Business
REM increases stake in the Cinovec Lithium Project
REM increases stake in the Cinovec Lithium Project.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0561R Rare Earth Minerals PLC 04 March 2016 \n\nRare Earth Minerals Plc\n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\nREM increases stake in the Cinovec Lithium Project to 19.8%\nRare Earth Minerals Plc (AIM: REM; OTC REMMY) is pleased to announce that it has increased its strategic stake in one of the most significant lithium deposits in Europe, the Cinovec Lithium Deposit (\"Cinovec\") in the Czech Republic to 19.8%, through a direct holding in the share capital of European Metals Holdings Limited (ASX code: EMH) that owns 100 per cent of the exploration rights to Cinovec.\nREM acquired its additional 7.9% holding in European Metals at a cost of approximately of £670,000 via a placement of new ordinary shares by European Metals. European Metals raised a total of AUD$ 1,755,000 (GB£ 912,600).\nThe funds are being used to advance the Cinovec Lithium project up the development curve, and in particular continue the drilling campaign to upgrade the current Inferred Mineral Resource into the Indicated category that will form the basis of a pre-feasibility study. \nHighlights of the Cinovec Deposit (as previously released):\n· The Cinovec project is a large hard rock deposit with a total Inferred Mineral Resource of 5.5 million tonnes (\"Mt\") of lithium carbonate equivalent (\"LCE\") from 514.8 million tonnes Mt of ore at a grade of 0.43% Li2O. \n· Exploration target of a further 3.4Mt to 5.3Mt LCE from between 350 to 450 Mt of ore at a grade of 0.39% to 0.47% Li2O.\n· Total Indicated and Inferred Mineral Resources of 79.7Mt grading 0.23% Sn for 183kt of contained tin.\n· Metallurgical test work has produced both battery grade lithium carbonate and high grade tin concentrate.\n· Scoping Study shows potential production costs of approximately of US$1,500 per tonne lithium carbonate excluding tin and tungsten credits.\nCommenting on the acquisition, Andrew Suckling, Chairman of REM, said:\n\"We have now built significant equity positions in major lithium deposits in both central Europe and northern Mexico, both these project have the potential to be large low cost producers supplying the fast growing lithium battery market.\" \nQualified Person:\nKiran Morzaria B.Eng. (ACSM), MB...