Completion of Increased Interest In Joint Venture

RNS Number : 4481S

Rare Earth Minerals PLC

07 November 2013

 



7 November 2013

RARE EARTH MINERALS PLC

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

Completion of Increased Interest In Joint Venture 

Rare Earth Minerals PLC (AIM: REM) is pleased to announce that further to the announcement of 5 September 2013, the Company has now received formal notification that it officially owns 30% of the shares of MEXILIT SA de CV ("MEXILIT"), the local Mexican company that holds the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 Concessions which form part of the overall Sonora Lithium Project in northern Mexico. The acreage held by MEXILIT totals 5,325 hectares.

As previously announced, REM continues to have a first right of refusal, under the agreement with Bacanora, to negotiate terms to further increase its interest in the Project to 49.9%.

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For further information please contact:

Rare Earth Minerals plc                                                  [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Joint Broker)                [phone]

James Joyce

Nick Field

XCAP Securities plc (Joint Broker)                                [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick                                                                      [phone]

Mark Longson

 

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