Last checked at 4 Feb 2013 07:00
4th February, 2013
Rare Earth Minerals Plc
("REM" or the "Company")
REM applies for Greenland Rare Earth Licence
REM advises that it has applied directly with the Bureau of Minerals and Petroleum in Greenland for a strategic 38 sq km mineral exploration licence to explore for Rare Earth Minerals. The licences' north east boundary is approximately 500m from the Kvanefjeld rare earth element, uranium and zinc deposit.
The exploration licence application area immediately abuts the exploration licence owned by Greenland Minerals and Energy (ASX: "GGG") which hosts the Kvanefjeld rare earth element, uranium and zinc deposit. Kvanefjeld plus two other of GGG's associated deposits in the Ilimaussaq Complex have JORC compliant Inferred and Indicated resources that total 956 Mt at 1.08% Total Rare Earth Oxides, 273 ppm U3O8 and 2,351 ppm Zn at a cut-off grade of 150 ppm U3O8. The project is currently undergoing a Feasibility Study for the Kvanefjeld deposit.
The application area became available at the very end of 2012 and REM sees this acquisition opportunity as a strategic move to potentially own exclusive mineral exploration rights on the acreage immediately to the west of the Kvanefjeld Deposit.
The area is located immediately to the north of the town of Narsaq which in turn is easily accessible from the nearby international airport at Narsarsuaq. Therefore access to the area is relatively straightforward and benefits from good local infrastructure which should aid future exploration activities.
The Company will update the market on the status of its application in due course.
David Lenigas, REM's Executive Chairman commented; "This is a very strategic block in Greenland as it immediately abuts the world class Kvanefjeld rare earth/uranium/zinc deposit. We have been active in Greenland for some time securing acreage around the Greenland Minerals rare earth oxides deposits."
"We see this whole regional play as becoming more valuable as GGG gets closer to completing their feasibility study."
Enquiries :
Rare Earth Minerals plcDavid Lenigas, Director
+44 (0) 207 440 0640W.H. IrelandJames Joyce
+44 (0) 207 220 1666
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