REE International, a U.S.-based mineral exploration company focused on the exploration and production of rare earth elements, announced yesterday after the closing bell that it has acquired a rare earth property in Port-e-Kiatuma, Guyana. REE International recently received approval to conduct business in Guyana by the Guyana Geology and Mines Commission.
The property covers 44 square miles with over 200 concessions. According to initial estimates by the Guyana Geology and Mines Commission done in 2009, the initial estimates of Columbite-Tantalite believed to be in the ground exceed $10 million dollars at today’s prices.
Columbite-Tantalite, also known as coltan, is a black metallic ore from which the elements tantalum and niobium are extracted. Tantalum is used to manufacture electronic capacitors for consumer electronics products such as mobile phones, DVD players, video game systems, and computers. Niobium is used mostly in alloys, but is also used in electronic circuits and other applications.
“We are pleased to add this property to our portfolio,” commented Tom Mackay, CEO of REE International. “We believe this acquisition will increase our value as a company significantly.”
The stock is currently trading at $0.35, up 16.67%, on more than 6.7 million traded shares. Today’s trading activity has already reached all-time record levels in just the first twenty minutes of market open.
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