FinnAust Mining plc provided further detail on work completed during 2015 at the recently acquired 126 sq km Pituffik Titanium Project ('Pituffik') in Greenland. This work focused on better defining areas likely to host economic mineralisation and was undertaken by Bluejay Mining Limited ('Bluejay'), in conjunction with the Geological Survey of Denmark and Greenland ('GEUS'). Highlights include: Pituffik comprises three main target areas along an >80km coastline historically proven to contain large & high-grade accumulations of primary Ilmenite occurring as placer deposits in the following environments: Raised beaches; containing ilmenite accumulations over widths of more than 1km, of unknown depths, along more than 20km of coastline, Active beaches; which refer to the area seaward of the frontal dunes, including the beach, tidal zones and surf zone - historically samples from this area have achieved 70% ilmenite by weight and Drowned beaches; refers to the areas seaward of active beaches; The primary constituent of the Pituffik ilmenite is the metal titanium: Ilmenite is the primary feedstock in the production of all titanium based derivatives which include titanium dioxide ('TiO2'), used primarily as a bulking agent and white pigment for all paint products, has a wide range of uses in the military and defence sectors as well as aeronautical applications including space activities and an emerging and potentially significant driver of titanium consumption will be 3D titanium printing, an application which has seen significant growth over the last five years and has significant commercial application; Seafloor bathymetry and boomer seismic profiling has been conducted over the drowned beaches to map the depth of the water and to profile the sediments accumulated on the sea floor.

The initial survey consisted of >300 line km of wide spaced array followed by an additional 38 line km's of infill and sea floor sampling: Full bathymetry report expected to be published by GEUS in first quarter 2016; Initial on site unprocessed results from the bathymetry and boomer profiling were used to identify targets for offshore sampling programme - 69 samples collected at the drowned beaches up to c.1km from shore prove that the mineralisation runs into the marine environment with full results anticipated in first quarter 2016; Sampling conducted at the active and raised beaches - 171 samples taken across 28km of shoreline with the intertidal, upper tidal and raised terraces targeted with results anticipated in first quarter 2016; Aerial photography completed over the majority of the licence length concentrating on the coast and frontal scarp; GEUS commissioned to define the simplest and most appropriate metallurgical process that may be applicable to concentrate the Pituffik ilmenite into a saleable product in addition to preparing a pure ilmenite concentrate for distribution to potential customers in the next three months; and FinnAust is focused on finalising initial off-take agreements before the end of the year.