Announcement
Rare Earth Minerals : Update on Macarthur Minerals
RNS Number : 0565G
Rare Earth Minerals PLC
03 August 2016
Rare Earth Minerals Plc
("Rare Earth Minerals", "REM" or "the Company")
Update on Macarthur Minerals
Rare Earth Minerals Plc (AIM: REM; OTC: REMMY)) is pleased to report that Macarthur Minerals ("Macarthur") in which REM owns a 15.5% shareholding, has announced that the majority of its total lithium acreage of 1,489 square kilometres is expected to grant by November / December 2016. The full Macarthur announcement can be found at: http://web.tmxmoney.com/article.php?newsid=8300358548965085&qm_symbol=MMS .
McMahon Mining Title Services Report -- Macarthur Minerals Lithium Licences
Macarthur Minerals retains the services of McMahon Mining Title Services ("MMTS") to manage the Company's exploration and mining licences. As detailed in Table 1, MMTS has advised the Company that 13 out of 20 of the Company's Exploration Licence Applications ("Applications") for lithium are expected to grant by November/December 2016.
The grant of exploration licences in Western Australia requires advertisement in accordance with the Mining Act 1978 (WA) ("Mining Act") and subsequent advertisement in accordance with the Native Title Act 1993 (Cth) ("Native Title Act").
All Macarthur Minerals' Applications have been advertised in accordance with the Mining Act and no objections have been maintained. Agreements have been entered into with owners of any overlapping infrastructure leases, where required. An Access Arrangement for Application E46/1115 is currently being finalised.
The majority of Macarthur Minerals' Applications are now progressing through the Native Title Act advertising period, during which, heritage agreements will be entered into with native title parties and provided no objections are raised, are expected to grant in November/December. The remaining Applications will be advertised in the near future.
Until Exploration Licences are granted, the Company will continue prospecting activities to identify exploration targets.
Iron Ore Acreage Update
In addition to Macarthur's lithium acreage, the Company has 15 granted Mining Licences and miscellaneous licences covering 140 square kilometres for its two iron ore projects located North West of Kalgoorlie in Western Australia:
· Ularring Hematite Project consisting of Indicated 54.46 Mt @ 47.2% Fe and Inferred 25.99Mt @ 45.4% Fe3.
· Moonshine Magnetite Project consisting of Inferred Mineral Resource consisting of 1,316 Mt @ 30.1% Fe4.
The Company has received approval to develop an iron ore mine for the Ularring Hematite Project and associated infrastructure under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999. There are no native title claims affecting the iron ore projects.
Table 1 -- Lithium Acreage Expected Acreage Grant Timetable
|
|
Tenement |
|
Region |
|
Mining Act Advertised |
|
Native Title Advertised |
|
Expected Grant Date1 |
|
|
E45/4693 |
|
Pilbara |
|
No objection |
|
Yes |
|
November |
|
|
E45/4694 |
|
Pilbara |
|
Agreement signed |
|
No |
|
TBA |
|
|
E45/4702 |
|
Pilbara |
|
No objection |
|
Yes |
|
November |
|
|
E45/4708 |
|
Pilbara |
|
Agreement signed |
|
No |
|
TBA |
|
|
E45/4709 |
|
Pilbara |
|
No objection |
|
Yes |
|
October |
|
|
E45/4710 |
|
Pilbara |
|
No objection |
|
Yes |
|
October |
|
|
E45/4711 |
|
Pilbara |
|
Agreement signed |
|
No |
|
TBA |
|
|
E45/4732 |
|
Pilbara |
|
No objection |
|
Yes |
|
November |
|
|
E45/4735 |
|
Pilbara |
|
Agreement signed |
|
No |
|
TBA |
|
|
E45/4747 |
|
Pilbara |
|
Agreement signed |
|
No |
|
TBA |
|
|
E45/4748 |
|
Pilbara |
|
Agreement signed |
|
Yes |
|
January |
|
|
E45/4749 |
|
Pilbara |
|
No objection |
|
Yes |
|
January |
|
|
E45/4750 |
|
Pilbara |
|
No objection |
|
Yes |
|
December |
|
|
E45/4779 |
|
Pilbara |
|
Agreement signed |
|
No |
|
TBA |
|
|
E46/1114 |
|
Pilbara |
|
No objection |
|
Yes |
|
October |
|
|
E46/1115 |
|
Pilbara |
|
Agreement drafted |
|
No |
|
TBA |
|
|
E46/1133 |
|
Pilbara |
|
No objection |
|
Yes |
|
November |
|
|
E59/2174 |
|
Edah |
|
No objection |
|
Yes |
|
October |
|
|
E74/0587 |
|
Ravensthorpe |
|
No objection |
|
Yes |
|
October |
|
|
E74/0588 |
|
Ravensthorpe |
|
No objection |
|
Yes |
|
October |
ABOUT MACARTHUR MINERALS LIMITED (TSX VENTURE: MMS)
Macarthur Minerals Limited is an exploration and development company that is focused on identifying and developing high grade lithium and counter cyclical investments that complement Macarthur's capabilities.
For further information, please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (Nomad & Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
This information is provided by RNS
The company news service from the London Stock Exchange
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