Yangibana Update

RNS Number : 3975I

Rare Earth Minerals PLC

25 March 2015

 

 25 March 2015

Rare Earth Minerals Plc.

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

Update on Yangibana Rare Earths Element Project

Beneficiation Tests Continue to Improve Yangibana Economics

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") joint venture ("Yangibana") in Western Australia, is pleased to announce that further to the announcement regarding preliminary beneficiation test results dated 28th November 2014, test work at Kyspymet's facility in Adelaide has continued to improve rare earth recoveries.

Hastings are pleased to announce that the results from samples from its two main deposits, Yangibana North and Bald Hill South, indicate the potential for a significant saving on capital costs compared to the figures used in the Scoping Study.

The full Hastings news release dated 25 March 2015 is available at: http://www.hastingsraremetals.com/wp-content/uploads/2015/03/HAS-20150324-Beneficiation-Progress-Yangibana-v3.pdf

HIGHLIGHTS (from Hastings news release)

·      Tests indicate that Yangibana North beneficiated concentrate contains around 4.25%Nd2O3 (8.3%Nd2O3-Eq*) and Bald Hill South around 8.1%Nd2O3 (14.0%Nd2O3-Eq*)

·      At current commodity prices these Nd2O3-Eq* figures equate to values of US$4,900/t and US$8,300/t of concentrate respectively

·      Flotation tests are achieving 90% recovery of rare earths into 7% of original mass with a >13 times increase in rare earths grade to >20% TREO

·      Results indicate potential to significantly reduce capital costs of the hydrometallurgical plant compared to the estimate used in the scoping study

·      Hydrometallurgical plant now only required to treat around 70,000 tonnes per annum (tpa) compared to 200,000 tpa

David Lenigas, The Company's Chairman, commented;

"The continued advancement of the pre-feasibility work on the Yangibana REE deposit has yielded some excellent results in terms of recovery and in particular, what would be a significant reduction in capital costs as a result of the lower ore throughputs required at the hydrometallurgical plant"

- 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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