Yangibana REE Project Update

RNS Number : 5064W

Rare Earth Minerals PLC

19 August 2015

 



Rare Earth Minerals Plc.

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

Yangibana REE Project Update - Mining Lease Granted

Rare Earth Mineral Plc (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Elements ("REE") Project ("Yangibana") in Western Australia, has made an announcement on ASX. The announcement confirms the grant of the mining lease over Yangibana Main (ML09/159, Hastings 70%: REM 30%). The full Hastings news release dated 19 August 2015 is available at: http://www.hastingsraremetals.com/wp-content/uploads/2015/08/11-August-2015-Mining-Lease-Announcement.pdf. The full Hastings release also contains information on Bald Hill South and Fraser's in which REM has no interest.

HIGHLIGHTS 

·      Mining Lease - M09/159 -  covering Yangibana Main granted by the Western Australian Department of Mines and Petroleum (Hastings 70%:REM 30%).

·      Mining Lease covers 1,469.8 hectares

·      Contain the following deposits:

o  Yangibana North - JORC Indicated Resources of 2.73 million tonnes at 1.75%TREO** with 0.58%Nd₂O₃-Eq* and Inferred Resources of 0.73 million tonnes at 1.65%TREO** with 0.55% Nd₂O₃-Eq*

o  Gossan - JORC Inferred Resources of 0.23 million tonnes at 1.39%TREO** with 0.43% Nd₂O₃-Eq*

o  Lion's Ear - JORC Inferred Resources of 0.67 million tonnes at 1.55%TREO** with 0.50% Nd₂O₃-Eq*

o  Hook  - JORC Inferred Resources of 0.10 million tonnes at 1.93%TREO** with 0.52% Nd₂O₃-Eq*

o  Kane's Gossan - JORC Inferred Resources of 0.61 million tonnes at 1.18%TREO** with 0.41% Nd₂O₃-Eq*

·      Work continuing towards gaining development permitting and approvals in line with the Pre-Feasibility Study

·      Commodity prices have been updated the net effect has resulted the value of the in-ground mineralisation has increased significantly from US$456/tonne to US$646/tonne (+42%).

Details of Ownership:

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Bald Hill North, Kane's Gossan, Hook, Lion's Ear and Gossan.

David Lenigas, The Company's Chairman, commented;

"The granting of the Mining Lease at Yangibana Main represents one of the critical milestones for the project, we look forward to results from the ongoing resource drilling and metallurgical test work and the completion of the Pre-Feasibility Study"

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) from CASS Business School.

Glossary:

Indicated Mineral Resource	That part of a mineral resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
Inferred Mineral Resource	That part of a mineral resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling.
Nd2O3-Eq*	The Nd2O3 equivalent (Nd2O3-Eq) values have been calculated using a mixture of prices for Nd2O3, Pr2O3, y2O3 and Eu2O3 as laid out in the Hastings release.
TREO**	The sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)                                        [phone]

James Joyce

Mark Leonard

Square1 Consulting                                                                        [phone]

David Bick

Mark Longson                                             

 

END

 

 

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