DGAP-News: Tantalus announces extension of supervisory board
(firmenpresse) - Tantalus Rare Earths AG / Change of Personnel/Miscellaneous
25.08.2010 14:55
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Tantalus announces extension of supervisory board
(Düsseldorf, 08/25/2010)
Tantalus Rare Earths AG of Düsseldorf, Germany, with its 300km²Rare Earth
project in Northern Madagascar, announces today the appointment three new
members to its supervisory board, namely Mr. Jack Lifton, Mr. Benoit M.
Violette and Mr. Ben Paton. The new members will join the existing board
members and will add comprehensive experience in their respective fields to
the company.
Mr. Jack Lifton is one of the leading experts on technology metals,
including rare earths, lithium and rare metals in general. Mr. Lifton is a
renowned consultant, lecturer and author of many leading articles in this
field. With his background as a physical chemist, specializing in high
temperature metallurgy, he started out as researcher before moving to
marketing and manufacturing executive positions. Mr. Lifton has been
involved in the industry for over 48 years and is now utilizing his
experience by consulting to global OEMs and institutional investors. He
also frequently appears as an invited guest speaker at leading industry
conferences worldwide.
Mr. Benoit M. Violette will join the board in his capacity as a
professional geologist with extensive experience in generating, financing
and managing exploration projects for a wide range of mineral commodities
worldwide, including projects in Africa and Canada. Mr. Violette is a
member of the Ordre des Géologues du Québec and holds a BSc. honours degree
in Geology from the University of Ottawa.
Mr. Ben Paton is a fund manager specializing in European and Emerging
Market Smaller companies. He was the lead fund manager for Fidelity's
International Small Cap Fund which grew to total funds under management of
approximately USD $3bn in 2008. Mr Paton brings broad experience of
investing in the resources sector and early stage projects. He is a London
Business School MBA graduate and a qualified Chartered Accountant. His
financial background as a successful fund manager and his experience in
deal structuring and coordinating financings will be of great value to the
company in the future.
'The company is excited to have attracted such excellent talent to its
supervisory board. The board with its extensive experience will provide
immeasurable guidance to our management and direction of the company,'
states Stephen Forman, CEO of Tantalus Rare Earths AG.
In other developments, the company's 40,000m diamond core drilling program
has started in July. The present drill rate is approximately 200m per week;
two more drill rigs are presently awaiting customs clearance. They are
expected on site by mid-September. The first phase of the drilling program
concentrates on the main vein hosted rare earth mineralization along the
coast plus its southern and north-western extensions. The initial drill
grid is 100m by 400m, in its final phase the mineralization will be drilled
on 50m centers.
The first line of 10 drill holes is nearing its completion, with vertical
holes ranging from 60 to 80 m depth and inclined holes (-45 ) ranging from
60 to 120m in length. The drill cores have confirmed our geological model:
Multiple, late stage, rare earth, tantalum, niobium and zirconium bearing
sills and dikes of Tertiary alkaline granites have intruded into flat lying
Jurassic sediments and caused skarnification along the contact zones. These
skarns are also mineralized.
With encountered drilled widths of up to 5 m, the mineralized veins seem to
be wider than originally anticipated by earlier explorers, such as the
Soviet Geological Mission of the late 1980s. So far, five drill holes have
returned multiple intersections which are presumably mineralized with rare
earths, tantalum, niobium and zirconium. On this drill line, the zone in
which mineralized veins may occur is apparently more than 250m wide. The
Soviets were speaking of a maximum width of 200m.
The drill core samples are currently being crushed and homogenized at the
company's sample preparation facility in Ambanja. A first batch of samples
will be submitted to ALS Chemex Johannesburg and Vancouver in the coming
week for lithium borate fusion followed by ICP-MS (ALS code: ME-MS81). The
first results are expected in 4 to 6 weeks from sample submission.
'We are most pleased with the progress of our drilling program. The zone in
which mineralized veins occur seems to be wider than anticipated and the
encountered widths of mineralized veins are also wider than expected'
states Wolfgang Hampel, COO of Tantalus Rare Earth AG.
About Tantalus Rare Earths AG
The mission of Tantalus Rare Earths AG is the identification and
development of rare earth exploration and mining projects outside from
China, mainly focusing on Africa. Administratively, Tantalus Rare Earths AG
is located in Düsseldorf, Germany. Currently, the investment portfolio
consists of 100 % of the Tantalus Rare Earths Project in Madagascar.
Tantalus Rare Earths AG
Berliner Allee 12
40212 Düsseldorf
Germany
Phone: +49 (0)211 52391 430
Fax: +49 (0)211 52391 510
e-Mail: contact(at)tre-ag.com
Internet: http://www.tre-ag.com
25.08.2010 14:55 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 25.08.2010 - 14:55 Uhr
Sprache: Deutsch
News-ID 32066
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