Business
Acquisition of Interest in Canadian Properties
Acquisition of Interest in Canadian Properties.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8634F Rare Earth Minerals PLC 04 May 2011 \n\n \nRare Earth minerals plc\n \nAcquisition of Interest in Canadian Properties\n \nRare Earth Minerals (AIM: REM) is pleased to announce that it has entered into an agreement to acquire interests in 5 claims (No's S111889 to S111893) in Saskatchewan, Canada . The claims are situated in the Mudjatik domain, an area which has seen several periods of intensive exploration activity and hosts many interesting mineral showings. The claims consist of 3 separate groups totaling approximately 4,855 hectares in area. They are located in north central Saskatchewan and range from 5 to 16 kilometres west of a major highway and power facilities.\n \nUnder its agreement with the individual vendors of the interest ('the Cup Lake Syndicate'), Rare Earth Minerals may earn up to a 51% interest in the above mentioned properties after having paid a cash settlement of $50,000 USD and incurring exploration expenditures of at least $30,000 within 3 months. The Cup Lake Syndicate will act as the operator of an initial sampling program and will produce a report within 30 days of completion of this program. After review of this report, Rare Earth Minerals may elect to further participate in the development of these properties on a pro rata basis or alternatively, to not participate, in which case interest will be reduced to zero.\n \nThe Cup Lake deal is the first Rare Earth Minerals investment since the Company shareholders resolved on the 29th November 2010 to adopt a change in investing policy to acquire a diverse portfolio of direct and indirect interests in exploration and producing Rare Earth Minerals and/or Metals projects and assets.\n \nThe agreement is conditional, inter-alia, on REM being satisfied with the title to the claims and the parties have agreed to use best efforts to have a final agreement confirming a closing date by 15 June 2011.\n \nBackground of the area; \n \nDuring the 1950's exploration of was concentrated only on the accessible and mapped areas of the time. The focus was solely for uranium and was met with some success as uraninite showings were identified in numerous instances. In the 1960's exploration surged again, this time prospecting centered around the search for base metals and much of the area...