10th Sep 2013 09:18
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said it has been granted an exploration license in Greenland, adjacent to the Kvanefjeld Deposit
The company, which conducts exploration and production of rare earth minerals in northern Mexico, along with a range of exploratory projects said the 38 square kilometre mineral exploration license has been approved by the government of Greenland and is expected to hold both uranium and zinc.
The company said the site is 500 metres from a resource site owned by Greenland Minerals and Energy which indicated a total 956 million tonnes at 1.08% total rare earth oxides at the site.
The company said the site is currently undergoing a feasibility study for future development.
"We are pleased to have secured exploration rights over this strategic block in Greenland, particularly as it sits alongside the world class Kvanefjeld rare earth, uranium and zinc deposit," Executive Chairman David Lenigas said in a statement.
The announcement continues a range of positive information which has seen Rare Earth Minerals share price increase to 15 times its price in last month.
Rare Earth Minerals shares were up 0.047 pence, or 5.2% to 0.962 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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