Rare Earth Minerals PLC Cinovec Lithium Project - Update (7930C)
20 October 2015 - 6:52PM
UK Regulatory
TIDMREM
RNS Number : 7930C
Rare Earth Minerals PLC
20 October 2015
20 October 2015
Rare Earth Minerals Plc.
("Rare Earth Minerals", "REM" or "the Company")
Cinovec Lithium Project - Update
Rare Earth Mineral Plc (AIM: REM) advises that European Metals
Holding Limited ("European Metals"), a company that REM holds a
11.87% equity interest in, has announced that pre-concentration and
subsequent milling of a lithium bulk sample from the Cinovec
Lithium-Tin-Tungsten Project ("the project" or "Cinovec") in the
Czech Republic has now been completed. The full European Metals
news release dated 20 October 2015 is available at:
http://www.asx.com.au/asxpdf/20151020/pdf/4326jnxx0lv40t.pdf
Key Points from the Release:
-- 420kg of lithium mica concentrate recovered.
-- Mica concentrated by magnetic separation, excellent
recoveries at a coarse grind of 1,200 micron.
-- Potential to lower project Capex and Opex.
-- Concentrate now being shipped to Australia.
-- Mini-plant run on concentrate to produce lithium carbonate
planned for Q4 2015 in conjunction with Lithium Australia.
-- Lithium carbonate production cost including tin/tungsten
by-product credits estimated to be approximately $800/t, based on
inputs from European Metals Scoping Study dated 1 May 2015 and
available at:
http://www.asx.com.au/asxpdf/20150501/pdf/42y9c53l1443pc.pdf.
David Lenigas, The Company's Chairman, commented;
"The publication of the latest estimated production costs of
approximately US$800/t of lithium carbonate is substantially lower
than many of the existing or projected producers. It's location,
close to the German border, makes Cinovec strategic for REM and its
plans to ultimately supply lithium products in to mainland
Europe."
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).
Cautionary Statement:
The Scoping Study referred to in this announcement is based on
low level technical and economic assessments and is of insufficient
certainty, under the JORC Code and ASX Listing Rules and guidance,
to permit the technical and economic parameters required to imply
economic viability. Investors should note that for the Company to
establish economic viability of the Cinovec Project, European
Metals would need to upgrade an appropriate portion of its Inferred
Mineral Resource to a higher level of confidence with sufficient
consideration of mining, processing, metallurgical, infrastructure,
economic, marketing, legal, environmental, social and governmental
factors. There is no assurance of an economic development case at
this stage, or any certainty that conclusions of the study will be
realised. The Scoping Study is based on European Metals Indicated
and Inferred Mineral Resource and should not be solely relied upon
by investors when making investment decisions.
- Ends -
For further information please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
David Lenigas
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
Mark Leonard
Square1 Consulting +44 (0) 207 929 5599
David Bick
Mark Longson
Glossary:
Lithium Mica In the case of the Cinovec deposit
this occurs in the form of Zinnwaldite.
This is a silicate mineral in the mica
group and contains potassium, lithium,
iron, aluminium, oxygen and fluorine.
It occurs associated with granites
in greisens, pegmatites, and quartz
veins and is often associated with
tin ore deposits.
------------------- -------------------------------------------------
Lithium Carbonate This is an inorganic compound, the
lithium salt of carbonate with the
formula Li(2) CO(3) . Lithium carbonate
is an important industrial chemical.
It forms low-melting fluxes with silica
and other materials. Glasses derived
from lithium carbonate are useful in
ovenware. Lithium carbonate is a common
ingredient in both low-fire and high-fire
ceramic glaze. Its alkaline properties
are conducive to changing the state
of metal oxide colorants in glaze particularly
red iron oxide (Fe(2) O(3) ). When
added to aluminium trifluoride, it
forms LiF which gives a superior electrolyte
for the processing of aluminium. It
is also used in the manufacture of
most lithium-ion battery cathodes,
which are made of lithium cobalt oxide.
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This information is provided by RNS
The company news service from the London Stock Exchange
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