Business
Increase in ownership of Mexico Lithium Project
Increase in ownership of Mexico Lithium Project.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4608M Rare Earth Minerals PLC 27 August 2013 \n \n\n \n \n27 August 2013\n \nRare Earth minerals plc\n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\n \nIncrease in ownership of the Mexico Lithium Project to 30%\n \n \nRare Earth Minerals (AIM: REM) has formally advised Bacanora Minerals Ltd (\"Bacanora\") that it is exercising its Option under the formal Joint Venture Agreement to move to 30% ownership of the Fleur-El Sauz Lithium Project in northern Mexico. \n \nUnder the formal Agreement, REM will now pay Bacanora US$500,000 and commit to spending US$1 million on further exploration and drilling expenses over the next 6 months.\n \nREM still has a first right of refusal, under the agreement, to negotiate terms with Bacanora to increase its holding in the Joint Venture to 49.9%.\n \n \nDavid Lenigas, the Company's Chairman commented: \n \n\"The Company is looking forward to releasing the maiden resources at the Fleur-El Sauz Lithium Project in Mexico. The election to proceed from 10% ownership of this Project to 30% is an important step forward for REM.\"\n \n \n \n \nFor further information please contact: \n \nRare Earth Minerals Plc www.rareearthmineralsplc.com \nDavid Lenigas, Chairman \n+44 (0) 207 440 0640  ...