Business
Half Yearly Report
Half Yearly Report.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0233I Rare Earth Minerals PLC 07 June 2011 \n\n \n07 June 2011\nRare Earth Minerals plc (formerly Zest Group plc)\n \nInterim Results\nfor the six months ended 31 March 2011\n \n \nRare Earth Minerals plc (formerly Zest Group plc (AIM: REM.L), announces its interim results for the six months ended 31 March 2011.\n \nDuring the period the Group made a loss before taxation of £196,000 (2010: loss £194,000). There was a loss per share of 0.02p (2010: loss per share 0.05p). \n \nCurrent trading\n \nDuring the period under review the Company has continued to make progress on several fronts.\n \nOn 29 November 2010, the Shareholders approved and adopted an Investing Policy to acquire direct and indirect interests in exploration, development and producing Rare Earth Minerals and/or Metals projects and assets. In light of the nature of the assets and projects which will be the focus of the Investing Policy the Company will consider investment opportunities anywhere in the world. The intention is to acquire a widely distributed mix of Rare Earth Minerals and Metals development and producing assets.\n \nIn line with its new investing policy the Company changed its name to Rare Earth Minerals plc and its new website address has changed to www.rareearthminerals plc.com. The Company's new EPIC is 'REM' and it commenced trading under its new name and EPIC effective from 1 December 2010.\n \nOn 2 February 2011, the Company announced the appointment of Adrian Fairbourn to the board as a non-executive director. \n \nOn 4 May 2011, the Company announced it had 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 Under 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...