Rare Earth Mineral Plc (AIM: REM) notes that Hastings Rare Metals Limited, REM’s 70% joint venture partner in the Yangibana Rare Earths Elements Project in Western Australia, has announced an updated Scoping Study that includes licenses owned by the joint venture. The full Hastings news release dated 10 November 2015 is available at: Hastings432vk5w6k7ldzg
It should be noted that the Hastings release and the scoping study is based on resources at the Yangibana North Licence ( a JV asset in which REM has a 30% interest) notified on 6 October 2015 but also on Bald Hill South, Fraser’s and Yangibana West in which REM has no interest.
The Scoping Study does not identify any net present value separately for the JV asset of Yangibana form the licence areas in which it does not have an interest.
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. Theexploration 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 Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.
