Update on Mexico Investments

RNS Number : 2381G

Rare Earth Minerals PLC

02 March 2015

 



2 March 2015

Rare Earth Minerals Plc.

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

Update on Mexico Investments.

Rare Earth Minerals Plc (London AIM: REM) notes the release of the interim results of Bacanora Minerals Ltd ("Bacanora") today. REM has a 14.48% interest in Bacanora, the 100% owners of the La Ventana Lithium Project at the Sonora Lithium Project in northern Mexico and REM's 70% joint venture partner in Megalit S.A de CV (the company holding the Buenavista, Megalit and San Gabriel concessions) and Mexalit S.A de CV (the company holding El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions). REM has a direct 30% interest in Megalit S.A de CV and Mexalit S.A de CV.

The Company is pleased to announce the following highlights:

HIGHLIGHTS OF THE BACANORA PRESS RELEASE

·     Advancing fully funded Pre-feasibility activities on the Sonora lithium project, which include:

·        15 hole drill programme commenced at the La Ventana lithium project, designed to underpin the mine design.

·        working with key industry consultants to design a full scale lithium plant and mining operation, capable of producing up to 50,000 tonnes per annum of lithium carbonate.

·     24 holes drilled at Beunavista during the period and a further drilling on the northern portion of the deposit being considered.

·     Assessing the feasibility of boric acid production with a pre-feasibility study underway at the El Cajon Borate concession at Magdalena.

·     Strong cash position on CAD$ 11.9 million and exploration expenditure of CAD$ 1.1 million.

The full Bacanora news release relating to their Interim Results for the six months ended 31 December 2014 is available at:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12265384.html

David Lenigas, the Company's Chairman, commented: 

"We are pleased with the continued progress at the Sonora lithium project. With the planned work highlighted in these results, we could see further expansion in the lithium mineral resource and in addition the finalisation of key economic drivers required for the pre-feasibility study over the Sonora lithium project."

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                    [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)                                         [phone]

James Joyce

Mark Leonard

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

END

 

 

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