REE Minerals AS (REEM) was established in 1998 and have approximately 150 shareholders. REEM owns 100% of the shares of REE Minerals Fen AS.
REEM has from 2010 up to now spent approximately NOK 30 million on development work and found a very large deposit of Rare Earth Elements (REE) within our license areas. Initial metallurgical test work conducted by Wardell Armstrong International (WAI) has been very promising. In 2014 REE Minerals Fen AS was hence granted exploitation rights from the government of Norway to exploit inter alia REE in Fen. This was a break-through for REEM and a confirmation that the government as well regarded the deposit to be commercially viable.
The commercially most interesting minerals are REE. REE is used in several modern products such as wind turbines, electric and hybrid cars, batteries, flat screens, smart phones, hi-tech defense systems etcetera. REE Minerals AS' strategy is to further develop our REE project FEN - at a later stage with partners within the REE industry.
In the spring of 2014 REE Minerals AS performed a second drill program again with very promising results. Our geologists 21st North reported that (quote)
«although only drill tested by 15 diamond holes combined with surface channel sampling covering an area of roughly 750 x 300 m, the Fen carbonatite complex beyond doubt hosts a very large resource of REE´s. Carbonatite comprises more than 95% of the drill tested area and deeper holes has demonstrated that the mineralisation continues to minimum 300 meters depth, being open ended in all directions. The present exploration work strongly indicates that the deposit is extremely homogeneous and does not require expensive tightly spaced drilling, which is typical of vein type deposits. In addition, drill interceptions grading up to 4,49% TREO over 11,6 meters has demonstrated that higher grade bodies occur within the «background» mineralisation…An additional amount of infill drilling and delineation is required in order to increase and upgrade the resources to higher confidence categories in compliance.., but the remarkable homogeneous and consistent nature of the carbonatite and the associated REE mineralisation presents strong evidence for the Fen carbonatite complex to host a very large and significant source of REE´s comparable in size to some of the largest carbonatite complexes and REE deposits in the world».
Based on REE-prices in 2015 and with an indicated deposit of 2 million tons of REE, the FEN REE-deposit has an in situ value of about 66 billion USD (excluding capital and operating expenses)
Based on the very promising results above REEM is accelerating the development work. Currently further metallurgical test work is being conducted by WAI and Kingston Laboratories and an independent technical review is being performed by SRK Consulting.