Kimberley Rare Earths: Tim Dobson joins board as managing director

Kimberley Rare Earths (ASX: KRE) chief executive officer Tim Dobson has accepted an invitation by the board to become managing director.

Kimberley Rare Earths is currently in a fascinating position, after only being minted a couple of months ago.

The company is already achieving the objectives set out in the IPO, which stated that the company will assess and, if warranted, acquire other rare earths projects that have potential to add value.

Just last week the company secured a significant interest in a strategic pegmatite hosted rare earth project in Mozambique, which hosts major exploration potential, including for xenotime‐hosted yttrium, dysprosium and erbium.

Artisanal miners have historically exploited the area for topaz, aquamarine and amazonite gemstones of exceptional quality.

Kimberley Rare Earths can earn up to a 90% interest in the Malilongue project, with terms including an up front $300,000 cash payment to earn a 40% joint venture interest in the non-gemstone rights.

Additional consideration comprises a cumulative $4 million payment over 5 years to earn up to 80%, with a right to increase to 90% by sole funding to production.

Impressive historical data

No doubt attracting Kimberley Rare Earths to the Mozambique domiciled project is the historical data, which includes rock chip samples assaying over 20% TREO.

Added to this is concentrates from 38 separate pits located throughout the pegmatite field sampled by the current owner, which have averaged over 1000ppm TREO with 55% being LREO, 25% HREO and 20% yttrium oxide.

A sample extracted from the eluvial beds was subjected to mineralogical examination by a scanning electron microscope and found to comprise major xenotime and minor monazite and zircon.

In addition to yttrium, the xenotime shows appreciable dysprosium and erbium.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20305/kimberley-rare-earths-tim-dobson-joins-board-as-managing-director-20305.html