FinnAust Mining Plc (LON:FAM) successfully completed the reverse takeover of London AIM listed, Centurion Resources Plc (Centurion) with readmission to the London AIM on 2 December 2013.
Centurion were selected as a suitable reverse take-over vehicle as the company was an existing AIM listed European resource exploration company with a copper asset in Austria.
Centurion was renamed FinnAust Mining Plc (“FinnAust”) with Western Areas holding a majority shareholding in the enlarged entity.
The FinnAust board consists of three directors, including Graham Marshall as the Chairman of the Board.
In Greenland, FinnAust is exploring the Pituffik Titanium Project, which includes a very large and unusually pure titanium occurrence. Work to date indicates potential for Pituffik to be in the top percentile of projects worldwide in terms of heavy mineral grade, and this has been independently verified.
FinnAust’s strategy is focused on the production of a bulk sample "proof of concept" from the Pituffik Project with the aim of ultimately generating cash flow to create a company capable of self-funding exploration on future acquisitions.
In Finland FinnAust has a very experienced in-country exploration team, managed by its Chief Operating Officer, Mr Urpo Kuronen, which is focused on advancing its projects.
FinnAust is exploring for high-grade magmatic copper and nickel sulphide deposits as well as copper-lead-zinc VMS-style deposits. FinnAust is exploring the, Outokumpu, Kelkka and Hammaslahti projects, these are at an advanced stage of exploration having already invested significantly in exploration to date, This has been achieved through the utilisation of advanced and innovative ZTEM geophysical technology and drilling over the past years. The projects are located in a prolific geological belt, which includes the famous Outokumpu Copper mine and other high grade copper and gold mines.
In Austria FinnAust holds the Mitterberg Copper Project, a previously producing mine in the Mitterberg district of Salzburg, Austria. The project, which is comprised of 47 licences over 33 sq km, sits in the Mitterberg district, which arguably contains the largest copper concentration in the Eastern Alps.