FinnAust Mining Eyes Near Term Production At Pituffik Titanium Project

FinnAust Mining, which has listings in London and Frankfurt, secured a majority interest in the Pituffik titanium project earlier in March, with the acquisition of a 60% stake in Bluejay Mining Ltd.

FinnAust Mining PLC, the mineral exploration company with projects in Greenland, Finland and Austria, on Thursday said its sights are set on achieving near term production at the Pituffik titanium project in Greenland.

FinnAust Mining, which has listings in London and Frankfurt, secured a majority interest in the Pituffik titanium project earlier in March, with the acquisition of a 60% stake in Bluejay Mining Ltd.

“To this end we have already made excellent progress; three prospective target areas have been identified, including an unusually pure titanium occurrence, which demonstrates its potential to be in the top percentile of projects worldwide in terms of heavy mineral grade,” Chairman Graham Marshall said in a statement.

The goal is to generate cash flow from Pituffik to create a company that “is capable of eventually self-funding exploration and development opportunities that it currently owns as well as continuing to evaluate other complementary opportunities”.

Marshall’s comments came as FinnAust said its loss before and after tax narrowed to GBP239,335 in the six months ended December 31, from GBP375,609 in the corresponding half the prior year.

Shares in FinnAust were up 8.4% at 2.9 pence on Thursday afternoon.

Source: Lse