HALIFAX, Nov. 30, 2016 /CNW/ - Namibia Rare Earths Inc.
("Namibia Rare Earths" or the "Company") (TSX: NRE) announced today
that it has filed an application with the Ministry of Mines and
Energy for a mining licence for its Lofdal heavy rare earth project
in Namibia.
Following the release of the Preliminary Economic Assessment
("PEA") on November 14, 2014, the
Company has focused its operations in Namibia on baseline environmental monitoring
at Lofdal to support an Environmental Impact Assessment ("EIA") for
the proposed project, together with focused metallurgical
optimizations. The EIA process was conducted over an 18 month
period under the supervision of SLR Environmental Consultants
(Namibia) and final reports have
been filed with the Ministry of Environment and Tourism. In
addition to the technical and financial assessment of the project
which will be carried out by the Ministry of Mines and Energy, the
project must receive an Environmental Clearance Certificate from
the Ministry of Environment and Tourism to support the issuance of
a mining licence.
The corporate objective remains to bring in a qualified
technical or financial partner to participate in the development of
Lofdal. While difficult market conditions for the resource sector
in general, and rare earths in particular persist, Lofdal remains a
unique opportunity for a sustainable supply of heavy rare earths
outside of China. Furthermore,
there are several processing options under development which can
offer significant costs savings and the possibility for direct
participation in the separation of rare earth oxides in
Namibia. In order to safeguard the
project in the interim, significant cost saving measures have been
implemented on both an administrative and operational level during
the mining application review period.
Board Changes
The Company also announced today that Kalidas Madhavpeddi and
Bill Koutsouras have stepped down as
directors of the Company effective today, the Company's yearend.
Both Mr. Madhavpeddi and Mr. Koutsouras have served on the Board
since the Company listed and have made significant contributions to
the milestones achieved, taking the project from discovery through
to the filing of an application for a mining permit. The Board
would like to thank Mr. Madhavpeddi and Mr. Koutsouras for their
focus, dedication and commitment to the Company.
The Company also announced today that Gerald McConnell has resigned as chief executive
officer of the Company and has assumed the role of Chair of the
Board from Mr. Madhavpeddi. Donald
Burton remains the president of Namibia Rare Earths.
The Company also announced that the Company's Board recently
granted a total of 2,020,000 incentive stock options to an
aggregate of 13 officers, employees and directors of the Company.
The options are exercisable for a period of five years at an
exercise price of $0.05 per share and
represent the first grant since November
2014.
Donald M. Burton, P.Geo. and
President of Namibia Rare Earths Inc., is the Company's Qualified
Person and has reviewed and approved this press release.
About Namibia Rare Earths Inc.
Namibia Rare Earths Inc. is focused on the accelerated
development of the Lofdal Rare Earths Project. The common shares of
Namibia Rare Earths Inc. trade on the Toronto Stock Exchange under
the symbol "NRE".
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.