PERTH, WESTERN AUSTRALIA--(Marketwire - Oct. 17, 2012) - Greenland Minerals and Energy Limited ("GMEL" or "the Company") (ASX:GGG)(OTCBB:GDLNF) is pleased to advise that on the afternoon of Monday, October 15, 2012 the Company settled the acquisition of the outstanding balance 39% of the Kvanefjeld multi-element project, (EL 2010/2, Greenland). The Company now holds 100% of the Kvanefjeld multi-element project.
The settlement was in accordance with the terms announced on 6 August, 2012 and as approved by shareholders on 8 October, 2012.
It provided for the payment of AUD$5,000,000 plus the issue of 74,824,998 shares and 4,999,520 options exerciseable at 75 cents.
The settlement provides for all existing litigation (previously on hold for the last 18 months) in all jurisdictions between the parties will also cease by mutual agreement.
We welcome Rimbal Pty Ltd as a substantial shareholder of the Company.
Achieving 100% ownership of the Kvanefjeld multi-element project is a key milestone for the Company.
To read the full ASX Announcement go to http://www.ggg.gl/docs/ASX-announcements/Settlement-finalised-move-to-100-percent-ownership-of-Kvanefjeld.pdf.
ABOUT GREENLAND MINERALS AND ENERGY LTD.
Greenland Minerals and Energy Ltd (ASX:GGG)(OTCBB:GDLNF) is an exploration and development company focused on developing high-quality mineral projects in Greenland. The Company's flagship project is the Kvanefjeld multi-element deposit (Rare Earth Elements, Uranium, Zinc), that is rapidly emerging as a premier specialty metals project. An interim report on pre-feasibility studies has demonstrated the potential for a large-scale multi-element mining operation.
For further information on Greenland Minerals and Energy visit http://www.ggg.gl.
Greenland Minerals and Energy Ltd will continue to advance the Kvanefjeld project in a manner that is in accord with both Greenlandic Government and local community expectations, and looks forward to being part of continued community discussions on the social and economic benefits associated with the development of the Kvanefjeld Project.
ABN 85 118 463 004