Rare Earth Minerals PLC: Investments
September 17, 2013 (Source: Rare Earth Minerals PLC) — Rare Earth Minerals plc (AIM: REM) the rare earth minerals and metals projects investment company is pleased to announce that it has made further market investments totalling $0.186 million in Bacanora Minerals Limited (“Bacanora”) and Western Lithium USA Corporation (“Western Lithium”).
David Lenigas, The Company’s Chairman, commented:
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“The recent share acquisitions of both Bacanora and Western Lithium are seen as potential strategic investments in the other two major Hectorite Lithium projects, in which REM currently has no exposure.”
“The Company may purchase additional interests in both Bacanora and Western Lithium and will continue to advise accordingly.”
Bacanora is a TSX-V listed company exploring for and developing industrial mineral resources in Mexico with a primary focus on Borates and Lithium. It is the joint venture partner of REM in the Fleur-El Sauz Lithium project (the “Joint Venture”). REM now has an interest of approximately 0.74% in the issued share capital of Bacanora, acquired at a cost of $0.2 million. This interest, when aggregated with REM’s 30% direct interest in the Joint Venture, results in a total economic interest in the Joint Venture of 30.52%.
Western Lithium is a TSX-V listed company whose principal project is the Kings Valley, Nevada lithium carbonate deposit. REM has an interest of approximately 1.75% in the issued share capital of Western Lithium, acquired at a cost of $0.51 million.
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