Last checked at 4 Sep 2013 07:00
4 September 2013
Rare Earth minerals plc
("Rare Earth Minerals", "REM" or "the Company")
Mexico Lithium Joint Venture Update - 60% Increase in Area of Concessions
Rare Earth Minerals (AIM: REM) is pleased to announce that it has today been informed by its joint venture partner Bacanora Mineral Ltd ("Bacanora") that additional concessions, contiguous with the existing Fleur and El-Sauz concessions the ("Existing Concessions") that contain the Fleur-El Sauz Lithium deposit in northern Mexico, have been staked and mineral rights secured.
The acreage under the Joint Venture has as a result been increased by approximately 60% from 3,305 hectares to 5,325 hectares.
The new total of 5,325 hectares of concessions, are the subject of a joint venture between Bacanora and REM, pursuant to which REM has given notice to increase its interest in the joint venture from 10% to 30% and has a first right of refusal to negotiate a deal to further increase its interest in the joint venture to 49.9%.
These new concessions cover strategic ground to the east and north of the Existing Concessions where it is believed that the Lithium-bearing clay units within the Existing Concessions identified by the stage 1 drilling programme may extend down-dip and eastward.
David Lenigas, the Company's Chairman commented:
"The Company is excited that the Joint Venture has been able to secure these additional concessions that have significantly increased the area of mineral rights around the Fleur-El Sauz Lithium Project by 60% and in so doing, importantly restricts access by potential competitors to the general project area.
"The newly acquired concessions provide a solid opportunity for further increasing the lithium resources on the Joint Venture lands, which have been calculated to contain a gross inferred resource of 1,782,000 tonnes of lithium carbonate at a 1,000 ppm Li cut-off."
For further information please contact:
Rare Earth Minerals Plc www.rareearthmineralsplc.com
David Lenigas, Chairman
+44 (0) 207 440 0640
NOMAD - WH Ireland Ltd.
James Joyce/Nick Field
+44 (0) 207 220 1666
PR - Pelham Bell Pottinger
Charlie Vivian/ Weston Macklem
+44 (0)20 7861 3232