Yangibana Resource Update

RNS Number : 3773U

Rare Earth Minerals PLC

17 January 2017

 

Rare Earth Minerals Plc.

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

Yangibana Resource Update

Rare Earth Minerals Plc (AIM/ISDX: REM; OTC: REMMY)) is pleased to report that Hastings Technology Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Neodymium Project ("Yangibana") in Western Australia, has announced an updated Mineral Resource Estimate for Yangibana. The full Hastings news release is available at: http://hastingstechmetals.com/images/asx_latest/HAS-20170116-Resource_Upgrade_Including_First_MeasuredFINAL_FINAL.pdf 

The Hastings releases also contains information on areas and licenses which REM has no interest. A plan of the tenements and ownership of the various resource domains is available at:  http://www.rareearthmineralsplc.com/files/7314/5804/6456/Yangibana_License_Map_and_Pit_Design.pdf 

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 Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North. The gross and net attributable mineral resources to REM are set out below.

Table 1- Joint Venture properties, JORC Resource. Operator is Hastings

Gross
Mineral Resource Category	Tonnes	Grade		Contained Metals (metric tonnes)
Indicated	Million tonnes	% TREO	% Nd2O3+Pr2O3	TREO	% Nd2O3+Pr2O3
Yangibana North	2.102	1.58%	0.42%	33,212	8,828
Bald Hill North	0.123	1.00%	0.43%	1,230	529
Sub-Total	2.225	1.55%	0.42%	34,442	9,357
Inferred
Yangibana North	0.377	1.48%	0.40%	5,580	1,508
Bald Hill North	0.194	0.96%	0.39%	1,862	757
Gossan, Lion's Ear, Hook and Kane's Gossan	1.82	1.33%	0.34%	24,206	6,188
Sub-Total	2.391	1.32%	0.35%	31,648	8,453
Total	4.616	1.43%	0.38%	66,090	17,541
Net attributable (30%)
Mineral Resource Category	Tonnes	Grade		Contained Metals (metric tonnes)
Indicated	Million tonnes	% TREO	% Nd2O3+Pr2O3	TREO	% Nd2O3+Pr2O3
Yangibana North	0.631	1.58%	0.42%	9,963	2,649
Bald Hill North	0.037	1.00%	0.43%	369	159
Sub-Total	0.668	1.55%	0.42%	10,332	2,807
Inferred
Yangibana North	0.113	1.48%	0.40%	1,674	452
Bald Hill North	0.058	0.96%	0.39%	559	227
Gossan, Lion's Ear, Hook and Kane's Gossan	0.546	1.33%	0.34%	7,262	1,856
Sub-Total	0.717	1.32%	0.35%	9,494	2,536
Total	1.3848	1.43%	0.38%	19,827	5,262

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

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]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
James Bavister
Square1 Consulting	[phone]
David Bick
Brian Alexander

About Rare Earth Minerals:

Rare Earth Minerals invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Rare Earth Minerals board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. REM's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Rare Earth Minerals are major shareholders of the Sonora Lithium Project in northern Mexico and the Cinovec Lithium and Tin Project in the Czech Republic. Rare Earth Minerals portfolio also includes significant lithium-based investments the USA, Australia and Namibia. The Mexican and Czech deposits have published Indicated and Inferred Mineral Resources of 11.3 million tonnes of Lithium Carbonate Equivalent.

Glossary:

Indicated Mineral Resource	That part of a mineral resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
Inferred Mineral Resource	That part of a mineral resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling.
TREO**	The sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).
JORC	Joint Ore Reserves Committee. The Joint Ore Reserves Committee produces the JORC Code: a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves.
Nd2O3	Neodymium(III) oxide
Pr2O3	Praseodymium(III) oxide

 

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