Increase in strategic holding in Nevada Lithium Co

RNS Number : 3376S

Rare Earth Minerals PLC

23 September 2014

 

23 September 2014

Rare Earth Minerals Plc.

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

Increase in strategic holding in Nevada Lithium Company.

Rare Earth Minerals (AIM: REM) announces that it has increased its shareholding in Nevada based Western Lithium USA Corporation ("WLC" or "Western Lithium") from 2.29% to 3.02%.

WLC announced on the 8 September 2014 that it has commenced calcination of its lithium clays at its pilot plant facility in Germany to demonstrate the viability of extracting lithium on a large scale from its lithium-rich clay deposit in Kings Valley, Nevada.

WLC also stated on the 8 September 2014, that it will now include a lithium hydroxide circuit to its planned production of lithium carbonate, to meet potential new industry requirements. WLC also stated that it is planning for annual production of up to 26,000 tonnes per year of lithium carbonate equivalent (LCE) which would meet lithium demand for between 500,000 to over 1 million electric cars. 

David Lenigas, the Company's Chairman commented:

"REM sees that lithium hydroxide is emerging as the chemical compound of choice for the growing high end lithium-ion battery market. Lithium hydroxide is fast becoming important for lithium-ion battery manufacturers due to batteries made from this compound having longer life cycles, better power densities and enhanced safety features."

"REM already has a significant interest in the Sonora Lithium Project in Mexico, a similar but higher grade clay based lithium deposit to Western Lithium's Kings Valley Lithium Project, through its 11.9% shareholding in Bacanora Minerals Ltd and a direct 30% shareholding in both the Megalit and Mexalit joint ventures in Sonora."

"REM's interest in both Western Lithium's Kings Valley and Bacanora's Sonora Lithium Projects provides us with exposure to two of the world's largest clay based lithium projects."

- Ends -

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

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick                                                                                           [phone]

Mark Longson

 

END

 

 

MSCEASNDASELEEF