Last checked at 23 Sep 2014 07:00
23 September 2014
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Increase in strategic holding in Nevada Lithium Company.
Rare Earth Minerals (AIM: REM) announces that it has increased its shareholding in Nevada based Western Lithium USA Corporation ("WLC" or "Western Lithium") from 2.29% to 3.02%.
WLC announced on the 8 September 2014 that it has commenced calcination of its lithium clays at its pilot plant facility in Germany to demonstrate the viability of extracting lithium on a large scale from its lithium-rich clay deposit in Kings Valley, Nevada.
WLC also stated on the 8 September 2014, that it will now include a lithium hydroxide circuit to its planned production of lithium carbonate, to meet potential new industry requirements. WLC also stated that it is planning for annual production of up to 26,000 tonnes per year of lithium carbonate equivalent (LCE) which would meet lithium demand for between 500,000 to over 1 million electric cars.
David Lenigas, the Company's Chairman commented:
"REM sees that lithium hydroxide is emerging as the chemical compound of choice for the growing high end lithium-ion battery market. Lithium hydroxide is fast becoming important for lithium-ion battery manufacturers due to batteries made from this compound having longer life cycles, better power densities and enhanced safety features."
"REM already has a significant interest in the Sonora Lithium Project in Mexico, a similar but higher grade clay based lithium deposit to Western Lithium's Kings Valley Lithium Project, through its 11.9% shareholding in Bacanora Minerals Ltd and a direct 30% shareholding in both the Megalit and Mexalit joint ventures in Sonora."
"REM's interest in both Western Lithium's Kings Valley and Bacanora's Sonora Lithium Projects provides us with exposure to two of the world's largest clay based lithium projects."
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For further information please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
David Lenigas
Kiran Morzaria
WH Ireland Limited (NOMAD & Joint Broker) +44 (0) 207 220 1666
James Joyce
Nick Field
Hume Capital plc (Joint Broker) +44 (0) 203 693 1470
Guy Peters
Jon Belliss
Square1 Consulting
David Bick +44 (0) 207 929 5599
Mark Longson