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MENAFN - ProactiveInvestors - Australia - 10/10/2012

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(MENAFN - ProactiveInvestors - Australia) Greenland Minerals and Energy (ASX: GGG) non-executive director Anthony Ho has increased his shareholding in the company with the purchase of another 50,000 shares on-market.

Ho acquired the shares for a total consideration of A14,750, providing an average entry price of 0.295.

He now holds 300,000 shares in addition to 1.6 million performance rights.

Highlighting the progress being made by Greenland Minerals and Energy, the company recently closed an oversubscribed capital raising of 15 million to finalise the move to 100% ownership of the Kvanefjeld multi-element project.

The project is recognised as one of the world's largest resources of heavy and light rare earth elements and uranium.

The Kvanefjeld Prefeasibility Study has indicated the clear potential for the project to be developed as a longlife, costcompetitive producer of heavy and light rare earth elements, uranium oxide and zinc.

Greenland Minerals and Energy is continuing to optimise the Kvanefjeld project, and focus on completing a mining licence application.

 






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