Rare Earth Minerals Plc (AIM: REM) has told DirectorsTalk that Hastings Rare Metals Limited REM’s 70% joint venture partner in the Yangibana Rare Earths Elements Project in Western Australia, has made an announcement on ASX. The announcement confirms the grant of the mining lease over Yangibana Main (ML09/159, Hastings 70%: REM 30%). The full Hastings news release dated 19 August 2015 is available here: 11-August-2015-Mining-Lease-Announcement
. The full Hastings release also contains information on Bald Hill South and Fraser’s in which REM has no interest.
HIGHLIGHTS
· Mining Lease – M09/159 – covering Yangibana Main granted by the Western Australian Department of Mines and Petroleum (Hastings 70%:REM 30%).
· Mining Lease covers 1,469.8 hectares
· Contain the following deposits:
o Yangibana North – JORC Indicated Resources of 2.73 million tonnes at 1.75%TREO** with 0.58%Nd2O3-Eq* and Inferred Resources of 0.73 million tonnes at 1.65%TREO** with 0.55% Nd2O3-Eq*
o Gossan – JORC Inferred Resources of 0.23 million tonnes at 1.39%TREO** with 0.43% Nd2O3-Eq*
o Lion’s Ear – JORC Inferred Resources of 0.67 million tonnes at 1.55%TREO** with 0.50% Nd2O3-Eq*
o Hook – JORC Inferred Resources of 0.10 million tonnes at 1.93%TREO** with 0.52% Nd2O3-Eq*
o Kane’s Gossan – JORC Inferred Resources of 0.61 million tonnes at 1.18%TREO** with 0.41% Nd2O3-Eq*
· Work continuing towards gaining development permitting and approvals in line with the Pre-Feasibility Study
· Commodity prices have been updated the net effect has resultedthe value of the in-ground mineralisation has increased significantly from US$456/tonne to US$646/tonne (+42%).
Details of Ownership:
On 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. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Bald Hill North, Kane’s Gossan, Hook, Lion’s Ear and Gossan.
David Lenigas, The Company’s Chairman, commented; “The granting of the Mining Lease at Yangibana Main represents one of the critical milestones for the project, we look forward to results from the ongoing resource drilling and metallurgical test work and the completion of the Pre-Feasibility Study”
