Rare Earth Minerals PLC Auroch Minerals Update (1943A)
22 March 2017 - 8:46PM
UK Regulatory
TIDMREM
RNS Number : 1943A
Rare Earth Minerals PLC
22 March 2017
Rare Earth Minerals Plc
("Rare Earth Minerals" or "REM")
Auroch Minerals Update
Rare Earth Minerals Plc (AIM/ISDX: REM, OTC: REMMY), is pleased
to report that Auroch Minerals Limited in which REM currently owns
a 7.7% shareholding, has exercised its option to acquire 90% of EPL
5751 as it continues its focus on the Karibib Lithium Project in
Namibia.
The full announcement can be found at:
http://clients3.weblink.com.au/pdf/AOU/01841006.pdf .
Highlights
-- Auroch has exercised its option to acquire 90% of EPL 5751 which will become part of the
Karibib Lithium Project, Namibia
-- Samples assaying up to 2.73% Li2O have been collected during first pass reconnaissance field
work
-- The presence of lithiophilite in the Tsaobis Pegmatite is confirmation of lithium enrichment
and that the pegmatite is a Lithium Caesium Tantalum
pegmatite[i] and is highly prospective
-- Interpretation of regional geophysics suggests further
pegmatites exist in the area that have
not yet been visited
-- An important step in the growth of the Karibib lithium Project
-- Auroch in a strong financial position: A$8.3 million[ii]
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 take 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 and Australia. The
Mexican and Czech deposits have published Indicated and Inferred
Mineral Resources of 11.3 million tonnes of Lithium Carbonate
Equivalent.
[i] LCT = Lithium-Caesium-Tantalum and refers to the type of
pegmatites which are lithium-enriched. All pegmatites that are
mined for
lithium minerals are varieties of LCT pegmatites
[ii] Refer ASX announcement 2nd March 2017
This information is provided by RNS
The company news service from the London Stock Exchange
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