REM increases its holding in Bacanora Minerals Ltd

RNS Number : 3902X

Rare Earth Minerals PLC

10 January 2014

 



10 January 2014

Rare Earth Minerals plc

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

REM increases its holding in Bacanora Minerals Ltd.

Rare Earth Minerals (AIM: REM) announces that it has increased its shareholding in Bacanora Minerals Limited ("Bacanora") to 3.17% of their issued shares through further market purchases totalling approximately £172,000.

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 3.17% in the issued share capital of Bacanora acquired at a cost of approximately £591,000. 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 32.2%.

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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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