StockMarketWire.com - Pre-tax losses at Bluejay Mining rose to £785,377 in the six months to the end of June - up from £380,724 last time.

Bluejay raised £3.5 million via an oversubscribed placing of new shares in June and had a net cash balance of £5,761,518 compared with £425,046 a year ago.

Chief executive Roderick McIllree said: "Our Pituffik titanium project in Greenland is an exceptional deposit in the heavy mineral space.

"The unique erosion and depositional environment has led to the formation of what is now independently verified and recognised as the highest-grade ilmenite mineral sand project globally.

" Having the entire resource derived from the same source rock means the ilmenite is chemically homogenous from one end of the licence to the other, a total strike length of more than 30km.

"The local deposition and high concentration factors provide competitive advantage with respect to material movement and throughput at the processing level.

"This combined with the un-weathered state of the ilmenite, low impurity levels and smaller front-end capital costs all add to the natural advantages we have with this deposit."








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