Rare Earth Minerals PLC: Western Lithium’s Demonstration Plant to Show Lithium Extraction From Its Nevada Deposit
April 29, 2014 (Source: Rare Earth Minerals PLC) — Rare Earth Mineral Plc (AIM: REM) is pleased to announce that Western Lithium USA Corporation (“Western Lithium”), in which REM holds an approximate 2.2% interest, has announced that its lithium carbonate demonstration plant is expected to be operation in the fourth quarter of 2014.
The purpose of the demonstration plant is to produce lithium carbonate and byproduct samples on pilot scale equipment for strategic investors and potential off-take partners to witness, and to complete a Feasibility Study showing the commercial viability of the project using Western Lithium’s patented technology, in order to attract engineering and construction capital.
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Based on its NI 43-101 Prefeasibility Study, the Project is forecast to have a comparably low first-quartile cost structure against new and incumbent lithium producers, and to generate a pre-tax net present value of US$552 million at a discount rate of 8% (see SEDAR filing dated January 27, 2012).
David Lenigas, the Company’s Chairman commented:
“REM is pleased with its investment in Western Lithium and the significant progress that Western Lithium have made over the past few months.”
Their Kings Valley Project has many similarities to REM’s Sonora Lithium Project and their technical expertise on clay lithium deposits all goes well for the potential future viability of Mexico.
We are expecting updates on the completed Stage 3 drilling on Fleur and El Sauz in Mexico and the new drilling programme on the Megalit JV drilling soon.”
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>