TORONTO, June 8, 2015 /CNW/ - Frontier Rare Earths Limited (TSX: FRO) (US:FREFF) ("Frontier" or the "Company") announced the results of a Pre-feasibility Study ("PFS") on the Zandkopsdrift rare earth element project in South Africa (the "Zandkopsdrift Project" or "Zandkopsdrift") on May 12, 2015. Frontier today announces that the Company has filed a Canadian National Instrument 43-101 compliant technical report (the "PFS Report") containing the results of the PFS and a reserve estimate for Zandkopsdrift under the Company's SEDAR profile at www.sedar.com. The PFS Report is also available on Frontier's website (www.frontierrareearths.com).
The results of the PFS indicate that the proposed development of Zandkopsdrift to produce a range of high purity, separated rare earths and a manganese sulphate by-product is both technically feasible and economically robust. Zandkopsdrift is being developed by Frontier in partnership with Korea Resources Corporation, the wholly-owned mining and natural resource investment arm of the South Korean Government, which owns a 10% interest in the Project.
The report entitled "National Instrument 43-101 Independent Technical Report on the Results of a Preliminary Feasibility Study on the Zandkopsdrift Rare Earth Element and Manganese By-product Project in the Northern Cape Province of South Africa for Frontier Rare Earths Limited" has an effective date of June 2, 2015. The PFS Report was compiled by Venmyn Deloitte (Pty) under the supervision of the following persons: F. Harper B Sc (Hons), Pr Sci Nat., MGSSA (Qualified Person) and G Njowa B Sc (Hons), Pr Sci Nat., MGSSA B Sc Hons (Min Eng) Grad CIS, M Sc MRM (Min Eng), Pr Eng, M.Sc MRM (Min Eng), (Qualified Valuator).
About Frontier Rare Earths Limited (TSX: FRO US: FREFF)
Frontier Rare Earths Limited (www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of rare earths projects in Africa. Frontier's flagship asset is the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 64% interest and an 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner; Korea Resources Corporation; of an initial 10% interest in Zandkopsdrift. Frontier is listed on the main board of the Toronto Stock Exchange and currently has 89,562,781 shares outstanding. Frontier is well funded and as at March 31, 2015 had approximately $22 million in cash and no debt. Readers are directed to the news release dated March 30, 2015 in which details of a strategic review being undertaken by the Company are described.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Readers can identify many of these statements by looking for words such as "will", "intends", "projects", "anticipates", "estimates", "achieving", or similar words or the negative thereof. Such forward looking information includes, among other things, anticipated recovery rates, timing of receipt of mining rights and environmental permits, realization of construction activities and mining operations, estimated capital expenditures and operating costs, estimated REE market prices and statements regarding NPV and IRR. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, commodity prices, availability of financing for the Company and the Company's ability to raise additional capital, results of feasibility studies, dependence upon regulatory approvals, the estimation of mineral resources and the realization of mineral reserves based on mineral resource estimates and estimated future development, if any, and possible variations of ore grade or recovery rates; the Company development, if any, and possible expectations regarding competition from other producers globally, possible customer and supplier relationships, anticipated trends and challenges in the Company regarding competition; mineral resource estimates and supply outlook and growth opportunities, the future price of and future demand for rare earth elements, title disputes or claims including Black Economic Empowerment initiatives, the timing and possible outcome of pending regulatory and permitting matters and the factors described or referred to under "Description of the Business – Risk Factors" in Frontier's current annual information form filed on SEDAR at www.sedar.com.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Actual results may differ materially from those anticipated. Readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Frontier disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
SOURCE Frontier Rare Earths Ltd.
For further information: For further information on Frontier visit www.frontierrareearths.com, e-mail the Company at IR@frontierrareearths.com or contact +352 208 80249.