Rare Earth Mineral reports an interim upgrade on the Mineral Resource for the Cinovec lithium / tin project in the Czech Republic, which has seen the Indicated Mineral Resource increase by 420% from 0.5 Mt LCE to 2.6Mt LCE. In addition, the total resource increase 11.8% from 5.7Mt LCE to 6.46 Mt LCE.
The significant increase in the indicated portion of the Mineral Resource, and the resource in total, will have a positive impact for mine planning and the life of mine.
The updated Mineral Resource will allow management to optimise the mine plan and maximise Cinovec's financial returns and further progress in the ongoing pre-feasibility study, which is due for publication at the end of March next year.
REM holds a 17.57% economic interest in the project, via its interest in European Metals Holdings Limited ("EMH").
On the 18 November 2016 EMH held its Annual General Meeting, in which REM placing in EMH was approved. It is anticipated that this will complete over the next few days after which REM will hold 20.76% of EMH.
At 9:34am: (LON:REM) Rare Earth Minerals PLC share price was +0.02p at 0.55p