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FinnAust acquires two projects in Greenland

Aim-listed FinnAust Mining will significantly increase its land position in Greenland through the proposed acquisition of mineral exploration company Avannaa. The company has agreed to acquire the entire issued and to be issued share capital of Avannaa from Capricorn Oil, a subsidiary of Cairn Energy, for £500 000. Two of Avannaa’s projects, Disko and Kangerluarsuk, appear to have high-tonnage and high-grade base metal potential.