Paladin Energy aims to crack uranium big league with Canadian takeover
Paladin would churn out 10% of global uranium output after combining production of its Namibian mine with Fission’s Canadian project.
THUNDER BAY, ONTARIO–(Marketwire – Dec. 13, 2011) – 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.”
