Yangibana Update

RNS Number : 9458P

Rare Earth Minerals PLC

26 August 2014

 



26 August 2014

Rare Earth Minerals Plc.

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

Yangibana Update.

Further REE Results and Larger Drilling Programme.

Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earth Element Project ("Yangibana") in Western Australia, have announced the latest assay results for rare earth elements from the Yangibana and the new 6,500 metre drill programme.

The full Hastings news release date 25 August 2014 (including maps) is available at:

http://www.asx.com.au/asxpdf/20140825/pdf/42rq4x0x2q3k9z.pdf

Highlights (from Hastings News Release):

·     Stage 2 drilling of 6,500m commences at Yangibana.

·     Yangibana North JORC resource to be further tested along strike and at depth.

·     Seven additional prospective targets to be drilled.

·     Programme of Work approved for proposed drilling.

·     Heritage Site Clearance completed.

·     Reverse circulation and diamond drilling to be undertaken in Q3/Q4 2014.

Summary (from Hasting News Release):

The targets to be tested during Q3/Q4 2014 are all within 100m of surface and most are much shallower. On completion of the planned drilling programme of around 6,500m, it is expected that an Inferred Resource estimate will be feasible at each prospect. The Inferred Resources are also expected to remain open in all directions.

Details of Ownership:

On the 1 December 2012 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.

David Lenigas, REM's Chairman, commented:

"We are seeing some excellent surface sampling results for TREO's on some of the new Prospects on the Yangibana tenements, with grades now recorded up to 128,000 ppm (12.8%) TREO and 21,900 ppm (2.19%) Nd₂0₃ (neodymium oxide) at the Lion's Ear Prospect."

"We are particularly pleased with the quantities of neodymium, a Critical Rare Earth Oxide ("CREO"), which is critical for the manufacturing of Permanent Magnets (wind and power turbines), electronic components (heat resistant ceramics) and rechargeable consumer batteries."

Glossary:

·     ppm - parts per million. 10,000 ppm equals 1%.

·     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

Nick Field

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

END

 

 

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