Rare Earth Minerals PLC Increases Strategic Holding in Bacanora Minerals to 11.27%
June 6, 2014 (Source: Rare Earth Minerals PLC) — 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”
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