Exploration

Greenland Ruby

Near Mine Exploration

The Aappaluttoq deposit remains open at depth and along strike. An exploration drilling campaign will be initiated in due course; this will target the Aappaluttoq Deep (area below the current 65m mine-plan) and areas within the mine area that are classed as ‘inferred resources’ (109 million carats). The upgrading of this resource into the mine-plan will have positive effects on overall profitability and will better reflect what the mines true value.

The 2014 exploration budget for Greenland has focusing on mine-site exploration and resource conversion to help further identify future reserves and assess the resource potential of other advanced exploration sites across the large exploration property.

Regional Greenland Exploration

Outside of the Aappaluttoq mining area, a number of new exploration targets will be tested in 2014. These include the newly acquired Maniitsoq Exploration Licence, located 400km North of the Aappaluttoq site. This new licence overlies areas with historical surface expressions of blue sapphire and sapphirine. The company expect to complete a small ground exploration program on this licence over the course of the summer.