Increase in ownership of Mexico Lithium Project

RNS Number : 4608M

Rare Earth Minerals PLC

27 August 2013

 



27 August 2013

Rare Earth minerals plc

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

Increase in ownership of the Mexico Lithium Project to 30%

Rare Earth Minerals (AIM: REM) has formally advised Bacanora Minerals Ltd ("Bacanora") that it is exercising its Option under the formal Joint Venture Agreement to move to 30% ownership of the Fleur-El Sauz Lithium Project in northern Mexico.

Under the formal Agreement, REM will now pay Bacanora US$500,000 and commit to spending US$1 million on further exploration and drilling expenses over the next 6 months.

REM still has a first right of refusal, under the agreement, to negotiate terms with Bacanora to increase its holding in the Joint Venture to 49.9%.

David Lenigas, the Company's Chairman commented:

"The Company is looking forward to releasing the maiden resources at the Fleur-El Sauz Lithium Project in Mexico. The election to proceed from 10% ownership of this Project to 30% is an important step forward for REM."

For further information please contact:     

Rare Earth Minerals Plc                                                              www.rareearthmineralsplc.com 

David Lenigas, Chairman                                                           

[phone]                                                                

 NOMAD - WH Ireland

James Joyce/Nick Field

[phone]

PR - Pelham Bell Pottinger

Charlie Vivian/ Weston Macklem

[phone]

 

END

 

 

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