4th Sep 2013 07:27
LONDON (Alliance News) - Rare Earth Minerals PLC Wednesday said the area of its Fleur-El Sauz Lithium deposit in northern Mexico has been expanded by 60% after it got new mineral rights.
The company's shares are about 35 times the value they were a month ago after a string of good news about the project, including strong test results and the company taking a bigger stake in the project from its partner, Bacanora Mineral. The shares were up 31% at 1.1 pence early Thursday, one of the leading gainers on the AIM market.
The company said Wednesday that the project now covers about 5,325 hectares, from 3,305 previously, after Bacanora informed it that it had got new mineral rights.
"These new concessions cover strategic ground to the east and north of the existing concessions where it is believed that the Lithium-bearing clay units within the existing concessions identified by the stage 1 drilling programme may extend down-dip and eastward," it said in a statement.
The company last month told Bacanorathat it would exercise an option to increase its stake in the venture to 30%, from 10%, and it also has first right of refusal to further increase its stake to 49.9%.
By Steve McGrath; [email protected]; @SteveMcGrath1
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