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Terramin shares rise on rare earths find

Terramin shares rise on rare earths find

Photo by Bloomberg

11th February 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The share price of ASX-listed Terramin Australia increased by more than 12% on Tuesday on news of a significant rare-earth element (REE) discovery at the Kapunda-Truro copper project, in South Australia.

The company told shareholders that it had identified unusually high concentrations of REEs in quartz veins at the historic Kapunda mine, which is located within Terramin’s recently acquired exploration tenements in the region.

“The REE discovery represents an exciting avenue for adding significant value to the Kapunda-Truro project, complementing Terramin’s copper focus for the area,” the company said.

With the product selling at high prices as a result of export quotas in China, the REE exploration opportunity was an attractive option for the company, Terramin said.

The company would be focusing its exploration activities in this region during early 2014, and would reinvestigate other historic goldfields on the tenement area later in the year.

Exploration would be carried out in tandem with the ongoing studies aimed at bringing the high-grade Bird-in-Hand gold project into production, as soon as possible.

Terramin shares were trading at a high of A$0.039 a share on Tuesday, up from a low of A$0.037 a share.

Edited by Creamer Media Reporter

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