TIDMREM
RNS Number : 4443I
Rare Earth Minerals PLC
25 July 2012
Rare Earth Minerals plc
("REM" or the "Company")
Award of significant Exploration Licences in Southern
Greenland
Rare Earth Minerals (AIM: REM) announces today that after
significant effort from the board, the Company has finally been
awarded three key Exploration Licences in Southern Greenland by the
Greenland Government, two of which form common boundaries to main
licences owned by Greenland Minerals and Energy Limited "GGG" (ASX:
GGG).
The three Exploration Licences (2012/13-15) cover a land mass
area of 832 km(2) near the regional centres of Narsaq, Narsarsuaq
and Qaqortoq. Two licences, 2012/14 and 2012/15, abut the northern
and eastern boundaries of GGG's licences that encompass the world
class Kvanefjeld, Sorenson, Zone 3 and Steenstrupfjeld Rare Earth
Element ("REE") deposits.
GGG's latest stated estimates for inferred and indicated mineral
resources at the Kvanefjeld Deposit as defined by JORC (March 2011)
include a metal inventory of 6.55 million tonnes ("Mt") of Total
Rare Earth Oxides ("TREOs") (including 0.24 Mt of Heavy Rare Earth
Oxides "HREOs" and 0.53 Mt of Yttrium Oxide), 350 Mlbs of U(3) O(8)
and 3 Blb's of Zinc.
Including the inferred mineral resources for their Sorensen and
Zone 3 deposits, both announced in 2012, GGG's global metal
inventory in inferred and indicated categories was 575 Mlbs U(3)
O(8) , 10.3 Mt TREO and 2.24 Mt Zinc (at a 150 ppm U(3) O(8)
cut-off). The rare earth resource inventory included 0.37 Mt HREO
and 0.84 Mt Yttrium Oxide.
Refer to GGG's website: www.ggg.gl for full details of their
projects, location and resources.
A map showing REM's Exploration Licences is on the Company's
website: www.rareearthmineralsplc.com
David Lenigas, REM's Chairman stated:
"The Company has been working for over a year to secure these
key Exploration Licences in Greenland, which surround one of
world's largest resources of REEs outside of China. In addition to
REEs, South Greenland also has proven potential for gold, niobium,
tantalum and zirconium mineralisation."
"Now that these Licences have been granted, we have commissioned
SRK Exploration Services Ltd. ("SRK ES") to commence an exploration
programme to assess the mineral potential of the licence areas. SRK
ES is part of the global SRK Group and has extensive experience of
mineral exploration in South Greenland. The SRK Group is one of
GGG's main geological consultants and has completed Mineral
Resource Estimates for GGG's assets as well as other exploration
projects in the area."
"REM is actively pursuing further exploration licences in South
Greenland, and we will keep the market informed of progress as
events materialize."
For further information please contact:
Rare Earth Minerals Plc
David Lenigas, Director
+44 (0) 207 440 0640
W.H. Ireland
James Joyce
Nick Field
+44 (0) 207 220 1666
Glossary
TERM DEFINITION
Ce, Ce(2) O(3) Cerium, Cerium oxide
Cut-off grade When determining economically viable Mineral
Reserves, the lowest grade of mineralised
material that qualifies as ore.
Deposit A naturally occurring accumulation of minerals
that may be considered economically valuable.
Dy, Dy(2) O(3) Dysprosium, Dysprosium oxide
Er, Er(2) O(3) Erbium, Erbium oxide
Eu, Eu(2) O(3) Europium, Europium oxide
Grade The quantity of ore or metal in a specified
quantity of rock
Granite A medium to coarse grained plutonic igneous
rock usually light coloured and consisting
largely of quartz and feldspar;
High grade Pertaining to ore which is rich in the metal
being mined.
Ho, Ho(2) O(3) Holmium, Holmium oxide
HREE or Heavy Rare Comprising Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb
Earth Elements and Lu. Y is often included in the HREE group
since it tends to occur in the same ore deposits
as other HREE and exhibits similar chemical
properties, despite its lower atomic mass.
Of higher value than LREEs.
HREO or Heavy Rare Comprising the oxide forms of HREE. Conventionally
Earth Oxides the HREE content of a deposit is expressed
in the oxide form.
JORC Joint Ore Reserves Committee (of the AusIMM
and other institutions)
JORC code Australasian code for reporting of Mineral
Resources and Ore Reserves.
La, La(2) O(3) Lanthanum, Lanthanum oxide
Low Grade Pertaining to ore which is comparatively low
in content for the metal which is being mined.
LREE or Light Rare Comprising La, Ce, Pr, Nd Pm and Sm
Earth Elements
LREO orLight Rare Comprising the oxide forms of LREE. Conventionally
Earth Oxides the LREE content of a deposit is expressed
in the oxide form.
Lu, Lu(2) O(3) Lutetium, Lutetium oxide
Mineral A natural, inorganic, homogeneous material
that can be expressed by a chemical formula.
Mineral Resource A concentration or occurrence of material
of intrinsic economic interest in or on the
Earth's crust in such a form and quantity
that there are reasonable prospects for eventual
economic extraction. The location, quantity,
grade, geological characteristics and continuity
of a Mineral Resource are known, estimated
or interpreted from specific geological evidence
and knowledge. Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured categories.
Mineralisation The process by which minerals are introduced
into a rock. More generally, a term applied
to accumulations of economic or related minerals
in quantities ranging from weakly anomalous
to economically recoverable.
Mineralised Containing ore minerals.
Nd, Nd(2) O(3) Neodymium, Neodymium oxide
Niobium Chemical element with symbol Nb. Used in alloys
and various superconducting materials
Ore Mineral bearing rock that contains one or
more minerals, at least one of which can be
mined and treated profitably under current
or immediately foreseeable economic conditions.
Ore Reserve The economically mineable part of a Measured
or Indicated Mineral Resource. It includes
diluting materials and allowances for losses
which may occur when the material is mined.
Appropriate assessments, which may include
feasibility studies, have been carried out,
and include consideration of and modification
by realistically assumed, mining, metallurgical,
economic, marketing, legal, environmental,
social and governmental factors. These assessments
demonstrate at the time of reporting that
extraction could reasonably be justified.
Ore Reserves are sub-divided in order of increasing
confidence into Probable Ore Reserves and
Proved Ore Reserves.
Orebody A continuous, well-defined mass of material
of sufficient ore content to make extraction
economically feasible.
Pm Promethium
Pr, Pr(2) O(3) Praseodymium, Praseodymium oxide
Prospect A mineral property, the value of which has
not been proved by exploration. To search
for minerals or oil by looking for surface
indications, by drilling boreholes, or both.
Rare Earth Elements (REEs) or Rare Earths A series of metallic lanthanide elements with
similar chemical properties comprising HREEs
and LREEs (but excluding Pm for the purposes
of the geological REE occurrences having regard
to its unstable nature). Widely used in technological
devices.
Rare Earth Oxides (REOs) The oxide forms of REEs. Oxide grades are
conventionally used when stating grades for
REE deposits.
Reserves That part of a mineral resource which has
been demonstrated to be economically exploitable.
Resource The total quantity of a mineral which is calculated
to lie within given boundaries and which could
be economically workable.
Sm, Sm(2) O(3) Samarium, Samarium oxide
SRK ES SRK Exploration Services
Tantalum Chemical element with symbol Ta. Main use
is for capacitors in electronic equipment,
as also as a component in alloys.
Tb, Tb(2) O(3) Terbium, Terbium oxide
Tm, Tm(2) O(3) Thulium, Thulium oxide
TREO Total Rare Earth Oxides - the sum of the concentrations
of rare earth oxides
U, U(3) O(8) Uranium, Uranium oxide
Uranium Hard, lustrous, silver-white, malleable and
ductile, radioactive, metallic element of
the actinide series.
Y, Y(2) O(3) Yttrium, Yttrium oxide
Yb, Yb(2) O(3) Ytterbium, Ytterbium oxide
Zirconium A chemical element with symbol Zr. Commonly
used as an alloying agent due to its excellent
resistance to corrosion, as a refractory mineral
in furnaces, and for the production of thin
ceramic coatings.
Mining of Radioactive Minerals in Greenland
Greenland currently imposes a ban on the exploration and
exploitation of radioactive elements where these occur at "above
background levels" (as they do at the GGG projects and other
REE-Nb-Ta projects in the area). This prohibition includes mining
of these elements as by-products. As it stands this law would
prohibit mining in areas where concentrations of radioactive
elements exceed background levels. Background levels for the
alkaline complexes in South Greenland that host such mineral
occurrences have been stated by the Minister for Industry &
Resources to be up to 60 ppm.
The Greenland government is promoting debate through a process
of public consultation on the issue of mining uranium and other
radioactive elements. Support for a change in policy has come from
the South Greenland Municipal Council, major labour unions and some
political parties. In October 2010, the Greenland government
amended its Standard Conditions for Mineral Licences to allow
companies that have delineated a resource that falls into this
category to apply for approval to conduct feasibility,
environmental and community studies into projects that contain
radioactive elements at above background levels. As a further
indication of a possible change in policy the Greenland Government
agreed in December 2011 to amend the conditions of an exploration
licence held by GGG to include radioactive elements. This change
may give GGG the ability to apply for an Exploitation Licence that
includes minerals such as uranium. REM understands however that the
extraction ban for now remains in place.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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