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Greenland Minerals And Energy MD Rod McIllree Continues Share Purchases

Greenland Minerals and Energy's (ASX: GGG) managing director Roderick McIllree has increased his stake in the company further with the on-market purchase of another 50,000 shares for a total consideration of A$14,750.

The shares were acquired at an average entry price of $0.295, raising McIllree's shareholding to over 12 million shares.

Besides the shares, he also holds 2.8 million performance options in three tranches and 2.7 million performance rights, also in three tranches.

Under McIllree's leadership over the past six years, the international profile of the company's Kvanefjeld multi-element project in Greenland has been raised to where it is recognised as one the world's largest mining operations of both heavy rare earths and uranium.

Demonstrating the strong support for the company and the Kvanefjeld project, Greenland recently closed a $15 million capital raising oversubscribed to fund the move to full ownership of the project.

A Feasibility Study for Kvanefjeld project is currently underway and is scheduled for completion in 2013.

An earlier Pre-Feasibility Study has already indicated the potential for Kvanefjeld to be developed as a long‐life, cost‐competitive producer of heavy and light rare earth elements (REEs), uranium oxide and zinc.

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