New Exploration Licence Awarded at Cinovec Project

RNS Number : 9591N

Rare Earth Minerals PLC

01 November 2016

 

Rare Earth Minerals Plc

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

New Exploration Licence Awarded at Cinovec Lithium-Tin Deposit

Rare Earth Mineral Plc (AIM: REM; OTC: REMMY) is pleased to report further license over the  Cinovec Lithium - Tin project have been granted. REM holds a 17.64% economic interest in the project (increasing to 20.84% following the Annual General Meeting of EMH to approve a further investment by REM, as previously announced) through its direct equity stake in European Metals Holdings Limited ("EMH").

The full EMH announcement can be found at:  http://europeanmet.com/assets/AIM_-_1_Nov_2016_-_New_Exploration_License_&_Redemption_of_Performance_Shares.pdf

Highlights:

·     The new Cinovec III license fills the gap between the Company's license Cinovec II and the Czech-German border over the northern part of the Cinovec deposit, and extends east, adjoining the Company's Cinovec II license area.

·     The aerial extent of the Cinovec III license is 6.8 km². It covers geologically prospective area to the east of the Cinovec deposit, with prospects of discovering and developing additional lithium and tin ore.

·     The best lithium intercept recorded in historic drilling is 82.8m averaging 0.31% Li₂O, starting at depth of 585m.

·     The potential lithium mineralization east of Cinovec is blind; historic scout drilling identified greisenized and lithium mineralized granite at depths of 500 meters below surface.

Kiran Morzaria, Chief Executive of REM, commented:

"The granting of these licenses has secured 100% of the known mineralistion of the Cinovec ore body and adjacent mineralised areas in the Czech Republic. It has also secured some potential deeper high grade lithium and tin targets which could be extracted from some of the deeper levels of the future Cinovec mine"

 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).

- Ends -

For further information, please contact: 

Rare Earth Minerals plc

Andrew Suckling                                                                                                                           [phone]

Kiran Morzaria                                                                                                                               [phone]

WH Ireland Limited (NOMAD & Broker)                                                                            [phone]

James Joyce

James Bavister

Square1 Consulting                                                                                                                     [phone]

David Bick

Brian Alexander

 

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