Last checked at 10 Feb 2014 07:00
10 February 2014
RARE EARTH MINERALS PLC
("Rare Earth Minerals", "REM" or "the Company")
Mexico Lithium Project Update
Rare Earth Minerals PLC (AIM: REM) is pleased to announce significant progress on the Fleur Sauz Lithium Project in northern Mexico.
Highlights:
· Stage 2 drilling programme completed.
· Drill rig retained for further drilling to infill the current Lithium resource and extend the resource further in preparation for the pre-feasibility study.
· Metallurgical pilot plant due to be commissioned in 6 weeks and the JV is optimistic of successfully achieving battery grade Lithium Carbonate.
· Drilling is now planned to test the new Megalit Concession.
David Lenigas, The Company's Chairman, commented:
"REM are pleased that the drill rig has been retained in Mexico to continue to test for the limits of the Lithium mineralisation in this new Lithium Province. The Stage 2 drilling programme has proved very successful and should add significant value to the Fleur Sauz Lithium Project when all the results are received and factored in to the pre-feasibility study within the coming months."
"REM is also pleased that the metallurgical recovery test work is progressing well and that the recovery of battery grade Lithium Carbonate is now considered achievable."
Fleur Sauz Lithium Project Update:
Drilling:
Bacanora Minerals Limited has advised that the Stage 2 drilling programme has now been completed on the Fleur Sauz joint Venture lands.
Due to the success of the Stage 2 drilling programme, the drill rig has been retained for an infill drilling programme in the southern portion of Sauz claim over the next month with about 1,000 metres of core-drilling in 5 to 6 holes in order to upgrade the resources from the inferred to indicated category in preparation of the pre-feasibility study.
Drilling activities will then move to the new Megalit Concession in the southernmost recognized drill target called Perdices-Peñasco area, which is located about 7 km south of Sauz on the Megalit claim.
A trenching program will commence shortly in the Buenavista claim area, where >1,300 ppm Lithium grades have now been obtained in surface samples on a +40 m thick clay sequence exposed in the south-central portion of the claim.
Metallurgy Update:
Due to the encouraging results of the bench-scale test work, the construction of the Lithium Carbonate pilot plant has begun and is expected to be operational in approximately 6 weeks. Test work is also being conducted in parallel by Inspectorate in Canada and results from both facilities will be certified by Inspectorate.
Results to date from work carried out in our pilot plant and by Inspectorate at their facility in Vancouver, Canada, have been very encouraging and the goal of producing battery grade lithium carbonate is now considered as achievable.
- Ends -
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) 20 7220 1666
James Joyce
Nick Field
XCAP Securities plc (Joint Broker) +44 (0) 207 101 7070
Guy Peters
Jon Belliss
Square1 Consulting
David Bick +44 (0) 207 929 5599
Mark Longson