StockMarketWire.com – Rare Earth Minerals has made further market investments totalling $0.186 million in Bacanora Minerals Limited and Western Lithium USA Corporation.
“The recent share acquisitions of both Bacanora and Western Lithium are seen as potential strategic investments in the other two major Hectorite Lithium projects, in which REM currently has no exposure,” said chairman David Lenigas.
Bacanora is a TSX-V listed company exploring for and developing industrial mineral resources in Mexico with a primary focus on Borates and Lithium.
Bacanora is the joint venture partner of REM in the Fleur-El Sauz Lithium project. REM now has an interest of about 0.74% in the issued share capital of Bacanora, acquired at a cost of $0.2 million. This interest, when aggregated with REM’s 30% direct interest in the Joint Venture, results in a total economic interest in the Joint Venture of 30.52%.
Western Lithium is a TSX-V listed company whose principal project is the Kings Valley, Nevada lithium carbonate deposit. REM has an interest of approximately 1.75% in the issued share capital of Western Lithium, acquired at a cost of $0.51 million.