LONDON (ShareCast) - Mining group Rare Earth Minerals (REM) has uncovered new deposits of lithium in Mexico, giving its share price a boost on Thursday afternoon.

REM said it had identified lithium-bearing clay areas stretching for about 25 miles.

It has set up a joint venture with Bacanora Minerals that covers the new discoveries and increases concessions by more than 1,880% from 5,325 hectares to 100,140 hectares, or 247,451 acres.

Lithium and related compounds are used in heat-resistant glass and ceramics, strong alloys used in aircraft, batteries and treatments for medical conditions such as depression.

Chairman David Lenigas said: "REM now has a direct interest in a quarter of a million acres of high prospective ground for lithium and potentially other valuable metals."

The stock was up 8.06% at 0.724p before the close of trade.
PW

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