Last checked at 6 Dec 2011 07:00
Rare Earth minerals plc
Acquisition of Interest in Greenland Minerals and Energy
Rare Earth Minerals (AIM: REM) is pleased to announce that it has acquired 1.27m shares in Greenland Minerals and Energy Ltd ('Greenland Minerals'), the ASX listed company .The shares were acquired for cash through the market and the purchase consideration was £515,427 and represent approximately 0.31% of the share capital of Greenland Minerals.
Greenland Minerals and Energy Ltd, is a mineral exploration and development company, focused on unlocking the mineral riches of Greenland, one of the world's last natural resource frontiers. Its flagship project is Kvanefjeld, a giant multi-element deposit (Rare Earth Elements-uranium-zinc) located near the southwest tip of Greenland. Pre-feasibility indicate that the vast resources could sustain a large-scale, economically-robust mining operation.
Greenland Minerals announced a JORC compliant resource update on the Kvanefjeld project with a total resource of 619 Mt including an indicated resources of 437 Mt (U3O8 cut-off 150 ppm). Total resource contained metal inventory is 6.6 Mt TREO (Total Rare Earth Oxide - including 0.24 Mt heavy REO, 0.53 Mt Y2O3), 350 Mlbs U3O8 and 1.36 Mt Zn. Near surface, higher grade zones were defined (350 ppm U3O8 cut-off), including 122 Mt @ 1.4% TREO (0.05% heavy REO, 0.12% Y2O3) and U3O8 resource of 404ppm.
This is the Company's third investment following the announcement last week of the acquisition of a 30% interest in the Yangibana project in Western Australia and the acquisition of the 51% interest in the Cup Lake project in Canada in May 2011. The Company has now implemented the investment policy adopted by shareholders in November 2010 and it is currently reviewing further opportunities in the Rare Earth sector.
David Lenigas, Rare Earth Minerals Director and CEO states;
"This investment in Greenland Minerals , following on from our other two investments provides us with a good spread of exposure to the Rare Earth mineral sector. We will continue to review a number of attractive opportunities as we seek to expand our portfolio.''
For further information please contact:
Rare Earth Minerals Plc
David Lenigas, Director
+44 (0) 207 440 0640
W.H. Ireland
James Joyce
+44 (0) 207 220 1666