Rare Element Resources Ltd. (TSX Venture: RES) has signed a definitive agreement with VMS Ventures Inc. to acquire the Eden Lake REE project. The Eden Lake project is located in Manitoba, Canada. The TSX Venture Exchange has approved the transaction and Rare Element is currently going through the process of issuing the common shares to VMS and transferring the claims to Rare Element.
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Pursuant to the agreement, the company acquired the 100% interest in the Eden Lake REE Project for 300,000 common shares to VMS, with 75,000 upon closing, and 75,000 at 6,12,and 18 month following intervals.
About Rare Element Resources Ltd.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral resource company focused on rare-earth elements and gold. In addition to the REE exploration and evaluation efforts, the Company and Newmont have entered into the Sundance gold exploration joint venture on the Company's Wyoming property. Newmont has the right to earn a 65% working interest in Rare Element Resources' property, excluding any rights to the rare-earth elements and uranium but including rights to gold and other metals, by performing US$5 million in property work expenditures over a five-year period.
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