Update on Macarthur Minerals

RNS Number : 0072E

Rare Earth Minerals PLC

13 July 2016

 

Rare Earth Minerals Plc

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

Update on Macarthur Minerals

Rare Earth Minerals Plc (AIM: REM; OTC: REMMY)) is pleased to report that Macarthur Minerals ("Macarthur") in which REM owns a 15.5% shareholding, has entered into a new conditional farm-in agreement. The full Macarthur announcement can be found at:

http://web.tmxmoney.com/article.php?newsid=5599185933253134&qm_symbol=MMS

Macarthur announced that it has agreed to enter into a conditional binding memorandum of understanding for a Canadian lithium company to farm in for an initial 51 per cent interest in Macarthur's Australian lithium acreage at Ravensthorpe, covering an area of 91 square kilometres, for a minimum expenditure of A$2 million.

The Ravensthorpe acreage, at its closest point, is approximately 7 kilometres from the Mount Cattlin Lithium Project, which is currently mining and processing spodumene and tantalum concentrate near Ravensthorpe in South Western Australia with targeted production of approximately 150,000 tonnes for 2017.

Kiran Morzaria, Chief Executive of REM, commented:

"Macarthur Minerals continues to make rapid progress on the Ravensthorpe The farm-in is the latest evidence of that."

Qualified Person:

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance).

- Ends -

For further information, please contact: 

Rare Earth Minerals plc

Andrew Suckling                                                                                                                                  [phone]

Kiran Morzaria                                                                                                                                 [phone]

WH Ireland Limited (NOMAD & Broker)                                                                              [phone]

James Joyce

Mark Leonard

Square1 Consulting                                                                                                                       [phone]

David Bick

Brian Alexander

 

END

 

 

MSCZMGMNZZRGVZZ