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REM says due diligence underway at associate Macathur's property

Published: 16:41 29 Jul 2016 BST

picture of lithium battery
REM's investments have climbed in value due to lithium excitement

Rare Earth Minerals plc’s (LON:REM; OTC:REMMY) associate Macarthur Minerals has reported due diligence work has started on a possible farm-in to its Ravensthorpe lithium project in Western Australia.

REM owns 15.5% of MacArthur and the company potentially farming in is Canadian.

Rare Earth also owns 16.4% of European Metals Holdings Limited (LON:EMH). Its quarterly update reported successful completion of drill programme at the Cinovec lithium/tin project and the start of a second stage drill programme to target higher grade lithium zones.

Since the start of 2016, both Bacanora Minerals (LON:BCN) and EMH, REM's most significant investments, have seen large increases in share price due to the excitement in lithium, it added.

Its own shares rose 9% today to 0.7p.

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