Rare Earth Minerals PLC Yangibana Update and Change of Name (9289Z)
20 March 2017 - 8:31PM
UK Regulatory
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 +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
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
END
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