REM increases strategic holding in Bacanora

RNS Number : 2987F

Rare Earth Minerals PLC

19 February 2015

 



Rare Earth Minerals Plc.

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

REM increases strategic holding in Bacanora Minerals to 14.37%

Rare Earth Minerals (AIM: REM) announces that it has now increased its shareholding in Bacanora Minerals Limited ("Bacanora"), from 13.30% to 14.37% through further market purchases totaling £547,860.

This interest, when aggregated with REM's 30% direct interest in Megalit S.A de CV (the company holding the Buenavista, Megalit and San Gabriel concessions) and the 30% direct interest in Mexalit S.A de CV (the company holding El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions), results in a total economic interest in each of these companies of 40.06%.

David Lenigas, The Company's Chairman, commented:

"REM believes that 2015 will represent a pivotal year for Bacanora. The work being carried out on the Sonora Lithium project will, we believe, cement this project as globally significant and one that could service a large proportion of the rapidly increasing lithium market. Given the importance of the deposit and as part of our strategy to increase our exposure to the Sonora Lithium Project we have continued to purchase additional shares in Bacanora.

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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                                                                                      [phone]

Mark Longson

 

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