Rare Earth Minerals buys more more Bacanora and optimising pit design
Rare Earth Minerals (AIM: REM) has told DirectorsTalk that it has appointed SRK Exploration Services Ltd., to asses strategic options in the development of REM’s 30% direct interest in the Fleur – El Sauz and Megalit Joint Ventures and are currently reviewing the geological model for mineralisation that can potentially be accessed by open pit for JV#1, as reported in the Bacanora Minerals Limited NI 43-101 report published on 24 June 2014.
REM is also pleased to announce that it has increased its shareholding in its joint venture partner in the Sonora Lithium Project in Mexico, Bacanora, from 11.29% to 12%, through further market purchases totalling £313,500.
This interest, when aggregated with REM’s 30% direct interest in the JV#1 and the 30% direct interest JV#2, results in a total economic interest in each of these joint ventures of approximately 38.4%.
David Lenigas, The Company’s Chairman, commented:
“The purchase of these shares makes REM the second largest shareholder in Bacanora. We believe that with the forecasted lithium compound shortfall by 2020, and the progress being made on the Sonora Lithium Project, there continues to be value in increasing our strategic shareholding in Bacanora.”
“The review being carried out by SRK will help optimise open pit design to deliver the best value to the project and support a potential lithium operation at the Sonora Lithium Project capable of producing up to 50,000 tonnes a year of lithium compounds.”