Hudson Signs Exploitation License and Impact Benefit Agreement in Greenland and Provides Update on Pre-Construction Activities
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 2, 2015) - HUDSON RESOURCES INC. (the "Company") - (TSX VENTURE:HUD)(OTCQX:HUDRF) is pleased to announce that the Government of Greenland, the Qeqqata Municipality and Hudson Resources have now signed the recently approved 30-year exploitation (mining) license and the Impact Benefit Agreement for the White Mountain anorthosite project (see release NR2015-08).
The signing ceremony was held on September 24th at the Greenland School of Minerals and Petroleum in Sisimiut, Qeqqata Kommunia, in front of the mining students and faculty. The agreements were signed by Hermann Berthelsen, Mayor of the Municipality of Qeqqata, the Minister of Finance and Resources, Anda Uldum, the Minister for Industry, Labour and Trade, Vittus Qujaukitsoq and James Tuer, the president of Hudson. The Ministers were included via a video link from Nuuk, Greenland's capital. Links to the event are provided below.
James Tuer, Hudson's President, stated, "The signing of these documents represents a major accomplishment for the Company as we work towards putting the project into production. It is very satisfying to witness the level of support and enthusiasm that this project has received from the local communities. Having the signing ceremony in the mining school surrounded by the students was a special moment and reflects the importance of this mine to Greenland. We now have a permitted, low cost project supported by our first long-term purchase agreement. This puts the company in an enviable position in the mining industry given the current challenging commodities market."
The company has been conducting pre-construction activities on site since mid-August. The objective is to prepare the port area by blasting and completing the road that connects the port to the pit. The equipment purchased using the bridge loan (see NR2015-05 dated August 19, 2015) has now arrived on site and is being used for construction activities. Work is expected to continue through to the end of October and start up again in March/April with the objective of completing plant commissioning by the fourth quarter of 2016. Pictures of current construction activities have been added to the Company's website photo gallery.
The White Mountain anorthosite is unique in nature due to the size and purity of the body. When used for the production of E-Glass fiberglass it will allow our customers to lower their CO2 output and operating costs, along with several other attributes that makes it an exceptional feed material.
The White Mountain project is 100% owned by Hudson through its subsidiary, Hudson Greenland A/S. The project is permitted and has a 60M tonne resource of high quality and purity anorthosite, which has applications in the production of E-Glass fiberglass, fillers and coatings, and for the production of alumina.
The Government statement can be read in English on its website here: http://naalakkersuisut.gl/en/Naalakkersuisut/News/2015/09/240915-underskrivelse
Pictures of the ceremony can be found on the Company's website (http://www.hudsonresources.ca/gallery.asp) and in an article in Sermitsiaq, Greenland's primary newspaper (http://sermitsiaq.ag/se-billeder-mineaftale-underskrevet-raastofskolen)
ON BEHALF OF THE BOARD OF DIRECTORS
James Tuer, President
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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Contact
Hudson Resources Inc.
James Tuer
President
604-628-5002 or 604-688-3415
tuer@hudsonresources.ca