REM increases strategic holding in Bacanora

RNS Number : 0164J

Rare Earth Minerals PLC

06 June 2014

 



6 June 2014

Rare Earth Minerals Plc.

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

REM increases strategic holding in Bacanora Minerals to 11.27%

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 11.27% from the previously reported 10.18% through further on-market purchases totalling £328,200.

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 37.89% and a total economic interest in Megalit of approximately 20.14%.

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"

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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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