TORONTO, Oct. 15, 2013 /CNW/ - Frontier Rare Earths Limited (TSX: FRO) ("Frontier" or the "Company") is pleased to announce the appointment of John Hulme Scholes as a non-executive director of the Company.
Mr Scholes holds BA (Law) and LLB degrees from the University of the Witwatersrand and is an admitted attorney of the High Court of South Africa. Mr Scholes specialises in mining and mineral law and has practised exclusively in the field for 15 years. He was a partner at Werksmans Attorneys (a leading South African law firm) from 1999 to 2008 and a non-executive director of Aquarius Platinum South Africa ("AQPSA") from 2004 until 2008, when he became an executive director of AQPSA. In 2010 Mr Scholes returned to the legal profession as a mining and mineral law advisor and is a principal of Malan Scholes Inc., a firm of attorneys based in Johannesburg, South Africa, that specialises in mining & resources. Mr Scholes is also a non-executive director of West Wits Mining Limited (listed on the Australian Stock Exchange), Randgold and Exploration Company Limited (listed on the Johannesburg Securities Exchange), Diamondcorp PLC (listed on the AIM market of the London Stock Exchange) and Lace Diamond Mining Company (Pty) Limited (a subsidiary of Diamondcorp PLC).
About Frontier Rare Earths Limited (TSX: FRO): 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 a 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner Korea Resources Corporation of an initial 10% interest in Zandkopsdrift. In March 2012 Frontier filed a Preliminary Economic Assessment ("PEA") on the Zandkopsdrift project prepared in accordance with National Instrument 43-101. The results of the PEA indicate that the proposed development of the Zandkopsdrift Project is both technically feasible and economically robust with a low risk profile. In conjunction with the PEA a mineral resource estimate for Zandkopsdrift confirmed 42.5m tonnes at an average grade of 2.23% containing approximately 940,000 tonnes total rare earth oxides (applying a 1% cut-off) and with 78% of the mineral resource in the indicated category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Fiona Harper, Pr.Sci.Nat, was the independent qualified person from Venmyn Rand (Pty) Ltd responsible for the PEA.
Frontier is listed on the main board of the Toronto Stock Exchange and currently has 89,562,781 shares outstanding. Frontier is well funded, with approximately C$38 million in cash and no debt.
SOURCE: Frontier Rare Earths Ltd.
For further information:
For further information on Frontier visit www.frontierrareearths.com, e-mail the Company at [email protected] or contact +352 208 80249. In North America contact Joe Racanelli, TMX Equicom, at 416 815 0700 ext. 243 or [email protected]