5th Nov 2013 09:32
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday released more good news from the Sonora Lithium Project in northern Mexico, saying latest tests showed its joint venture partner had achieved significant lithium recoveries from the La Ventana area of the site.
It described the results as potentially economically significant to the company.
"The high recoveries of Lithium Carbonate demonstrate that Lithium from the La Ventana section of the Sonora deposit is indeed soluble and indicate that Lithium Carbonate can be produced from the resulting solution," Rare Earth Minerals Chairman David Lenegas said in a statement.
"The company looks forward to working with our Joint Venture partner in advancing efforts to achieve a commercial grade lithium product as well as investigating the recovery of other alkali metal compounds contained within the deposit," he added.
Rare Earth Minerals has a 30% direct interest in the Fleur-El Sauz concessions of the Sonora project and an economic interest of 31.5% due to its direct 2.2% shareholding in joint venture partner Bacanora Minerals.
It invested more money in Bacanora in October to give it greater exposure to the La Ventana Lithium Project, which is fully owned by Bacanora, as will as its partner's Magdalena Borate Project in Mexico.
Rare Earth Minerals shares were up 12% at 1.05 pence Tuesday morning, one of the biggest gainers on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals