HALIFAX, July 2, 2013 /CNW/ - Namibia Rare Earths Inc. ("Namibia Rare Earths" or the "Company") (TSX: NRE) (OTCQX: NMREF) is pleased to announce that William L. Price has joined the Board of Directors of Namibia Rare Earths.
William L. Price is the former Chairman and Global Chief Investment Officer of Dresdner RCM Global Investors and CIO for equities at Allianz Dresdner RCM. Following his retirement in 2003, Mr. Price has been a private investor and CEO of the William L. Price Charitable Foundation. He has served as a corporate director of several publicly traded companies. A graduate of Dartmouth College and a Graduate Fellow (Political Science) at Brooklyn College, Mr. Price worked for the US Department of State before going to Wall Street as a securities analyst. He joined Rosenberg Capital Management in 1976 and became Chairman and CEO in 1996. For fifteen of those years he was a guest lecturer at the Graduate School of Business at Stanford University. Mr. Price resides in Atherton, California. Mr. Price currently owns or controls over 11.6% of the outstanding shares of the Company.
The Company also announced that Greg Johnson has stepped down from the Board of the Company effective immediately.
Gerald McConnell, CEO of Namibia Rare Earths stated,
"We are very pleased to welcome Bill Price to the board of Namibia Rare Earths. He brings a wealth of experience and knowledge from many years of international investing and management. We look forward to his contribution to the Board as we move forward with development of our Lofdal heavy rare earth project.
We would also like to acknowledge Greg Johnson's valuable contribution to the Board over the past two years and wish him well in his future endeavours."
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is developing a portfolio of mineral exploration projects in Namibia and is currently focused on the accelerated development of the Lofdal Rare Earths Project. The Company completed a CDN$28.75 million initial public offering and Toronto Stock Exchange listing in April, 2011 and is well funded to carry out its development program. The common shares of Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under the symbol "NRE" and in the United States on the OTCQX International under the symbol "NMREF".
No regulatory authority had approved or disapproved the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of Namibia Rare Earths Inc. Forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.
SOURCE: NAMIBIA RARE EARTHS INC.
For further information:
Namibia Rare Earths Inc.
Don Burton, President
Tel: +01 (902) 835-8760
Fax: +01 (902) 835-8761
Web site: www.NamibiaRareEarths.com
Cowen and Company
(Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
Tel: +1 (212)-372-5766