Acquisition of Interest (3921T)
December 06 2011 - 1:01AM
UK Regulatory
TIDMREM
RNS Number : 3921T
Rare Earth Minerals PLC
06 December 2011
Rare Earth minerals plc
Acquisition of Interest in Greenland Minerals and Energy
Rare Earth Minerals (AIM: REM) is pleased to announce that it
has acquired 1.27m shares in Greenland Minerals and Energy Ltd
('Greenland Minerals'), the ASX listed company .The shares were
acquired for cash through the market and the purchase consideration
was GBP515,427 and represent approximately 0.31% of the share
capital of Greenland Minerals.
Greenland Minerals and Energy Ltd, is a mineral exploration and
development company, focused on unlocking the mineral riches of
Greenland, one of the world's last natural resource frontiers. Its
flagship project is Kvanefjeld, a giant multi-element deposit (Rare
Earth Elements-uranium-zinc) located near the southwest tip of
Greenland. Pre-feasibility indicate that the vast resources could
sustain a large-scale, economically-robust mining operation.
Greenland Minerals announced a JORC compliant resource update on
the Kvanefjeld project with a total resource of 619 Mt including an
indicated resources of 437 Mt (U3O8 cut-off 150 ppm). Total
resource contained metal inventory is 6.6 Mt TREO (Total Rare Earth
Oxide - including 0.24 Mt heavy REO, 0.53 Mt Y2O3), 350 Mlbs U3O8
and 1.36 Mt Zn. Near surface, higher grade zones were defined (350
ppm U3O8 cut-off), including 122 Mt @ 1.4% TREO (0.05% heavy REO,
0.12% Y2O3) and U3O8 resource of 404ppm.
This is the Company's third investment following the
announcement last week of the acquisition of a 30% interest in the
Yangibana project in Western Australia and the acquisition of the
51% interest in the Cup Lake project in Canada in May 2011. The
Company has now implemented the investment policy adopted by
shareholders in November 2010 and it is currently reviewing further
opportunities in the Rare Earth sector.
David Lenigas, Rare Earth Minerals Director and CEO states;
"This investment in Greenland Minerals , following on from our
other two investments provides us with a good spread of exposure to
the Rare Earth mineral sector. We will continue to review a number
of attractive opportunities as we seek to expand our
portfolio."
For further information please contact:
Rare Earth Minerals Plc
David Lenigas, Director
+44 (0) 207 440 0640
W.H. Ireland
James Joyce
+44 (0) 207 220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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