Increase in holding in Bacanora Minerals to 10.18%

RNS Number : 8576H

Rare Earth Minerals PLC

22 May 2014

 



22 May 2014

Rare Earth Minerals Plc.

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

REM increases strategic holding in Bacanora Minerals to 10.18%

Rare Earth Minerals (AIM: REM) announces that it has now increased its shareholding in its joint venture partner in the Sonora Lithium Project in Mexico, Bacanora Minerals Limited ("Bacanora"), to 10.18% from the previously reported 9.4% through further on-market purchases totalling £203,000.

This interest, when aggregated with REM's 30% direct interest in the Fleur- El Sauz Lithium Joint Venture and the 10% direct interest in the 94,000 hectare Megalit Joint Venture, results in a total economic interest in Fleur- El Sauz of approximately 37.12% and a total economic interest in Megalit of approximately 19.16%.

David Lenigas, The Company's Chairman, commented:

"We continue to steadily increase our strategic shareholding in Bacanora Minerals, as we seek to increase REM's exposure to the Sonora Lithium Project in Mexico.

The 10% shareholding is an important threshold in Canada, where Bacanora is listed, and as such REM will now be required to file and release an Early Warning Report on Bacanora's Canada Exchange."

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For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

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

James Joyce

Nick Field

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick                                                                                           [phone]

Mark Longson

 

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