Yangibana Update

RNS Number : 7378C

Rare Earth Minerals PLC

21 January 2015

 



21 January 2015

Rare Earth Minerals Plc.

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

Update - Yangibana Rare Earths Element Project.

Commencement of Pre Feasibility Study and Mining Leases Applied for at Yangibana.

Rare Earth Minerals (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Elements ("REE") joint venture ("Yangibana") in Western Australia, have announced that after a remarkable 2014, the Hastings Board have decided to proceed with a Pre-Feasibility Study for the Yangibana Rare Earth Project ("The Project") and apply to have the Exploration Licences covering the project converted to longer term Mining Leases.

The full Hastings news release dated 21 January 2015 is available at:

http://www.hastingsraremetals.com/wp-content/uploads/2015/01/HAS-20150120-PFS-ML-FINAL-FINAL.pdf

HIGHLIGHTS

·      Hastings Board approves the commencement of a Pre-Feasibility Study ("PFS") for the Yangibana REE Project.

·      PFS work programmes in planning.

·      Applications made for three Mining Leases at Yangibana covering the bulk of the recently announced JORC resources. The largest of these leases (Yangibana Main), is covered by the Yangibana Joint Venture between Hastings and REM whom own 70% and 30% respectively.

David Lenigas, REM's Chairman, commented;

"We are pleased to see the continued advancement of the Yangibana REE project in Western Australia and we have full confidence in the team at Hastings to deliver a high quality mining project and add significant value to REM."

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).

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 & Broker)                                    [phone]

James Joyce

Mark Leonard

Square1 Consulting

David Bick                                                                                 [phone]

Mark Longson

 

END

 

 

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