Pre-Feasibility Update on the Cinovec Project

RNS Number : 1770E

Rare Earth Minerals PLC

14 July 2016

 

Rare Earth Minerals Plc

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

Pre-Feasibility Update on the Cinovec Lithium - Tin Project

Rare Earth Mineral Plc (AIM: REM; OTC: REMMY) is pleased to report that European Metals Holdings Limited ("EMH"), in which REM owns a 16.4% shareholding, has provided an update on the progress of the pre-feasibility study ("PFS") at the Cinovec Lithium- Tin Project ("the project" or "Cinovec"). The full EMH announcement can be found at: http://europeanmet.com/assets/AIM_-_14_July_2016_-_EMH_-_Pre-Feasibility_Update.pdf

Highlights:

·     The PFS is well underway with the following milestones met:

§ Recruitment of key members of the team including the Project Manager, Andrew Smith and a selection of owner-team consultants for the metallurgical studies.

§ Lead engineering, metallurgy, mining and geological consultant now short-listed or appointed.

§ Metallurgical test work to support the PFS is well underway at a number of leading technology centres across the globe. Inclusive of large scale (300kg) bench scale test work.

§ Preliminary analysis regarding a re-design of the mining process to access the high-grade areas of the deposit provides strong indications of a positive impact on the economics of the project.

§ Drilling - third rig on site which has commenced drilling as part of a 7,500m programme.

Kiran Morzaria, Chief Executive of REM, commented:

"These are exciting times in the development of the Cinovec project the progress being mined across all disciplines is highly encouraging for the future development of this strategic European lithium and tin asset. We look forward to reporting on the progress over the coming months."

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

Brain Alexander

 

END

 

 

MSCLIFFDDRISLIR