Yangibana Update

RNS Number : 5578W

Rare Earth Minerals PLC

10 November 2014

 

10 November 2014

Rare Earth Minerals Plc.

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

Yangibana Update.

Further high-grade REE results from Yangibana

Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earth Element Project ("Yangibana") in Western Australia, have announced the latest assay results for rare earth elements ("REE") from recent Yangibana Stage 2 drill programme.

The full Hastings news release date 10 November 2014 (including maps) is available at:

http://www.asx.com.au/asxpdf/20141110/pdf/42tll4zzlnyyv0.pdf

Highlights (from Hastings News Release):

·     Stage 2 drilling programme comprising 122 Reverse Circulation ("RC") drill holes totalling 6,500m have been drilled and 9 diamond drill holes totalling 170.1m has been completed at Yangibana.

·     Hastings has drilled 7 Prospects at Yangibana, including the Yangibana North, Lion's Ear, Hook, Gossan, Kane's Gossan Prospects in which REM holds a 30% interest.

·     Highly encouraging neodymium-rich rare earths returned from each project.

·     JORC resource estimate being undertaken on each of these prospects will add to the current JORC complaint resource previously announced at Yangibana North.

·     Scoping Study being prepared by renowned independent mining consultant, Snowden.

Summary (from Hasting News Release):

Economic Critical Rare Earths Oxides Potential - Hastings have identified that the main economic potential of the Yangibana Rare Earths Project is its critical rare earths oxides content. These are used in the super and permanent magnets sector, in particular neodymium, praseodymium and dysprosium (plus europium).

Priority Prospects - By incorporating current commodity prices and the grades indicated by these recent results, Hastings has identified the highest priority targets for further evaluation. At this stage the superior prospects in Hasting's joint venture with REM include Yangibana North and Lion's Ear. However, Hastings indicates that all joint venture prospects show clear potential to host economically-viable resources.

Metallurgical Test Work - Composite samples from Yangibana North are presently undergoing initial metallurgical test work.

Independent JORC Resource estimation - Hastings have commissioned independent consultants CoxRocks Pty Limited to undertake JORC compliant resource estimation on each of the Yangibana prospects drilled during this Stage 2 programme. This work will provide upgraded and expanded resources at the Yangibana North prospect and the first JORC compliant resources for all other prospects drilled.

Independent Scoping Study - Independent mining consultants, Snowden, has been appointed to undertake a Scoping Study on the Yangibana Project. Results will be reported when the study is completed.

Details of Ownership:

On the 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. Therefore the exploration costs until the commencement of the BFS are borne solely by Hastings Rare Metals Limited (70% owners and operator).The same terms agreed and announced on 1 December 2012 also apply to five out of the seven additional targets to be drilled which includes Lion's Ear, Hook, Gossan, Kane's Gossan, and Yangibana South.

David Lenigas, REM's Chairman, commented:

"The Yangibana REE Project in Australia is going from strength to strength. We look forward to receiving the balance of the drilling results, initial metallurgy test results and the updated JORC compliant resources in the near future."

"The news that Hastings have commissioned a Scoping Study on Yangibana is very positive news."

Glossary:

·     TREO is the sum of the oxides of the heavy rare earth elements (HREO) and the light rare earth elements (LREO).

HREO is the sum of the oxides of the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y).

CREO is the sum of the oxides of neodymium (Nd), europium (Eu), terbium (Tb), dysprosium (Dy), and yttrium (Y) that were classified by the US Department of Energy in 2011 to be in critical short supply in the foreseeable future.

LREO is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm).

- Ends -

For further information please contact: 

Rare Earth Minerals plc                                                                   [phone]

David Lenigas

Kiran Morzaria

WH Ireland Limited (NOMAD & Joint Broker)                               [phone]

James Joyce

Mark Leonard

Hume Capital plc (Joint Broker)                                                     [phone]

Guy Peters

Jon Belliss

Square1 Consulting

David Bick, Mark Longson                                                                  [phone]

 

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