Sunday, 24 July 2011

Black Fire Minerals in trading halt pending acquisition announcement

Black Fire Minerals (ASX: BFE) has been granted a trading halt by the ASX pending the release of information regarding a potential acquisition.

The company expects to make an announcement on or before the commencement of trading on Wednesday 27 July.

Black Fire did not elaborate on the acquisition, however its soil geochemical program results have recently significantly extended the size of the previously reported rare earth elements (REE) anomaly at the Longonjo (REE) Prospect in Angola, south-central Africa.

The company would be encouraged by the size and robustness of the REE soil anomaly and the results continue to confirm Black Fire's strong belief that the Longonjo Carbonatite has the potential to grow into a significant and highly competitive REE Project.

The results have similarities to Peak Resources' (ASX: PKR) Ngualla Rare Earth Project in Tanzania which is roughly 12 months in advance of Black Fire.

Black Fire's Longonjo project appears to offer investors similar potential to Peak Resources, but at a cheaper entry point.

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