Rare Earth Minerals PLC announced that it has executed formal agreements with Bacanora Minerals Ltd, pursuant to which REM is granted certain rights to participate in drilling and project evaluation of the El Sauz and Fleur Lithium concessions in northern Mexico in line with the binding memorandum of understanding announced on February 14, 2013. The concessions adjoin and are along strike from the BCN's La Ventana concession. REM will earn an initial 10% interest in Bacanora's 100% owned subsidiary that will hold the concessions by making an upfront cash payment of $250,000 (which has been received by Bacanora) and providing another $500,000 to the company in two installments, to be used for exploration and drilling on the concessions and delivered in full no later than 4 weeks after drilling starts. Following completion of the above, REM shall have an option to increase its interest in the company's subsidiary to 30% by providing written notice of exercise, together with delivery of an additional cash payment of $500,000, on or before August 11, 2013, and thereafter depositing a further $1,000,000 within 6 months of exercise of this option, which funds shall be used for drilling and exploration expenditures on the concessions. Following completion of the prior two stages, REM will thereafter have an exclusive option to negotiate terms to increase interest in the subsidiary holding the concessions from 30% to a maximum of 49.9%.

Bacanora Minerals Ltd. announced that it has received the results of surface rock samples collected during the first phase of the field work program on the El Sauz and Fleur lithium concessions that form part of the Sonora Lithium Project in northern Mexico. The company has provided Rare Earth Minerals PLC with an option to earn up to a 49.9% interest in the two concessions by making cash payments to Bacanora and funding exploration The sampling to date has focused on the El Sauz concession, where 210 samples were collected from exposures of the sedimentary-volcanic sequence that hosts lithium-bearing clay units. Geological mapping indicates that lithium-bearing clay units occur within a sedimentary-volcanic sequence that, on El Sauz, is exposed over a strike length of 2 kilometres in a window through Tertiary capping basalt. The sequence appears to be exposed in an open fold with one limb dipping gently to the northeast and the other gently to the southwest. The company's interests in El Sauz and Fleur Concessions cover 3,411 hectares out of a total of 5,786 contiguous hectares that make up the Sonora Lithium Project owned by Bacanora. Initial rock sampling and mapping of the Project by Bacanora located the lithium-bearing clay units within a sedimentary-volcanic sequence. Drilling by Bacanora in 2010 and 2011 located two lithium-bearing clay units (upper and lower) that average 41 and 22 m in thickness, respectively, and that are separated by an ignimbrite unit varying from 1 to 45 m in thickness. The sedimentary-volcanic sequence dips at approximately 20deg to the east and crops out along 3.5 km of strike length. The exposures are in erosional windows looking through overlying basalt that covers much of the area. The lithium-bearing clay minerals have been identified as hectorite and polylithionite. Within the Project area on the La Ventana concession that is 100% owned by Bacanora and adjoins the ground under option to REM, National Instrument 43-101 compliant inferred resources have been estimated for two clay units.

Bacanora Minerals Ltd. announced that field work has commenced on the El Sauz and Fleur lithium concessions that form part of the Sonora Lithium Project in northern Mexico. The first phase of exploration will consist of geological mapping and surface rock sampling focusing on the El Sauz concession, where sampling by Bacanora located lithium-bearing clays units that averaged 5,537 ppm Li over a true thickness of 4.5 metre sampled interval at one location. The objective of the program currently underway is to fully delineate the extent of the lithium-bearing sediments on the concessions and determine the lithium contents of exposed clay units. It is estimated that approximately 230 samples will be collected during this phase which will be completed by the end of March, with analytical results to follow in early April. The results of the program will be used to plan an extensive diamond drilling program to test the down dip potential of the lithium surface showings on the concessions. It is anticipated that drilling will commence in late April or early May 2013. In conjunction with the drilling program geological mapping and rock sampling will be on going on the adjacent Fleur concession.