Namibia Rare Earths Inc. (TSX-V:NRE) is a Canadian public company listed on the TSX Venture Exchange which is focused on the accelerated development of its 100% held Lofdal Rare Earth Project in Namibia.
Exploration at Lofdal over the period 2009-2014 uncovered a district scale opportunity for the development of a heavy rare project. The permit area covers 210 km˛ encompassing a carbonatite complex in which geologists have discovered widespread rare earth mineralization. The property has demonstrated a potential for the discovery of multiple rare earth deposits with a unique opportunity for the discovery of deposits that are exceptionally enriched with heavy rare earths due to the occurrence of xenotime.
has moved from discovery to economic assessment in a relatively short time
frame. In April 2011, the Company completed a CDN $28.75 million initial public
offering and listing on the Toronto Stock Exchange. Exploration drilling was
completed on a number of planned targets within a 50 km˛ portion of the Lofdal
carbonatite complex. The most prospective target from this program was Area 4, which
was selected for more detailed drilling to develop an initial National Instrument
43-101 compliant resource, which was released in September 2012. In October
2014, the Company announced the results of a Preliminary Economic Assessment on
Area 4 which concluded that the project currently has the potential to produce an
average of 1,500 tonnes per annum of separated rare earth oxides which would
generate after tax cumulative cash flow of US$259M with a net present value10% of
US$148M and an internal rate of return of 42%. The PEA relied on future REO
price forecasts which have not yet been realized. The PEA indicates that there
is considerable potential to expand the current mineral resource.
The PEA should not be considered to be a pre-feasibility or feasibility study, as the economics and technical viability of the Project has not been demonstrated at this time. The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Furthermore, there is no certainty that the PEA will be realized.
During the period 2015-2016 the Company completed an Environmental Impact Assessment ("EIA”) which has been submitted to the Ministry of Environment and Tourism and is pending a decision to issue an Environmental Clearance Certificate. An application for a Mining Licence was submitted to the Ministry of Mines and Energy in late 2016 which also pending.
|Listing:||TSX Venture Exchange ("NRE”)|
|Head Office:||Halifax, Nova Scotia|
|Corporate Head Office:||Suite 306, Royal Bank Building|
1597 Bedford Highway
Halifax, NS B4A 1E7
|Namibian Office:||Namibia Rare Earths (Pty) Limited|
No. 9, Willan Street, Windhoek West
P.O. Box 31694
Windhoek, Namibia 9000
|Legal Counsel:||McInnes Cooper|
|Transfer Agent:||Computershare Trust Company|