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Company Rare Earth Minerals PLC
TIDM REM
Headline

REM increases strategic holding in Bacanora

Released 07:24 06-Jun-2014
Number 0164J07

RNS Number : 0164J
Rare Earth Minerals PLC
06 June 2014
 



 

 

 

 

 

6 June 2014

 

Rare Earth Minerals Plc.

 

("Rare Earth Minerals", "REM" or "the Company")

 

REM increases strategic holding in Bacanora Minerals to 11.27%

 

 

Rare Earth Minerals (AIM: REM) announces that it has now increased its shareholding in its joint venture partner in the Sonora Lithium Project in Mexico, Bacanora Minerals Limited ("Bacanora"), to 11.27% from the previously reported 10.18% through further on-market purchases totalling £328,200.

 

This interest, when aggregated with REM's 30% direct interest in the Fleur- El Sauz Lithium Joint Venture and the 10% direct interest in the 94,000 hectare Megalit Joint Venture, results in a total economic interest in Fleur- El Sauz of approximately 37.89% and a total economic interest in Megalit of approximately 20.14%.

 

David Lenigas, The Company's Chairman, commented:

 

"We continue to steadily increase our strategic shareholding in Bacanora Minerals, as we seek to increase REM's exposure to the Sonora Lithium Project in Mexico"

 

- Ends -

 

For further information please contact: 

Rare Earth Minerals plc                                                                   +44 (0) 207 440 0647

David Lenigas

Kiran Morzaria

 

WH Ireland Limited (NOMAD & Joint Broker)                                +44 (0) 207 220 1666

James Joyce

Nick Field

 

Hume Capital plc (Joint Broker)                                                      +44 (0) 203 693 1470

Guy Peters

Jon Belliss

 

Square1 Consulting

David Bick                                                                                           +44 (0) 207 929 5599

Mark Longson


This information is provided by RNS
The company news service from the London Stock Exchange
 
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REM increases strategic holding in Bacanora - RNS