Rare Earth Minerals PLC Update on Cinovec Lithium-Tin Project (1648N)
October 21 2016 - 2:59AM
UK Regulatory
TIDMREM
RNS Number : 1648N
Rare Earth Minerals PLC
21 October 2016
Rare Earth Minerals Plc
("Rare Earth Minerals", "REM" or "the Company")
Outstanding lithium recoveries at the Cinovec Lithium - Tin
Project
Rare Earth Mineral Plc (AIM: REM; OTC: REMMY) is pleased to
report the mettalurgical results from the Cinovec Lithium - Tin
project which has delivered some outstanding lithium recoveries
from the completed concetration test work. REM holds a 17.64%
economic interest in the project (increasing to 20.84% following
the Annual General Meeting of EMH to approve a further investment
by REM, as previously announced) through its direct equity stake in
European Metals Holdings Limited ("EMH").
The concentration test work for lithium is part of the on-going
prefeasibility study ("PFS") for the Cinovec Lithium-Tin Project.
The full EMH announcement can be found at:
http://europeanmet.com/assets/21_October_2016_-_Outstanding_Lithium_Recoveries.pdf
Highlights:
-- Near pure lithium mica recovery of 92% equating to a grade of
2.85% Li2O, achieved via wet magnetic separation ("WMS")
-- 10-15% improvement in recoveries, compared to those achieved
in the scoping study via flotation
-- Revised recovery methodology will deliver substantial cost
savings:
-- WMS allows for coarser grinding which reduced milling power
consumption
-- WMS requires no imported re-agents improving not only cost
but environmental impact
-- WMS plant has a smaller footprint and water demand than
flotation
-- Ore has been identified as suitable for a single stage jaw
crush and SAG mill, further reducing operational and capital
costs.
-- PFS metallurgy work will now focus on the lithium carbonate
processing plant with the aim of maximizing both lithium and tin
recoveries. Results from this work are expected by the end of the
year
Kiran Morzaria, Chief Executive of REM, commented:
"These industry leading levels of recovery and concentration of
the lithium mica via wet magnetic separation have exceeded my
expectations and will deliver some significant advantages to the
Cinovec project.
I continue to be impressed by the projects development and the
continued operational and capital cost improvements. These, plus
the previously announced, forecasted lower capital cost will
deliver higher the net present value, shorten payback periods and
ultimately assist in securing competitive development finance."
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).
- Ends -
For further information, please contact:
Rare Earth Minerals plc
Andrew Suckling +1 (212) 933 9007
Kiran Morzaria +44 (0) 207 440 0647
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
This information is provided by RNS
The company news service from the London Stock Exchange
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