REM increases strategic holding in Bacanora

RNS Number : 6249S

Rare Earth Minerals PLC

25 September 2014

 



25 September 2014

Rare Earth Minerals Plc.

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

REM increases strategic holding in Bacanora Minerals to 12%

Rare Earth Minerals (AIM: REM) announces that it has now increased its shareholding in its joint venture partner in the Sonora Lithium Project in Mexico, Bacanora Minerals Limited ("Bacanora"), from 11.83% to 12% through further market purchases totalling £89,775. 

This interest, when aggregated with REM's 30% direct interest in the Fleur - El Sauz Lithium Joint Venture and the 30% direct interest in the Megalit Joint Venture, results in a total economic interest in each of these joint ventures of approximately 38.40%.

David Lenigas, The Company's Chairman, commented:

"We have further increased our strategic holding in BCN, as we continue to see excellent value and returns to be made from the Sonora Lithium Project in Mexico."

- 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

 

 

MSCQKPDKBBKDPCB