HALIFAX, Aug. 27 /CNW/ - Namibia Rare Earths Inc. is pleased to announce
that it has completed a CDN$5,000,000 private placement. Proceeds will
be primarily directed towards advancing the development of the Company's
core asset - the Lofdal Rare Earth Project in the country of Namibia.
Field work has commenced and the Company is moving rapidly towards
developing its first drill targets at Lofdal with a view to taking the
Company public before the end of the year.
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is a newly created, private Canadian company
dedicated to the development of its core asset, the Lofdal Rare Earth
Project in north-central Namibia. The Company was created as a means by
which to unlock value from the Namibian assets of Etruscan Resources
Inc. which is dedicated to the development of gold projects in West
Africa. Lofdal is an early stage, district scale exploration project
with a demonstrated potential for the discovery of a world class, heavy
rare earth-enriched carbonatite deposit. The Company also holds licences
to explore for and develop base metals, precious metals and gemstones
elsewhere in Namibia. Further information can be found by visiting the
Company's website at www.NamibiaRareEarths.com
The Lofdal Rare Earth Project - Focus on Heavy Rare Earths
The Lofdal Rare Earth Project is situated some 450 km northwest of the
capital city of Windhoek and is easily accessible by paved highway to
the town of Khorixas and thereafter by 15 km of high speed gravel road
to site. The project area is 100% held by way of an exclusive
prospecting licence which currently covers 999 km2.
Rare earth elements (REEs) are found in anomalous concentrations in many
of the carbonatite rocks within the Lofdal Carbonatite Complex. These
occurrences are unique in that they collectively represent a complete
suite of all 14 of the rare earth elements together with significant
concentrations of yttrium. Most importantly, the significance and
distribution of the more valuable heavy rare earth elements (HREEs) in
the complex were only recognized in the past 2-3 years after initial
sampling by the Geological Survey of Namibia followed by more widespread
and systematic prospecting over an area of 25 km2
by Etruscan Resources Inc. Surface sampling and analyses of over 3,400
rock samples have delineated areas with potential economic
concentrations of both light and heavy rare earth elements in
carbonatite dykes and at least one intrusive plug has been mapped which
may have potential for light rare earths. The project therefore
represents a new district scale opportunity for the discovery of a world
class, heavy rare earth-enriched carbonatite deposit.
Program Objectives 2010
The current work program at Lofdal will be focused on completing
sufficient work in priority areas to support the Company's application
for a listing on the Toronto Stock Exchange by the end of 2010. The
principal components of the program include:
Compilation of all historic geophysical and remote sensing data and
correlation with geology and REE distributions
Carry out geophysical evaluations of dyke and intrusions
characteristics with ground surveys (magnetics, radiometrics and
Acquisition of high resolution airborne magnetic and radiometric data
Select first dyke targets for detailed mapping, trenching and channel
sampling (focus on HREE-enriched areas)
Continued regional sampling
Ground truth any targets arising from geophysical evaluations
Mineralogical and petrographic studies on favourable zones to
determine REE distribution, separation and extraction characteristics
Based on all of the above, prioritize targets for first phase drilling
The results of the 2010 program will be presented in an independently
authored 43-101 compliant report to be prepared by Swinden Geoscience
Consultants Ltd., under the supervision of Dr. Scott Swinden, P.Geo. Dr.
Swinden is a professional geoscientist and executive with more than 35
years of experience in mineral exploration, including senior executive
positions in Canadian Federal and Provincial geological surveys, and
academia focused on mineral deposits.
SOURCE Namibia Rare Earths Inc.
For further information: For further information:
Namibia Rare Earths Inc.
Donald M. Burton, MSc.
Tel: +01 (902) 835-8760/ Fax: +01 (902) 835-8761
Web site: www.NamibiaRareEarths.com