Rare Earth Metals Releases New Resource Estimate for Two Tom
Inferred Mineral Resource: 40.6 Million Tonnes Averaging 1.18% TREO with 0.26% Nb2O5 and 0.18% BeO
(firmenpresse) - THUNDER BAY, ONTARIO -- (Marketwire) -- 12/13/11 -- Rare Earth Metals Inc. ("Rare Earth Metals", "RA" or the "Company") (TSX VENTURE: RA)(PINKSHEETS: RAREF)(OTCQX: RAREF) is pleased to announce the first NI 43-101 compliant independent resource estimate for the Two Tom REE - Niobium - Beryllium Deposit at the Red Wine property, located approximately 110 kilometres northeast of Churchill Falls in west central Labrador. The resource estimate was prepared by Tetra Tech Wardrop (Tetra Tech) of Toronto, Ontario who recommends that additional drilling be conducted to further investigate and develop the known Two Tom deposit and determine continuity of the mineralized syenite and REE-Nb-Be grades. RA is earning a 100% interest in the Two Tom property which is subject to two option agreements. The northwest half of the zone is optioned from Zimtu Capital Corp. and the southeast half is optioned from Roland and Eddie Quinlan.
Highlights:
The Company presently has three advanced projects in Ontario and Newfoundland and Labrador, exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore), and highly favourable mineralogy for extractive metallurgical processing. 2011 has been a busy year for Rare Earth Metals with the completion of a very successful drilling campaign (1.65% TREO over 90.2 metres and 1.51%TREO OVER 124 metres with the Neodymium percentage of these particular drill holes at about 14% of the TREO - see previous press release dated Sept 15, 2011) on its highly prospective Springer - Lavergne prospect in the Sudbury Mining District of Ontario, and the discovery of heavy rare earths (1.55% TREO with HREO/TREO of 42.1% over 21.0 metres within a wider intersection of 1.11% TREO with HREO/TREO of 41% over 42.9 metres - see previous press release dated Sept 6, 2011) on the Dory Pond prospect in the new emerging Red Wine rare earth mineral belt of Labrador. On its Clay Howells property a new resource estimate for its Clay Howells deposit (8.5 Million Tonnes Averaging 0.73% TREO with 44.15% Fe2O3 - see previous press release dated Sept 27, 2011) was released.
Commented Mr. Michael Stares, President and CEO, "We are extremely pleased with the results of Tetra Tech's evaluation which gives us an excellent base to work from at the Red Wine Project. We will continue to work with Tetra Tech and develop a drill program to enhance the tonnage and grade of the deposit and to initiate metallurgical work on the zone."
Mineral resources were modeled by Tetra Tech and reported at eight different Total Rare Earth Oxide (TREO) cut-off grades, with a base-case resource estimated using a TREO cut-off of 0.60%. At this cut-off, Two Tom hosts an Inferred Mineral Resource of 40.6 million tonnes grading 1.18% TREO, .26% Nb205 and 0.18% BeO, with 6.0% of the TREO being the HREO (heavy rare earth oxides).
The "qualified person" as such term is defined in NI 43-101, who prepared the mineral resource estimates disclosed in this press release, is Mr. Paul Daigle, P.Geo. Mr. Daigle is an employee of Tetra Tech, and registered with the Association of Professional Geoscientists of Ontario. Mr. Daigle has reviewed and approved the sections of this press release relating to the resource calculation. Reg Felix, P.Geo., is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the background information described in this release.
About Rare Earth Metals Inc.
Rare Earth Metals is a well-funded company with a focus on exploring for Rare Earth Element deposits. The Company's shares are listed on the TSX-V exchange under the symbol RA and the OTCQX exchange under the symbol RAREF. The Company presently has two advanced projects in Ontario and Newfoundland and Labrador, both exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure. Its flagship properties are the Clay- Howells Prospect and the Red Wine Project. The Company has recently acquired additional properties in the Coldwell Complex near Marathon, Ontario and the Lavergne-Springer REE Prospect near Sturgeon Falls, Ontario. Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under the Company's profile at . For more information please visit the Rare Earth Metals website at .
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
Michael Stares, President and CEO
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward- looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at .
Company information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Rare Earth Metals Inc.
Michael Stares
President and CEO
(807) 623-6840
(807) 623-9526 (FAX)
Rare Earth Metals Inc.
Nick Vermeulen
Consultant
(807) 623-6840 or Cell: (604) 741-4150
(807) 623-9526 (FAX)
Standard and Poor's Customer Contact:
Richard Albanese
(212) 438-3647
Standard and Poor's Media Relations Contact:
Michael Privitera
(212) 438-6679
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Datum: 13.12.2011 - 13:30 Uhr
Sprache: Deutsch
News-ID 96362
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Town:
THUNDER BAY, ONTARIO
Kategorie:
Mining & Metals
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