VANCOUVER, June 11, 2012 /CNW/ - Tasman Metals Ltd. ("Tasman" or the "Company") (TSXV : TSM) (Frankfurt
: T61) (NYSE MKT : TAS). Mark Saxon, President & CEO, is pleased to announce that the Company has
entered into an agreement to acquire a 100% interest in three new rare
earth element (REE) exploration properties in central Finland. As
further described below, the Korsnäs South, Siilinjärvi and Laivajoki projects are being acquired from an arm's length private Finnish
company, Magnus Minerals Oy, for consideration including 60,000 common
shares of the Company.
The Korsnäs South project is located 350 km north of Helsinki in central western Finland
(Figure 1), and is comprised of six claim applications securing approximately
1300 Ha. These claims cover the southeastern prospective trend of the
historic Korsnäs rare earth element (REE) - lead (Pb) mine that is currently under claim
application by Tasman (as reported February 3rd, 2010). The historic
mine site has excellent infrastructure, lying only 1km from the Baltic
coast with an excellent all weather road network and a skilled and well
serviced local community. Between 1959 and 1972, the Finnish mining
company Outokumpu Oy produced a total of 0.87 million tonnes of ore
from Korsnäs at a grade of 3.6% Pb and 0.83% REE's. REE-Pb
mineralization is associated with a carbonatite intrusion and other
rift-associated rock types, where REE-bearing minerals include apatite,
monazite and allanite. Within the claim areas gained under this
acquisition, clusters of several hundred REE-rich boulders and two
REE-mineralized outcrops are known, with historic grades of up to 13%
Total Rare Earth Oxide (TREO). Elevated REE grades in boulders have
been recently confirmed by Tasman using handheld Niton XRF devices,
which indicate the project to be strongly dominated by light REE's.
The Siilinjärvi project consists of two claim applications totaling 450 ha covering
outcrops of alkaline intrusive and carbonatite, rock units which are
elsewhere known to host REE mineralization. The project lies adjacent
to the operating apatite/phosphate mine of Siilinjärvi (owned by Yara
International ASA) 30 km north of the city of Kuopio. Geological Survey
of Finland records indicate that during historic exploration for
apatite ore in this area, alkaline rock units were discovered to be
elevated in REE's, but to Tasman's knowledge no focused exploration for
these elements has been completed.
The Laivajoki project covers a 300 m x 4 km carbonatite intrusion that lies on a
major structural boundary between mafic volcanics and granite,
approximately 100 km southeast of the city of Rovaniemi. The area is
secured by a single claim application of 390 ha in size. In
mineralogical studies of high REE grab samples from the carbonatite,
the Geological Survey of Finland reported the occurrence of REE-bearing
bastnasite, allanite, monazite and zircon.
In addition to this transaction, Magnus Minerals has been engaged to
manage exploration on Tasman's entire Finnish exploration portfolio. A
summer work program of surface sampling and mapping is now underway.
Magnus Minerals brings extensive project generation and geological
consulting experience and will provide excellent support to Tasman's
team.
"Tasman is pleased to add these new rare earth element projects to our
extensive Finnish portfolio" said Mark Saxon, Tasman's President &
CEO. "While the projects are of an early stage compared to our Swedish
assets, they have been selected due to their potential for elevated
grades of neodymium, one of the critical REE's that is short supply and
high demand within the green technology, high technology and automotive
industries. All projects are known to have rare earth bearing
minerals, and are supported by extensive existing infrastructure. We
welcome the continued involvement of the Magnus Minerals team who will
assist in the follow up of all of Tasman's Finnish projects."
The purchase of the Korsnäs South, Siilinjärvi and Laivajoki projects is
subject to NYSE-MKT and TSX Venture Exchange approval for the issuance
of the shares. Issuance of half the shares (30,000 shares) is also
subject to granting of the claims associated with the Korsnäs South
project by the Finnish Mining Inspectorate. The shares in Tasman will
be subject to a hold period of four (4) months from the date of issue.
Magnus Minerals Oy retains a 2% NSR on the Finnish projects and shall
receive a 2% NSR on Tasman's other Finnish exploration claims. The
closing of the acquisition is expected to occur five days after the
later of (a) receipt of approval from both the TSX-Venture Exchange and
NYSE-MKT to the issuance and listing of the shares to be issued to
Magnus Minerals and (b) receipt of approval from the Finnish Mining
Authority to transfer the Korsnäs South, Siilinjärvi and Laivajoki
mineral claim applications from Magnus Minerals to the Company.
In addition to this acquisition, note that the NI43-101 report for the
Preliminary Economic Assessment of Tasman's Norra Karr REE - Zr project
in Sweden is now available on Sedar (www.sedar.com), EDGAR (www.sec.gov) and the Company's website.
The qualified person for the Company's exploration projects, Mark Saxon,
President and Chief Executive Officer of Tasman and a Member of the
Australasian Institute of Mining and Metallurgy and Australian
Institute of Geoscientists, has reviewed and verified the contents of
this release.
The Company wishes to advise that Mr Mark Saxon shall be presenting at
the Marcum MicroCap Conference on June 20th at the Roosevelt Hotel, New
York City. The event is hosted by Marcum LLP, one of the top ten
auditors of U.S. public companies, and co-presented by CCG Investor
Relations, a global investor relations consulting firm. Further
information can be found at http://www.marcumllp.com/MicroCap.
About Tasman Metals Ltd.
Tasman Metals Ltd is a Canadian mineral exploration and development
company focused on Rare Earth Elements (REE's) in the European region
and is listed on the TSX Venture Exchange under the symbol "TSM" and
the NYSE-MKT under the symbol "TAS". REE demand is increasing, due to
the metals' unique properties that make them essential for high
technology and environmentally-beneficial applications. Since over 95%
of REE supply is sourced from China, the European Union is actively
supporting policy to promote domestic supply of REE's, to ensure the
security of high-tech industry. Tasman's exploration portfolio is
uniquely placed, with the capacity to deliver "high-tech" metals from
politically stable, mining friendly jurisdictions with developed
infrastructure.
The Company's Norra Karr project in Sweden is one of the most
significant heavy REE resources in the world, and the only NI43-101
compliant REE resource in mainland Europe. The resource is unusually
low in radioactive metals relative to peer projects, with less than 15
ppm each of uranium and thorium.
For more information regarding rare earth elements, see the Rare Metal
Blog at www.raremetalblog.com or Resource Stock Digest at http://strategicmetalstocks.resourcestockdigest.com
On behalf of the Board,
"Mark Saxon"
Mark Saxon, President & CEO
The TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange), the
American Stock Exchange nor the Frankfurt Stock Exchange accepts
responsibility for the adequacy or accuracy of this news release.
The shares referred to in this press release have not been registered
under the United States Securities Act of 1933, as amended (the "1933
Act"), and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the 1933 Act.
Cautionary Note to U.S. Investors Concerning Mineral Resources and
Reserves. In this news release, the definition of "mineral resources" is that used by the Canadian securities administrators and conforms to
the definition utilized by CIM in the "CIM Standards on Mineral
Resources and Reserves - Definitions and Guidelines" adopted on
August 20, 2000 and amended December 11, 2005.
The standards employed in estimating the mineral resources referenced in
this news release differ significantly from the requirements of the
United States Securities and Exchange Commission (the "SEC") and the resource information reported may not be comparable to
similar information reported by United States companies. The term "resources" does not equate to "reserves" and normally may not be included in documents filed with the SEC. "Resources" are sometimes referred to as "mineralization" or "mineral deposits." While the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are recognized and required by Canadian regulations, they are not
defined terms under standards in the United States and normally are not
permitted to be used in reports and registration statements filed with
the SEC. The terms "mineral reserve," "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with National
Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the CIM - CIM Definition Standards on Mineral Resources and
Mineral Reserves, adopted by the CIM Council, as may be amended from
time to time by the CIM. These definitions differ from the definitions
in the United States Securities and Exchange Commission Industry Guide
7 ("SEC Industry Guide 7") under the Securities Act of 1933. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
prefeasibility studies, except in rare cases. Disclosure of "contained
ounces" in a resource is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards as
in place tonnage and grade without reference to unit measures.
The estimation of measured, indicated and inferred mineral resources
involves greater uncertainty as to their existence and economic
feasibility than the estimation of proven and probable reserves. U.S.
investors are cautioned (i) not to assume that measured or indicated
resources will be converted into reserves and (ii) not to assume that
estimates of inferred mineral resources exist, are economically or
legally minable, or will be upgraded into measured or indicated mineral
resources. It cannot be assumed that the Company will identify any
viable mineral resources on its properties or that any mineral
reserves, if any, can be recovered profitably, if at all. As such,
information contained in this news release and the documents
incorporated by reference herein concerning descriptions of
mineralization and resources under Canadian standards may not be
comparable to similar information made public by United States
companies in SEC filings.
Cautionary Statements. Certain statements found in this release may constitute forward-looking
statements as defined in the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements reflect the speaker's current
views with respect to future events and financial performance and
include any statement that does not directly relate to a current or
historical fact. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, the ability to meet the closing conditions of the
proposed acquisition, competitive factors, general economic conditions,
customer relations, uncertainties related to the availability and costs
of financing, unexpected geological conditions, success of future
development initiatives, imprecision in resource estimates, ability to
obtain necessary permits and approvals, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change, changes
in industry practices, changes in world metal markets, changes in
equity markets, environmental and safety risks, and one-time events.
Should any one or more of these risks or uncertainties materialize, or
should any underlying assumptions prove incorrect, actual results may
vary materially from those described herein. Forward-looking statements
cannot be guaranteed and actual results may vary materially due to the
uncertainties and risks, known and unknown, associated with such
statements. Shareholders and other readers should not place undue
reliance on "forward-looking statements," as such statements speak only
as of the date of this release.
PDF available at: http://stream1.newswire.ca/media/2012/06/11/20120611_C7590_DOC_EN_14970.pdf
<p> <b>Investor Information</b><br/> <a href="http://www.tasmanmetals.com">www.tasmanmetals.com</a><br/> 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7<br/> <b>Company Contact:</b> Mariana Bermudez +1 (604) 685 9316<br/> <b>Investor Information: </b>Jim Powell +1 (647) 226 8626<br/> Email: <a href="mailto:info@tasmanmetals.com">info@tasmanmetals.com</a> </p>