LONDON (ShareCast) - Rare Earth Minerals (REM) on Thursday hailed 'a year of significant achievement' and said the long-term outlook was strong.

During the year, exploration on its primary project, Fleur-El Sauz, began in March 2013 and has since defined a substantial maiden resource.

Its wholly-owned Narsaq project in Greenland has four licences covering 870 square kilometres, including the Kvanefjeld deposit, for which the latest estimates for inferred and indicated mineral resource stand at 6.55m tonnes of total rare earth oxides.

The Sonora Lithium Project, owned by Bacanora Minerals - in which REM holds a 5.47% stake - consists of two concessions, together have declared inferred resources totalling 60m tonnes. Since the year-end, Bacanora announced the commissioning of a pilot plant and has begun scale testing of the recovery process on the deposit.

Overall, its loss for the year totalled £0.8m, compared to £1m in 2012. As at the mid-March 2014 point, REM had around £8m in cash and assets held for resale at its disposal.

In a statement the group said: "Over the past 12 months, we have published more than 20 updates or drilling reports on our Mexican project. We now look forward in 2014 to the Sonora Lithium Project, of which the Fleur and El Sauz concessions comprise the bulk of the identified lithium resources, gaining international recognition as a potential, meaningful supplier to the world lithium market.

"This will be aided by the publication of upgraded lithium resources, detailed metallurgical analyses and publication for the first time of the project's potential economics."

NR

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