AEX Gold Inc says significant progress is underway for revised development plan

Inc () () has told investors that “significant progress is underway” as it continues to review the Nalunaq mine project’s development plan.

In an update following a decision in February to defer development whilst Coronavirus travel restrictions are in place, the company reported that a short period of consultation with shareholders found a high level of support and widespread acceptance of the board’s decision.

The company noted that it has engaged global mining consultant Ausenco to conduct a thorough, independent, review of all technical aspects of the mine development.

This review is expected to determine what amendments may be needed to the plan and schedule, and, also allow the board to present a revised plan to shareholders.

A revised plan would also address costs and any potential further capital requirements, along with an assessment of how the company can meet them, the company said. AEX added that the company will report its revised plan to shareholders as soon as reasonably practicable.

“I am very conscious that our shareholders are keen for an update on our Nalunaq development plan, and especially our capital position,” said Eldur Olafsson, AEX CEO. “I am pleased to be able to report that significant progress is underway, with multiple workstreams involving the board, the executive team, third party providers and our external advisors.

“We continue to focus all our efforts on the very tangible and valuable prize of our wider portfolio in Greenland and of Nalunaq in particular.”

He added: “I am extremely grateful for the support shown recently by so many of our significant shareholders, and on behalf of the board would like to strongly reiterate our determination to realise the maximum possible value from our significant portfolio of assets.”