230% Increase in JORC Resources at Yangibana

RNS Number : 7095W

Rare Earth Minerals PLC

11 November 2014

 



Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

230% Increase in JORC Resources at Yangibana Project

Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Element Project ("Yangibana") in Western Australia, announced a significant increase (+230%) in the JORC compliant resources of Rare Earths Oxides at its Yangibana Project in the Gascoyne Region of Western Australia.

The full Hastings news release is available at:

http://www.asx.com.au/asxpdf/20141110/pdf/42tm69k4qx6bxm.pdf

Highlights (from Hastings News Release):

·     Total project resources significantly increased by 230% from 45,000 contained tonnes of Total Rare Earths Oxides (TREO) to 103,000 contained tonnes.

·     Total project resources contain approximately:-

·     23,500 tonnes of Nd2O3

·     6,600 tonnes of Pr2O3

·     360 tonnes of Dy2O3, and

·     625 tonnes of Eu2O3

·     Improved geological understanding allows increase in grade at Yangibana North from 1.34% TREO to 1.73% TREO.

·     First JORC resource estimated for seven prospects including Indicated Resources at Bald Hill South.

·     New high quality aerial photography shows continuity of 12km (only 2.3 km have been drilled to date) of mineralisation between the western end of Yangibana North and the eastern end of Kane's Gossan, indicating significant potential for additional shallow mineralisation to be encountered.

·     Calculation of neodymium oxide equivalents (Nd2O3-Eq) allows improved ranking of prospects.

·     Total resources contain approximately 47,000 tonnes of Nd2O3-Eq.

·     Scoping Study commences to assess initial economic viability of mining the resources.

·     Current prices for the identified rare earths elements are included in the Hastings news release.

David Lenigas, the Company's Chairman, commented:

"Yangibana continues to show excellent promise as a potential new source of valuable rare earths elements, in a market that is principally controlled by the Chinese manufacturers. We look forward to the results of the Scoping Study currently underway."

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                     [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Joint Broker)                               [phone]

James Joyce

Mark Leonard

Hume Capital plc (Joint Broker)                                                       [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

END

 

 

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