17th Jun 2014 09:39
LONDON (Alliance News) - Rare Earth Minerals PLC saw its shares rise Tuesday after it said "significant" rare earth element results were achieved from the first phase of drilling that was recently completed on the Yangibana North rare earth element project in western Australia.
The company has a 30% stake in the project. The first phase of drilling comprised 44 reverse circulation drill holes for a total of 1,836 metres.
"REM is delighted with the results of the first phase of drilling at it's "free carried to feasibility study" rare earth joint venture in Western Australia. The overall grades of total rare earth oxide is deemed highly promising and we are particularly pleased with the high levels of Neodymium Oxides," Chairman David Lenigas said in a statement.
"REM looks forward to reporting further significant progress from Yangibana over the coming weeks as all the drilling results are made available and then the launch of the second phase exploration programme," he added.
Rare Earth Minerals shares were up 4.1% at 1.015 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals