Business
Unaudited Interim Results
Unaudited Interim Results.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7009O Rare Earth Minerals PLC 24 September 2013 \n \n\n \n24 September 2013\nRare Earth Minerals plc\n(\"Company\" or \"REM\")\n \nUnaudited Interim Results\n \nRare Earth Minerals plc (AIM: REM.L), the rare earth minerals and metals projects investment company, announces its unaudited interim results for the six month period ending 30 June 2013.\n \nFirst Half Highlights\n \n· Signed an agreement with listed Canadian company Bacanora Minerals (BCN.V) to participate in\n drilling and project evaluation of the 34 square kilometre El Sauz and Fleur Concessions in northern\n Mexico, taking an initial 10% stake.\n \n· Raised £400,000 in a placing to pay for drilling and exploration commitments on the El Sauz and Fleur\n Lithium Project.\n \n· Applied with the Bureau of Minerals and Petroleum in Greenland for a strategic 38 square\n kilometres mineral exploration licence for rare earth minerals.\n \nPost First Half Highlights\n \n· Exercised the Company's option to acquire a further 20% holding in the Fleur-El Sauz Lithium\n Project, increasing its interest from 10% to 30%.\n \n· Issued a maiden resource estimate at the Fleur-El Sauz Lithium Project with an initial inferred\n resource of 1.78 million tonnes of Lithium Carbonate Equivalent (LCE), from 153.8 million tonnes grading 1.09% LCE at a 1,000 ppm Lithium cut.\n \n· Joint-venture partner Bacanora Minerals Ltd. (BCN.V) secured additional concessions that have\n increased its area of mineral rights around the Fleur-El Sauz Lithium Project by 60%.\n \n· Completed a 58% partial close of the existing equity swap agreement with YA Global Master SPV, Ltd\n raising £2.16 million for the Company, without issuing any further equity.\n \n· Government of Greenland approves the license to explore for rare earth minerals at the 38 sq. km\n mineral exploration adjacent to the Kvanefjeld rare earth element, uranium and zinc deposit. \n \n· A significantly larger Stage 2 drilling programme has been commissioned on the joint venture lands\n&...