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Rare Earth Metals Inc ready to capitalize on Chinese shortages with red wine rare earth project
Booth # 3233 • rareearthmetals.ca • 807.623.6840
Michael Stares
President & CEO
Reg Felix
Vice President of Exploration
With prospects in the Red Wine district that are geologically similar to well known Canadian rare earth projects, Rare Earth Metals Inc (TSXV:RA) is poised to capitalize on the supply shortage of rare earth metals following changes in Chinese export regulations. The company's President and CEO, Michael Stares and the Vice President of Exploration, Reg Felix speak with Resource Intelligence about their exciting prospects on the Red Wine Project in Labrador.
Resource Intelligence: Rare Earth Metals Inc. has both coal and rare earth metal, which one is the company's priority at this time?
Michael Stares & Reg Felix: Of course the main priority of the company is to find and drill off a rare earth deposit. The coal asset was inherited through the merger that was completed last year when the company was formed. We are currently trying to find a home for this project and in doing so adding as much shareholder value as possible.
RI: Which project are you most focused on?
MS & RF: We're focused on the Two Tom prospect on our Red Wine Project in Labrador.
RI: Could you tell us about the results you're getting from that project?
MS & RF: That's a very exciting project. In September we drilled 11 diamond drill holes on the Two Tom prospect. The prospect is drilled off on 200m centers for approximately 1.1km. From our drilling to date, it looks like the average thickness of that particular zone is 80m and the grade would about 1.18% total rare earth oxides.
RI: Are those heavy or light rare earths?
MS & RF: They are predominantly light rare earths. However, our other prospects called the Dory Pond occurrence and the South Playfair occurrences have a really good heavy rare earth oxide proportion of the total rare earth oxide content.
RI: What else is encouraging about Red Wine?
MS & RF: We're in a geological environment that is highly prospective for rare earth elements. We're dealing with alkaline intrusions and geologically these could probably be correlated to the type of environment that Quest is working with up in Strange Lake and Avalon is working with in Thor Lake. Secondly, we have five historic rare metal showings, which have been documented by the government. We've been able to outline mineralized zones in the Two Tom and the Mann#1 that have very exciting strike lengths to them. However, we also have in the southwest area of this large holding, highly prospective zones to explore. To date, through prospecting and sampling we've demonstrated heavy rare earth oxide compositions. We're going to focus on those to come up with some exciting zones of heavy rare earth in addition to the predominantly light rare earths we already have. So we probably have an underdeveloped, undervalued belt because we're probably the first people who have really looked at it for rare earth metal mineralization.
RI: As you know we are expecting a rare earth metal supply shortage because of Chinese export regulations. Could you comment on how that may affect your project?
MS & RF: It's going to be positive in every respect. When you look at what the Chinese have been doing in the last few months with their export restrictions, they are really telling the rest of the world that they have to find new deposits. 97% of the world's rare earths are developed in China and China currently consumes about 60% domestically, and they're telling us now that their domestic demands are going to increase. There has been speculation that within five years the Chinese themselves are going to be importing rare earth metals to feed its growing economy.
RI: Are you currently working on the Clay-Howells rare earth project in Ontario as well?
MS & RF: Yes, we're drilling on the Clay Howell project right now. With any luck we'll have some good news from that project and that will be good news for the company going forward as well.
RI: How well is Rare Earth Metals Inc financed to proceed with exploration plans?
MS & RF: Our company is well financed. We have just over $8 million in the treasury. We have a burn rate of about $80,000-$90,000 per month, and basically we have lots of money in the bank to fund both our projects.
RI: Do you believe you are currently getting shareholder value for your projects?
MS & RF: Our market cap today is $32 million. If you compare other rare earth companies in the sector with similar assets and share structures as Rare Earth Metals, we believe there is a lot of room to add shareholder value.
RI: What is the company doing to address shareholder value?
MS & RF: When we do outline a resource at the Two Tom and complete a 43-101, that will help our share price for sure.
RI: Any idea of the time frame for the 43-101?
MS & RF: We're probably looking at another 12 months. Realistically, it will probably be the first quarter 2012 before we see a 43-101.
RI: Is there anything else you'd like to add?
MS & RF: Our projects have great infrastructure and I believe this will have a very positive effect on the future of our potential deposits there.
Investor Highlights:
- Exploration on the Two Tom Prospect on the Red Wine Project continuing through 2011 with 43-101 planned for first quarter of 2012
- Recent sampling has shown heavy rare earth metals on the Red Wine Project to add to existing lights
- Company well financed to proceed with exploration with $8 million in the treasury
- Existing infrastructure in the Red Wine district will keep expenditures low
About the Author
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