and uranium deposits. Greenland parliamentary debate Nov ’08 has
indicated in-principle support for uranium production as a byproduct of multi-element exploration and
mining. Mineral rights are expected to transfer from the Danish Crown to Greenland as part of the selfgoverning
transition, in Jun ‘09. A successful Pre-Feasibility Study would provide confidence in project
economics, especially regarding mineralogy and metallurgical recoveries, and be a step towards
potential re-rating of GGG mkt cap to over A$500m (>US$3/lb U3O8 resource) mid-term.