Investment

RNS Number : 7219R

Rare Earth Minerals PLC

30 October 2013

 



30 October 2013

Rare Earth Minerals plc

(the "Company" or "REM")

Investment

Rare Earth Minerals plc (AIM: REM) the rare earth minerals and metals projects investment company is pleased to announce that it has made further market investments totalling $0.45 million in Bacanora Minerals Limited ("Bacanora").

David Lenigas, The Company's Executive Chairman, commented:

"REM continues to increase its shareholding in Bacanora, our Joint Venture partner in the Fleur-El Sauz Lithium Project in northern Mexico, to gain exposure to Bacanora's 100% owned La Ventana Lithium Project and their 100% owned Magdalena Borate Project in Mexico."

Investments

Bacanora is a TSX-V listed company exploring for and developing industrial mineral resources in Mexico with a primary focus on Lithium and Borates.  It is the joint venture partner of REM in the Fleur-El Sauz Lithium project (the "Joint Venture").  REM now has an interest of approximately 2.2% in the issued share capital of Bacanora, acquired at a cost of $0.70 million.  This interest, when aggregated with REM's 30% direct interest in the Joint Venture, results in a total economic interest in the Joint Venture of approximately 31.5%.

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For further information please contact:

Rare Earth Minerals plc
David Lenigas	[phone]
WH Ireland Limited
James Joyce	[phone]
Nick Field
Pelham Bell Pottinger
James MacFarlane	[phone]
Marcin Zydowicz

 

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