Update - Yangibana Rare Earths Element Project

RNS Number : 0788Z

Rare Earth Minerals PLC

08 December 2014

 

8 December 2014

Rare Earth Minerals Plc.

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

 Update - Yangibana Rare Earths Element Project.

Commencement of Pre-Feasibility Study.

Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Element ("REE") joint venture ("Yangibana") in Western Australia, have announced that they will commence the Pre-Feasibility Study of the Yangibana Rare Earths Project after successfully raising AU$6.5million with a potential additional AU$2million funding through a Share Purchase Plan.

The full Hastings news release dated 8 December 2014 is available at:

http://www.asx.com.au/asxpdf/20141208/pdf/42vb45sp05bnpq.pdf

David Lenigas, The Company's Chairman, comment;

"The funding of Yangibana ensures that the Yangibana REE Project can be advanced to the next phase of mine development. REM is 30% free carried to Bankable Feasibility Study on the Yangibana Joint Venture we strongly believe in the quality of the resource and the underlying economic viability of the project"

Details of Ownership:

On the 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. Therefore the exploration costs until the commencement of the BFS are borne solely by Hastings Rare Metals Limited (70% owners and operator).The same terms agreed and announced on 1 December 2012 also apply to five out of the seven additional targets to be drilled which includes Lion's Ear, Hook, Gossan, Kane's Gossan, and Yangibana South.

Glossary:

·     TREO is the sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).

HREO is the sum of the oxides of the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y).

CREO is the sum of the oxides of neodymium (Nd), europium (Eu), terbium (Tb), dysprosium (Dy), and yttrium (Y) that were classified by the US Department of Energy in 2011 to be in critical short supply in the foreseeable future.

LREO is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm).

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Joint Broker)                               [phone]

James Joyce

Mark Leonard

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

END

 

 

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