21st Jan 2015 10:22
LONDON (Alliance News) - Rare Earth Minerals PLC on Wednesday said its joint venture partner on the Yangibana Rare Earth Project in Australia has decided to proceed with a pre-feasibility study on the project.
The board of Hastings Rare Metals Ltd, which has a 70% stake in the project to Rare Earth's 30%, has approved the start of the study for the project.
Applications have been made for three mining leases at Yangibana, covering the majority of the recently-announced resource estimate.
"We are pleased to see the continued advancement of the Yangibana REE project in Western Australia and we have full confidence in the team at Hastings to deliver a high quality mining project and add significant value to REM," said David Lenigas, chairman of Rare Earth.
Rare Earth shares were up 2.6% to 0.954 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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