Rare Earth Minerals PLC Yangibana Resource Update (3773U)

TIDMREM

RNS Number : 3773U

Rare Earth Minerals PLC

17 January 2017

Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

Yangibana Resource Update

Rare Earth Minerals Plc (AIM/ISDX: REM; OTC: REMMY)) is pleased to report that Hastings Technology Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Neodymium Project ("Yangibana") in Western Australia, has announced an updated Mineral Resource Estimate for Yangibana. The full Hastings news release is available at: http://hastingstechmetals.com/images/asx_latest/HAS-20170116-Resource_Upgrade_Including_First_MeasuredFINAL_FINAL.pdf

The Hastings releases also contains information on areas and licenses which REM has no interest. A plan of the tenements and ownership of the various resource domains is available at: http://www.rareearthmineralsplc.com/files/7314/5804/6456/Yangibana_License_Map_and_Pit_Design.pdf

Details of Ownership:

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North. The gross and net attributable mineral resources to REM are set out below.

Table 1- Joint Venture properties, JORC Resource. Operator is Hastings

 
                                     Gross 
------------------------------------------------------------------------------ 
 Mineral Resource    Tonnes            Grade               Contained Metals 
  Category                                                  (metric tonnes) 
------------------  --------  -----------------------  ----------------------- 
 Indicated           Million   % TREO   % Nd2O3+Pr2O3    TREO    % Nd2O3+Pr2O3 
                      tonnes 
------------------  --------  -------  --------------  -------  -------------- 
 Yangibana North      2.102    1.58%        0.42%       33,212       8,828 
------------------  --------  -------  --------------  -------  -------------- 
 Bald Hill North      0.123    1.00%        0.43%       1,230         529 
------------------  --------  -------  --------------  -------  -------------- 
 Sub-Total            2.225    1.55%        0.42%       34,442       9,357 
------------------  --------  -------  --------------  -------  -------------- 
 Inferred 
------------------  --------  -------  --------------  -------  -------------- 
 Yangibana North      0.377    1.48%        0.40%       5,580        1,508 
------------------  --------  -------  --------------  -------  -------------- 
 Bald Hill North      0.194    0.96%        0.39%       1,862         757 
------------------  --------  -------  --------------  -------  -------------- 
 Gossan, Lion's 
  Ear, Hook and 
  Kane's Gossan       1.82     1.33%        0.34%       24,206       6,188 
------------------  --------  -------  --------------  -------  -------------- 
 Sub-Total            2.391    1.32%        0.35%       31,648       8,453 
------------------  --------  -------  --------------  -------  -------------- 
 Total                4.616    1.43%        0.38%       66,090      17,541 
------------------  --------  -------  --------------  -------  -------------- 
 
                            Net attributable (30%) 
------------------------------------------------------------------------------ 
 Mineral Resource    Tonnes            Grade               Contained Metals 
  Category                                                  (metric tonnes) 
------------------  --------  -----------------------  ----------------------- 
 Indicated           Million   % TREO   % Nd2O3+Pr2O3    TREO    % Nd2O3+Pr2O3 
                      tonnes 
------------------  --------  -------  --------------  -------  -------------- 
 Yangibana North      0.631    1.58%        0.42%       9,963        2,649 
------------------  --------  -------  --------------  -------  -------------- 
 Bald Hill North      0.037    1.00%        0.43%        369          159 
------------------  --------  -------  --------------  -------  -------------- 
 Sub-Total            0.668    1.55%        0.42%       10,332       2,807 
------------------  --------  -------  --------------  -------  -------------- 
 Inferred 
------------------  --------  -------  --------------  -------  -------------- 
 Yangibana North      0.113    1.48%        0.40%       1,674         452 
------------------  --------  -------  --------------  -------  -------------- 
 Bald Hill North      0.058    0.96%        0.39%        559          227 
------------------  --------  -------  --------------  -------  -------------- 
 Gossan, Lion's 
  Ear, Hook and 
  Kane's Gossan       0.546    1.33%        0.34%       7,262        1,856 
------------------  --------  -------  --------------  -------  -------------- 
 Sub-Total            0.717    1.32%        0.35%       9,494        2,536 
------------------  --------  -------  --------------  -------  -------------- 
 Total               1.3848    1.43%        0.38%       19,827       5,262 
------------------  --------  -------  --------------  -------  -------------- 
 

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

Qualified Person:

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

- Ends -

 
 For further information please 
  contact 
 
 Rare Earth Minerals plc           [phone] 
 Andrew Suckling 
 Kiran Morzaria 
 
 WH Ireland Limited (NOMAD 
  & Broker)                        [phone] 
 James Joyce 
 James Bavister 
 
 Square1 Consulting                [phone] 
 David Bick 
 Brian Alexander 
 

About Rare Earth Minerals:

Rare Earth Minerals invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Rare Earth Minerals board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. REM's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Rare Earth Minerals are major shareholders of the Sonora Lithium Project in northern Mexico and the Cinovec Lithium and Tin Project in the Czech Republic. Rare Earth Minerals portfolio also includes significant lithium-based investments the USA, Australia and Namibia. The Mexican and Czech deposits have published Indicated and Inferred Mineral Resources of 11.3 million tonnes of Lithium Carbonate Equivalent.

Glossary:

 
 Indicated Mineral   That part of a mineral resource for which 
  Resource            quantity, grade (or quality), densities, 
                      shape and physical characteristics are 
                      estimated with sufficient confidence 
                      to allow the application of Modifying 
                      Factors in sufficient detail to support 
                      mine planning and evaluation of the economic 
                      viability of the deposit. 
------------------  ----------------------------------------------- 
 Inferred Mineral    That part of a mineral resource for which 
  Resource            quantity and grade (or quality) are estimated 
                      on the basis of limited geological evidence 
                      and sampling. 
------------------  ----------------------------------------------- 
 TREO**              The sum of the oxides of the heavy rare 
                      earth elements (HREO) and the light rare 
                      earth elements (LREO). 
------------------  ----------------------------------------------- 
 JORC                Joint Ore Reserves Committee. The Joint 
                      Ore Reserves Committee produces the JORC 
                      Code: a professional code of practice 
                      that sets minimum standards for Public 
                      Reporting of minerals Exploration Results, 
                      Mineral Resources and Ore Reserves. 
------------------  ----------------------------------------------- 
 Nd(2) O(3)          Neodymium(III) oxide 
------------------  ----------------------------------------------- 
 Pr(2) O(3)          Praseodymium(III) oxide 
------------------  ----------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 17, 2017 08:09 ET (13:09 GMT)