Greenland Government Policy Update

RNS Number : 3934R

Rare Earth Minerals PLC

25 October 2013

 



25 October 2013

RARE EARTH MINERALS PLC

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

Greenland Government Abolishes Zero Tolerance Policy on Uranium Mining

REM (AIM:REM) is pleased to advise that  Greenland's Parliament voted yesterday in favour of removing a long-standing zero-tolerance policy concerning uranium and other radioactive elements ('the zero-tolerance policy'). This  decision represents a significant moment for Greenland, as it places Greenland on the path to a potential uranium-producer status, and thereby opens up coincident resources such as rare earth elements to potential exploitation. 

David Lenigas, REM's Executive Chairman, stated:

"REM has a number of approved Exploration Licences that should benefit significantly from this new Greenland Government decision, in particular the 38 square kilometer Exploration Licence 2013/20 which was recently granted by the Greenland Government on the 10 September 2013.  This Licence immediately adjoins the north eastern boundary is the large Kvanefjeld rare earth element, uranium and zinc deposit."

"A decision like this automatically accelerates foreign direct investment in to mineral and metal exploration in Greenland. REM will now work closely with its geological consultants, SRK Consulting, to accelerate the search for rare earth elements on its concessions."

REM owns concessions immediately adjacent to and surrounding Greenland Minerals and Energy Limited's ("GGG") Kvanefjeld Project (rare earth elements, uranium, zinc). The global resource base (JORC-code compliant) established by GGG for Kvanefjeld is said to contain 575 Mlb's U3O8 and 10.3 Mt of rare earth oxide (REO).

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Glossary of Technical Terms:

·      Mt = million Tonnes

·      Mlb = million pounds

·      U3O8 = Triuranium Octoxide

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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