Rare Earth Minerals PLC Sonora Lithium Project Update (9691O)
November 11 2016 - 2:51AM
UK Regulatory
TIDMREM
RNS Number : 9691O
Rare Earth Minerals PLC
11 November 2016
Rare Earth Minerals Plc
("Rare Earth Minerals", "REM" or "the Company")
Bacanora Minerals Update on the Sonora Project
Rare Earth Minerals Plc (AIM/ISDX: REM; OTC: REMMY)) is pleased
to report that Bacanora Minerals Ltd ("Bacanora"), has provided an
update on the activities being undertaken on the Sonora Lithium
Project ("Project") ahead of its Definitive Feasibility Study. The
full Bacanora announcement can be found at:
http://web.tmxmoney.com/article.php?newsid=5759214543314422&qm_symbol=BCN
REM holds an interest in the Project though its 19.12% holding
in Bacanora and the joint venture interests of 30% in each of
Mexalit S.A. de CV ("Mexalit") and Megalit S.A. de CV ("Megalit")
as fully described below. The Project update, Definitive
Feasibility Study work and drilling do not cover the Megalit joint
venture
Highlights
-- Definitive Feasibility Study aimed at establishing a
production plan for a 35,000 ("tpa") lithium carbonate operation at
the Project (production is contemplated to ramp up following an
initial phase of producing 17,500 tpa).
-- Preliminary reserve model and mine plan are being prepared by
International Mining Consultants ("IMC")
-- Ausenco Limited is approximately 35% of the way through the FS process engineering:
o The initial process flow sheet has been finalised
o Quotations are being sought from international vendors for
larger equipment and machinery
o Development and optimisation of preliminary operating cost
models has commenced
-- The expanded Pilot Plant has been operating since May 2016,
producing battery grade samples of lithium carbonate which has been
supporting the following:
o Distribution of battery-grade lithium carbonate samples to
potential off-takers in Asia and Europe
o Flow sheet development and optimisation of lithium recoveries
and reagent consumption
o Operator training
-- The Company is working with the SignumBox Group in Santiago
to develop long-term lithium pricing scenarios and supply-demand
models.
The Sonora Lithium Project and Details of REM's ownership:
REM owns a direct interest of 19.12% of Bacanora. The Sonora
Lithium Project is comprised of the following lithium
properties:
- La Ventana, La Ventana 1, and Megalit concessions, which are
100 percent owned by Minera Sonora Borax S.A. de C.V.("MSB"), a
wholly-owned subsidiary of Bacanora; REM, through its direct
interest of 19.12% of Bacanora, has an indirect interest in these
concessions of 19.12%.
- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions,
which are held by Mexilit S.A. de C.V. ("Mexilit"). REM has a 30%
direct interest in Mexalit through its Joint Venture with Bacanora,
and when combined with REM's direct interest of 19.12% in Bacanora,
has a total economic interest in Mexalit of 43.38%.
- The Buenavista, and San Gabriel concessions, which are held by
Megalit S.A de C.V ("Megalit"). REM has a 30% direct interest in
Megalit through its Joint Venture with Bacanora, and when combined
with REM's direct interest of 19.12% in Bacanora, has a total
economic interest in Megalit of 43.38%.
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 +44 (0) 207 440 0647
Kiran Morzaria
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
END
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