REM Granted Greenland Exploration Licence

RNS Number : 5772N

Rare Earth Minerals PLC

10 September 2013

 



10 September 2013

Rare Earth Minerals Plc

("REM" or the "Company")

REM Granted Greenland Exploration Licence Adjacent to Kvanefjeld Deposit

REM (AIM:REM) is pleased to advise that the licence application made directly with the Bureau of Minerals and Petroleum in Greenland, as announced on the 4 February 2013, for the strategic 38 sq. km mineral exploration licence to explore for rare earth minerals, has just been approved by the Government of Greenland. The licence number assigned to this concession is 2013/20 at Kussanga in West Greenland. The exploration licence area's north eastern boundary is approximately 500 metres from the exploration licence area owned by Greenland Minerals and Energy (ASX: "GGG") which hosts the substantial Kvanefjeld rare earth element, uranium and zinc deposit. 

Kvanefjeld plus two other of GGG's associated deposits in the Ilimaussaq Complex have JORC compliant Inferred and Indicated resources that total 956 Mt at 1.08% total rare earth oxides, 273 ppm U3O8 and 2,351 ppm Zn at a cut-off grade of 150 ppm U3O8.  The project is currently undergoing a feasibility study for development of the Kvanefjeld deposit.

David Lenigas, REM's Executive Chairman commented:

"We are pleased to have secured exploration rights over this strategic block in Greenland, particularly as it sits alongside the world class Kvanefjeld rare earth, Uranium and Zinc deposit."

"We see this whole regional play as becoming more interesting as GGG get closer to completing their feasibility study."

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Glossary of Technical Terms

Mt = million Tonnes

ppm = parts per million

U3O8 = Triuranium Octoxide

Zn = Zinc

For further information please contact:     

Rare Earth Minerals Plc www.rareearthmineralsplc.com 

David Lenigas, Chairman                                                           

[phone]                                                                

 NOMAD - WH Ireland Limited

James Joyce / Nick Field

[phone]

PR - Pelham Bell Pottinger

Charlie Vivian / Weston Macklem

[phone]

 

END

 

 

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