Yangibana Update

RNS Number : 2221F

Rare Earth Minerals PLC

10 November 2015

 

Rare Earth Minerals Plc.

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

Yangibana Update

Rare Earth Mineral Plc (AIM: REM) notes 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 announced  an updated Scoping Study that  includes licenses owned by the joint venture. The full Hastings news release dated 10 November 2015 is available at: http://www.asx.com.au/asxpdf/20151110/pdf/432vk5w6k7ldzg.pdf.

It should be noted that the Hastings release and the scoping study is based on resources at the Yangibana North Licence ( a JV asset in which REM has a 30% interest) notified on 6 October 2015 but also on Bald Hill South, Fraser's and Yangibana West in which REM has no interest.

The Scoping Study does not identify any net present value separately for the JV asset of Yangibana form the licence areas in which it does not have an interest.

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. .

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.

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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                                                                         [phone]

David Bick

Mark Longson                                             

 

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