Listing and Rare Earths Expansion to Ireland for Strategic Elements (ASX:SOR)
Perth, Aug 11, 2011 AEST (ABN Newswire) - Newly ASX listed rare earths Company Strategic Elements (
ASX:SOR) has expanded its search for rare earths and rare metals to the republic of Ireland. The Company listed on the ASX on 11th August, 2011 having recently closed its oversubscribed prospectus.
The Company is pleased to announce that 100% owned Strategic Materials Pty Ltd has lodged applications for six prospecting licenses in the republic of Ireland for exclusive rights to rare earths, rare metals and gold covering 150 square kilometers.
Managing Director Charles Murphy said "We are extremely excited about our Irish projects. The rare earths/metals potential of the country has been seriously overlooked. Ireland also provides a very secure mining system, has low levels of corruption and is a low cost country in which to operate. A significant benefit is that in Ireland, licenses are usually granted very quickly, which may enable us start work within the next few months.
"Once our Geologists complete their reports we will update the market with details on the potential scale of our activities in Ireland. We are exceptionally keen on the areas we have identified".
Today, Ireland is internationally renowned as a major zinc-lead mining province. In addition to its gold and base metal potential, Ireland's varied geological framework renders it prospective for a number of other commodity types. Virtually all of the country is freely accessible for exploration, and the temperate climate permits year-round fieldwork. There is a highly developed road network, good railroads, and good communications facilities. Administrative procedures are simple, and licenses are typically issued within four months.
Mr. Murphy said "our shareholders don't want us to waste time with small projects. Most shareholders will pay no tax, regardless of the size of the capital gain made on SOR shares. We all recognize that our situation is unique, thus we are aggressively backing the search for brand new rare metal territories, with large scale opportunities".
Immediate Focus in New Zealand "Our recently closed prospectus outlined the outstanding opportunities we are pursuing in New Zealand. We have exclusive coverage of over 875 square kilometers of ground where we are seeking to prove a new rare earths/metals province adjacent to the Alpine Fault".
"We will conduct an aggressive exploration program. Advice received from leading experts convinced us that only a systematic stream survey would do justice to an area such as this.
There are multiple reports of rare earths and rare metals, however inexplicably; the commercial potential of the projects remained completely overlooked". Rare Earths Sector to Continue Momentum The rare earths sector is set to gain even further exposure over the course of 2011 as China, the world's dominant exporter of rare earths, begins the transition to becoming a net importer of some rare earths. The Company expects dramatic shifts in the structure of the global rare earths market. Mr. Murphy said "this is just the beginning of the cycle where rare metals become critical strategic materials for governments and technology industries. A compelling sector, combined with the significant tax benefits of our PDF status, makes SOR a unique investment opportunity. There is no other Company like us on the ASX".
About Strategic Elements Ltd
Strategic Elements (ASX:SOR) shares are listed on the Australian Stock Exchange under the code “SOR”. The Company is registered under the Pooled Development Program run by the Australian Federal Government to encourage investment into SME’s. To assist Pooled Development Fund’s to invest and raise capital, the Federal Government enables most shareholders in a Pooled Development Fund to make capital gains and receive dividends tax-free.
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