REM increases strategic holding in Bacanora

RNS Number : 8089G

Rare Earth Minerals PLC

12 May 2014

 



12 May 2014

Rare Earth Minerals Plc.

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

REM increases strategic holding in Bacanora Minerals to 8.59%

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 8.59% from the previously reported 6.06% through further on-market purchases totalling £532,000.

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 36% and a total economic interest in Megalit of approximately 17.7%.

David Lenigas, the Company's Chairman, commented:

"REM continues to increase its strategic shareholding in Bacanora and hence its economic interest in both the Fleur-El Sauz and Megalit lithium joint ventures in Mexico, where we are anticipating significant project developments this year."

"By increasing our corporate shareholding in Bacanora, REM now has an 8.56% interest in Bacanora's adjacent La Ventana Lithium Project and their El Cajon Borax Project, which together already have a combined NPV of approximately US$961 million, based on their Preliminary Economic Assessments."

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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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