| | Publié le 01 décembre 2009 | Options Eden Lake Rare-Earth Property to Medallion |
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Re: News Release - Tuesday, December 01, 2009 Title: Rare Element Options Eden Lake Rare-Earth Property to Medallion
1 DECEMBER 2009 - VANCOUVER, BC: Rare Element Resources Ltd ("Rare Element" - TSX-V: RES) and Medallion Resources Ltd ("Medallion" - TSX-V: MDL) announce that they have signed a letter of intent whereby Rare Element will grant to Medallion an option ("Option") to earn a 65% interest in a joint venture to explore the Eden Lake rare-earth-element property, Manitoba, Canada ("Property"). Over the next 30 days, Rare Element and Medallion plan to complete due diligence and begin work on a definitive agreement that includes the terms of the letter of intent and governs the Option period and the contemplated joint venture. Option terms are presented below.
Rare Element president Don Ranta said "We are very pleased to have the former president of Rare Element, Dr William Bird, working with us again on this exceptional Eden Lake rare-earth property. Medallion, with support from the Rare Element team, will test and advance the property using the latest, most effective techniques. Dr Bird, who is highly qualified and experienced in rare-earth exploration, will provide the leadership to ensure that the work is done to our best advantage."
Dr Bird responds, "Exploring the Eden Lake rare-earth property with Dr Ranta and Rare Element is a tremendous opportunity for the Medallion shareholders. I believe that Eden Lake is one of the top ten rare-earth prospects in North America. The recent Eden Lake discovery of elevated levels of yttrium and heavy-rare-earth elements in multiple styles of mineralization expands the potential for multiple targets over the eight square kilometres of intensely mineralized rare-earth-rich rocks. Eden Lake is an extraordinary first project for Medallion's planned program of rare-metal project acquisitions."
Option Terms
For Medallion to acquire and maintain its Option to earn a 65% joint-venture interest in the Property, Medallion must complete, over a five-year period, the following cash and share payments to Rare Element and complete the following Property-exploration work-commitment expenditures:
Five-Year Option to earn 65% interest in joint venture to explore Eden Lake property |
Cash payment |
Medallion's common shares |
Property Work commitment |
Initial payment |
$25,000 |
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At the signing of the definitive agreement |
$25,000 |
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Upon TSX Venture Exchange's approval |
$50,000 |
200,000 |
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End of first year |
$50,000 |
200,000 |
$250,000 |
End of second year |
$100,000 |
200,000 |
$500,000 |
End of third year |
$200,000 |
200,000 |
$500,000 |
End of fourth year |
$500,000 |
500,000 |
$500,000 |
End of fifth year |
$500,000 |
500,000 |
$500,000 |
TOTAL |
$1,450,000 |
1,800,000 |
$2,250,000 |
Production from the Property is subject to an underlying 3% Net Smelter Return royalty ("NSR") in favour of the prospector that originally staked the property. Half of this NSR may be purchased for $1.5 million.
Upon completion of the cash and share payments and work commitments, Medallion may exercise its Option to acquire a 65% interest in a joint venture with Rare Element, which will be created to further explore and develop the Property (Medallion will hold 65% and Rare Element will hold 35%).
Medallion will be the operator of the exploration program during the Option period and, as the majority interest holder, Medallion would be the operator of the joint venture, as well.
Terms of the letter of intent and the definitive agreement are subject to regulatory approval.
Rare Element Resources Ltd (TSX-V: RES) is a publicly traded mineral resource company focused on rare-earth elements and gold. In addition to the REE exploration and evaluation efforts, the Company and Newmont have entered into the Sundance gold exploration joint venture on the Company's Wyoming property. Newmont has the right to earn a 65% working interest in Rare Element Resources' property, excluding any rights to the rare-earth elements and uranium but including rights to gold and other metals, by performing US$5 million in property work expenditures over a five-year period. Newmont also has the right to earn an additional 15% working interest by completing a positive project feasibility study. Gold exploration drilling began in July for the 2009 program, and rare-earth drilling began in August.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, lithium and other metals required by the new energy-saving technologies. Increasing interest in energy conservation and environmental protection are fuelling intense interest in, and public awareness of these critical commodities. As understanding and demand increase, Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals.
ON BEHALF OF THE RARE ELEMENT RESOURCES BOARD OF DIRECTORS "Donald E. Ranta", PhD, PGeo, President & CEO For information, refer to Rare Element's web site www.rareelementresources.com or contact: Mark T Brown, CFO, (604) 687-3520 ext 242 mtbrown@pacificopportunity..com. Donald E Ranta, (604) 687-3520 don@rareelementresources.com
ON BEHALF OF THE MEDALLION RESOURCES BOARD OF DIRECTORS "William H Bird", PhD, PGeo, President & CEO For further information, refer to Medallion's web site www.medallionresources.com or contact: William H Bird (888) 827-6611 williambird@medallionresources.com Erica C Bearss (604) 681-9558 ebearss@medallionresources..com
Donald E Ranta, PhD, PGeo, serves the Rare Element Board of Directors as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr Ranta and has been prepared in accordance with Canadian regulatory requirements that are set out in National Instrument 43-101. This news release was prepared by Rare Element management, who take full responsibility for content. Neither 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.
Medallion Management, who takes full responsibility for content, prepared this news release. William H Bird, PhD, PGeo, who serves the Board of Directors of Medallion Resources as an internal, technically Qualified Person, has reviewed this release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Medallion's future acquisition and exploration plans, objectives or goals, including words to the effect that Medallion or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with Medallion's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion's plans.
Copyright � 2009 RARE ELEMENT RESOURCES LTD. (RES.V) All rights reserved. For more information visit our website at http://www.rareelementresources.com/ or send email to info@rareelementresources.com ..
Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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Rare Element Resources Ltd.
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EXPLORATEUR |
CODE : RES.TO |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Rare Element Res. est une société d’exploration minière d'or basée au Canada. Rare Element Res. détient divers projets d'exploration en USA. Ses principaux projets en exploration sont BEAR LODGE et SUNDANCE GOLD en USA. Rare Element Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 10,9 millions CA$ (10,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 12 août 2011 à 9,95 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,21 CA$. Rare Element Res. possède 52 940 000 actions en circulation. |
Attributions d'options de Rare Element Resources Ltd. |
Nominations de Rare Element Resources Ltd. |
Rapports Financiers de Rare Element Resources Ltd. |
Projets de Rare Element Resources Ltd. |
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Communiqués de Presse de Rare Element Resources Ltd. |
01/02/2016 | Rare Element Resources Announces Intention to Voluntarily De... |
22/01/2016 | Rare Element Resources Announces Suspension of Permitting Ac... |
19/01/2016 | Rare Element Resources Achieves Important Permitting Milesto... |
17/12/2015 | Rare Element Resources Implements Extensive Cost Cutting Mea... |
17/12/2015 | Rare Element Resources Implements Extensive Cost-Cutting Mea... |
16/12/2015 | Rare Element Resources Expands on Advantages of Its Patent-P... |
06/11/2015 | Rare Element Resources Reports Third Quarter Results |
14/10/2015 | Rare Element Resources Successfully Completes First Phase of... |
07/10/2015 | Rare Element Resources Completes Summer Condemnation Drillin... |
08/09/2015 | Rare Element Resources to Participate in 17th Annual Rodman ... |
24/08/2015 | Rare Element Files Canadian Preliminary Shelf Prospectus to ... |
12/08/2015 | 10-Q for Rare Element Resources Ltd. |
07/08/2015 | Rare Element Resources reports 2Q loss |
07/08/2015 | Rare Element Resources Reports Second Quarter Results |
15/07/2015 | Exploration at Rare Element Resources’ Bear Lodge Mineraliza... |
15/05/2015 | 10-Q for Rare Element Resources Ltd. |
07/05/2015 | 10-K for Rare Element Resources Ltd. |
30/03/2015 | Rare Element Resources Confirms Revised EIS Schedule Support... |
24/03/2015 | Rare Element Resources to Participate in the John Tumazos Ve... |
12/03/2015 | Rare Element Resources Reports Year-End 2014 Financial Resul... |
03/03/2015 | Rare Element Resources Names Lowell A. Shonk as Interim Chai... |
03/03/2015 | Rare Element reports Unanimous Support from Wyoming Legislat... |
11/02/2015 | Rare Element Resources Reports on Significant Progress in 20... |
13/11/2014 | Rare Element Resources to Participate in the 32nd Annual Wyo... |
10/11/2014 | Rare Element Resources Reports Third Quarter Results |
27/02/2014 | to Participate in Largest Mining Conference of the Year |
03/02/2014 | Transitions Geological Team |
21/01/2014 | Files for Utility Patent on Recovery Technology |
19/12/2013 | Trouble with the tables? |
16/12/2013 | Announce EIS Contractor and PM |
12/11/2013 | 3rd Quarter Results |
25/09/2013 | Announces $8.0 Million Offering |
11/06/2013 | Files Shelf Registration |
05/06/2013 | Independent Labs Confirm Success of Rare Element's Proprieta... |
03/05/2013 | Files NI 43-101 Technical Report Detailing Previously Announ... |
19/04/2013 | Mark T. Brown Resigns as Director of Rare Element |
18/03/2013 | Reports December 31, 2012 Financial Results, Substantial Inc... |
11/03/2013 | Reports Additional Drilling Results High in Critical Rare Ea... |
25/02/2013 | to Present at Upcoming PDAC 2013 Investor Exchange |
20/02/2013 | provides information of cease trade on TSX |
10/12/2012 | Drilling Results Expand District-wide Enrichment Zones of Cr... |
08/11/2012 | Announces Annual General Meeting and Director Nominees; Adop... |
16/10/2012 | Provides Support to Colleges and Universities for REE Resear... |
21/09/2012 | Added to S&P/TSX SmallCap Index |
13/09/2012 | (Bear Lodge)Announces June 30, 2012 Year End and Fourth Quarter Financia... |
13/08/2012 | s Its Community Relations Activities |
07/05/2012 | Reports 10 Percent Increase of M & I Rare-Earth Mineral Reso... |
13/04/2012 | (Bear Lodge)Announces Revised and Improved Economic Results from Pre-Fe... |
12/04/2012 | Schedules Conference Call for Tuesday, April 17, 2012, 3:30p... |
26/03/2012 | Reports Additional 2011 Rare Earth Element and Gold Drilling... |
15/03/2012 | Commences Separation Testing and Heavy Rare Earth Testing |
01/03/2012 | (Bear Lodge)Announces Positive Economic Results from Pre-Feasibility Stu... |
27/02/2012 | Reports 2011 Gold Drilling Assay Results, Including the Best... |
10/02/2012 | (Bear Lodge)Files December 31 Second Quarter Financial Results and Updat... |
22/01/2012 | Chairman Don Ranta interviewed by Charles Payne on Fox Busin... |
04/01/2012 | (Bear Lodge)Reports 38 Percent Increase of M & I Rare-Earth Mineral Reso... |
21/12/2011 | Reports Additional Drilling Results And Progress with Pilot ... |
07/09/2011 | Releases Rare Earth Metallurgical Test Results and Begins Pi... |
15/08/2011 | Ringing the Opening Bell of the NYSE Amex on August 16, 2011 |
05/08/2011 | (Bear Lodge)Discovers Heavy Rare Earths at Whitetail Ridge, East Taylor ... |
04/08/2011 | Discovers Heavy Rare Earths at Whitetail Ridge, East Taylor ... |
27/07/2011 | Applauds U.S. House Committee Passage of Strategic Resources... |
28/06/2011 | 2011 REE Drilling Underway |
14/06/2011 | (Bear Lodge)Reports Upgrade and Significant Increase of Rare-Earth Miner... |
26/05/2011 | shares to trade on the Toronto Stock Exchange on May 27, 201... |
13/07/2010 | Drilling Begins at Rare Element's Sundance Gold Project |
28/06/2010 | Makes Progress with Government Affairs Program |
12/05/2010 | Maintains 100% Interest in gold |
13/04/2010 | Closes $8.8 Million Financing |
18/03/2010 | $7.8 Million Offering |
23/02/2010 | Definitive Eden Lake Rare-Earth Property Agreement Completed... |
05/02/2010 | Named to 2010 TSX Venture 50 |
08/01/2010 | Acquires Nuiklavik REE Project in Labrador, Canada |
07/12/2009 | 2009 Drill Program Tests Gold Targets at Bear Lodge |
01/12/2009 | Options Eden Lake Rare-Earth Property to Medallion |
19/11/2009 | Files US SEC Registration Form 20F |
22/10/2009 | US government begins to focus on rare earths |
13/10/2009 | Identifies High-Potential Whitetail Ridge Rare-Earth Target |
21/07/2009 | Drilling Begins at Rare Element's Sundance Gold Venture |
23/05/2009 | increases financing to $1,500,000, files Tier One applicatio... |
15/07/2008 | s Resources' Gold Exploration Program Initiated |
29/05/2008 | Reports on Gold Metallurgical Test Results |
18/02/2008 | 's Rare-Earths Metallurgical Testing Underway |
17/01/2008 | ' new corporate profile |
11/01/2008 | Upcoming conference |
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