Update on Yangibana Rare Earths Element Project

RNS Number : 8539V

Rare Earth Minerals PLC

12 August 2015

 

Rare Earth Minerals Plc.

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

Update on Yangibana Rare Earths Element Project

Rare Earth Mineral Plc (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Elements ("REE") Project ("Yangibana") in Western Australia, has made an announcement on ASX. The announcement confirms continuous mineralisation over 0.9km in Yangibana North in which REM has a 30% interest  (ML09/169, Hastings 70%: REM 30%). The full Hastings news release dated 12 August 2015 is available at: http://www.hastingsraremetals.com/wp-content/uploads/2015/08/11-August-2015-Continuous-Mineralisation-Yangi-West-Yangi-North-FINAL.pdf. The full Hastings release also contains information on Yangibana West in which REM has no interest.

HIGHLIGHTS 

·      Continuous rare earths-bearing ironstone now intersected 0.9km in Yangibana North (ML09/169, Hastings 70%:REM 30%).

·      Best recent intersections Yangibana North include:

o  3m at 3.22%TREO including 0.98% Nd₂O₃-Eq

o  6m at 1.63%TREO including 0.56% Nd₂O₃-Eq

·      Mineralisation remains open along strike and at depth.

Details of the Yangibana North intersections from the Hastings release are contained in the following table.

Hole	From	To	Int	%TREO	%Nd2O3-Eq
YWRC001	4	9	5	1.59	0.54
YWRC002	18	21	3	1.57	0.48
YWRC005	3	6	3	3.22	0.98
YBRC065	0	6	6	1.63	0.56
YBRC069	1	5	4	1.81	0.59
YBRC072	16	18	2	1.81	0.60

Details of Ownership:

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Bald Hill North, Kane's Gossan, Hook, Lion's Ear and Gossan.

David Lenigas, The Company's Chairman, commented;

"The Yangibana REE project in Australia continues to improve in scale and the results from Yangibana North will help further define the already 3.46 million tonnes at 1.73% TREO of indicated and inferred resource at the site."

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) from CASS Business School.

- 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                                                                       [phone]

David Bick

Mark Longson                                             

 

END

 

 

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