6th Oct 2015 13:41
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said its resources at the Yangibana project in Western Australia have been increased following an updated report.
The Yangibana project is 30% owned by Rare Earth and 70% by its partner Hastings Rare Metals Ltd. The updated report has shown a "significant increase" in the resources covering the Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North areas.
The indicated resource now stands at 2.7 million tonnes at 1.46% TREO, which is the sum of the oxides of the heavy rare earth elements and the light rare earth elements, which contains 0.5% neodymium oxide-equivalent.
The inferred resource has been updated to 2.6 million tonnes at 1.25% TREO, containing 0.42% neodymium oxide-equivalent. The total mineral resource stands at 71,828 contained tonnes of TREO.
Rare Earth said mining studies have commenced with pit optimisations utilising indicted resources at Yangibana North and said the maiden JORC compliant reserve estimate will be delivered "in the coming weeks".
The pre-feasibility study for the project is due to be completed by the end of the fourth quarter of 2015.
Rare Earth shares were down 2.6% to 0.984 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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