Source - RNS
RNS Number : 8687L
Rare Earth Minerals PLC
06 October 2016
 

Rare Earth Minerals Plc

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

 

Sonora Lithium Project Update

 

Rare Earth Minerals Plc (AIM: REM; OTC: REMMY)) is pleased to report that Bacanora Minerals Ltd ("Bacanora") have distributed battery-grade lithium carbonate samples to Japan for testing by potential end users, in addition, they have also completed the infill drilling programme to be utilised in the mine planning. The full announcement which has been made by Bacanora Minerals Ltd can be found at: http://web.tmxmoney.com/article.php?newsid=7114548036026353&qm_symbol=BCN

 

REM holds an interest in the Project though its 19.12% holding in Bacanora and the joint venture interests of 30% in each of Mexalit S.A. de CV ("Mexalit") and Megalit S.A. de CV ("Megalit") as fully described below. The project update, Definitive Feasibility Study ("DFS") work and drilling do not cover the Megalit joint venture

 

Highlights

 

·    Battery grade lithium carbonate samples from pilot plant have been distributed to Japan for preliminary appraisal and testing by end-users

·    Completion of 4,000-metre infill drilling programme on the Sonora project to upgrade a portion of the current Indicated Mineral Resource to a Measured category

·    Updated resource model anticipated to be completed in Q4 2016 after which mine planning and open pit design will commence

·    BFS on track to be delivered in late Q1 2017

 

The Sonora Lithium Project and Details of REM's ownership:

REM owns a direct interest of 19.12% of Bacanora. The Sonora Lithium Project is comprised of the following lithium properties:

- La Ventana, La Ventana 1, and Megalit concessions, which are 100 percent owned by Minera Sonora Borax S.A. de C.V.("MSB"), a wholly-owned subsidiary of Bacanora; REM, through its direct interest of 19.12% of Bacanora, has an indirect interest in these concessions of 19.12%.

- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, which are held by Mexilit S.A. de C.V. ("Mexilit"). REM has a 30% direct interest in Mexalit through its Joint Venture with Bacanora, and when combined with REM's direct interest of 19.12% in Bacanora, has a total economic interest in Mexalit of 43.38%.

- The Buenavista, and San Gabriel concessions, which are held by Megalit S.A de C.V ("Megalit"). REM has a 30% direct interest in Megalit through its Joint Venture with Bacanora, and when combined with REM's direct interest of 19.12% in Bacanora, has a total economic interest in Megalit of 43.38%.

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).

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

- Ends -

For further information, please contact: 

Rare Earth Minerals plc

Andrew Suckling                                                                                                                              +1 (212) 933 9007

Kiran Morzaria                                                                                                                             +44 (0) 207 440 0647

 

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


This information is provided by RNS
The company news service from the London Stock Exchange
 
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