Cinovec Lithium Project – Update
Rare Earth Mineral Plc (AIM: REM) advises that European Metals Holding Limited a company that REM holds a 11.87% equity interest in, has told DirectorsTalk that pre-concentration and subsequent milling of a lithium bulk sample from the Cinovec Lithium-Tin-Tungsten Project in the Czech Republic has now been completed. The full European Metals news release dated 20 October 2015 is available at: http://www.asx.com.au/asxpdf/20151020/pdf/4326jnxx0lv40t.pdf
Key Points from the Release:
· 420kg of lithium mica concentrate recovered.
· Mica concentrated by magnetic separation, excellent recoveries at a coarse grind of 1,200 micron.
· Potential to lower project Capex and Opex.
· Concentrate now being shipped to Australia.
· Mini-plant run on concentrate to produce lithium carbonate planned for Q4 2015 in conjunction with Lithium Australia.
· Lithium carbonate production cost including tin/tungsten by-product credits estimated to be approximately $800/t, based on inputs from European Metals Scoping Study dated 1 May 2015 and available at: http://www.asx.com.au/asxpdf/20150501/pdf/42y9c53l1443pc.pdf.
David Lenigas, The Company’s Chairman, commented; “The publication of the latest estimated production costs of approximately US$800/t of lithium carbonate is substantially lower than many of the existing or projected producers. It’s location, close to the German border, makes Cinovec strategic for REM and its plans to ultimately supply lithium products in to mainland Europe.”
