Rare Earth Minerals PLC Yangibana Update and Change of Name (9289Z)

TIDMREM

RNS Number : 9289Z

Rare Earth Minerals PLC

20 March 2017

Rare Earth Minerals Plc.

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

Yangibana Update

and

Change of Name

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 that beneficiation piloting has successfully been completed. The full Hastings news release is available at: https://gallery.mailchimp.com/6cc38f730035ae0a04d99359c/files/3419b2ef-f041-4cec-8ec0-95e600e14b96/HAS_20170316_Beneficiation_Piloting_FINAL2.pdf .

Highlights

-- Beneficiation continuous pilot plant testing has successfully validated the simple and effective flowsheet of Yangibana flotation process

   --      The pilot operation confirmed 70% TREO recovery at a final concentrate grade of 23% TREO. 

-- Ongoing improvement through optimised flotation circuit chemistry to further improve recovery to >80% at a higher TREO grade.

   --      Clear indication of progress from bench scale to commercial production. 
   --      Successfully generated bulk samples for downstream engineering equipment design testwork 

-- Generated concentrate for next stage Hydrometallurgy pilot plant operation scheduled in March

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.

Change of Name

REM is in the process of changing its name to reflect it diversified holdings in the strategic technology materials sector. It is anticipated that this process will be complete by Monday 27 March 2017 at which point REM will become Cadence Minerals plc with the revised AIM ticker KDNC. A further announcement regarding the change of name will be made in due course.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 20, 2017 05:31 ET (09:31 GMT)