Last checked at 25 Jun 2014 09:14
25 June 2014
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Sonora Lithium Project - NI43-101 Technical Report
Rare Earth Minerals Plc (LSE AIM: REM) is pleased to announce that the Company's Joint Venture Partner Bacanora Minerals Ltd ("Bacanora") has filed the Technical Report ("Report") on the updated and reclassified lithium resource in respect of the Sonora Lithium Project.
The Report summarises increases to the resources tonnage and classification that were announced by the Company in its announcement of June 4, 2014. For a summary of those increases, readers are encouraged to refer to the announcement of 4 June or directly to the Report.
The report covers the El Sauz and Fleur mineral concessions, the La Ventana Concessions and the Megalit Concessions.REM's interest in the overall Sonora Lithium Project consist of a 11.27% direct interest in Bacanora, a 30% in the Bacanora subsidiary that owns the El Sauz and Fleur mineral concessions (Joint Venture 1) and a 10% in the Bacanora subsidiary that owns the Megalit mineral concessions (Joint Venture 2). When aggregated the total economic interests are, 37.89% in Joint Venture 1 and 20.14% in Joint Venture 2.
The Report, in compliance with the recognised Canadian Security Administrators' National Instrument 43-101 and CIM guidelines for reporting resources and reserves, has been filed by Bacanora on SEDAR and will be available for download on the Company's website at www.rareearthmineralsplc.com. The full news release from Bacanora is shown below.
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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
Calgary, Alberta, Canada June 24, 2014 TSX-V Symbol: BCN
NEWS RELEASE
BACANORA ANNOUNCES FILING OF TECHNICAL REPORT AND
NEW OPTION AGREEMENT WITH RARE EARTH MINERALS PLC
BACANORA MINERALS LTD. is pleased to announce the filing of a Technical Report ("Report") in respect of its Ventana and Fleur and El Sauz concessions that form part of the Sonora Lithium Project in northern Mexico. The Report has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects and is entitled, Updated and Reclassified Lithium Resources, - Sonora Lithium Project. The lead author of the Technical Report is Carl G. Verley, P.Geo., who is a "qualified person" within the meaning of NI 43-101 and is independent of the Company. The Report summarizes increases to the resources tonnage and classification that were announced by the Company in its press release dated June 3, 2014. For a summary of those increases, readers are encouraged to refer to the prior press release or directly to the Report, which has been filed on SEDAR and is also available for download on the Company's website.
Bacanora is also pleased to announce that it has entered into an agreement with Rare Earth Minerals Plc (LSE AIM: REM), pursuant to which it has granted REM a new option to negotiate an increase in its ownership interest in Mexilit S.A. de C.V. ("Mexilit") (which holds the Sauz, Sauz 1, Sauz 2, Fleur and Fleur 1 concessions), from its current 30% interest to 49.9%. The original option expired on May 22, 2014 and the companies have agreed to a new option, under identical terms, which will expire on September 30, 2014. For further details regarding the formal agreement governing Mexilit, please refer to the Company's news release dated May 22, 2013.