REE International Acquires Rare Earth Property With Estimated Value of $10 Million
BOSTON, MA–(Marketwire – Mar 20, 2012) – REE International, Inc. (PINKSHEETS: REEI) (the "Company"), a U.S.-based mineral exploration company focused on the exploration and production of rare earth elements, today announces the acquisition of a rare earth property in Port-e-Kiatuma, Guyana. REE International recently received approval to conduct business in Guyana by the Guyana Geology and Mines Commission.
The newly acquired property covers 44 square miles with over 200 concessions. According to initial estimates by the Guyana Geology and Mines Commission done in 2009, the initial estimates of Columbite-Tantalite believed to be in the ground are in excess of $10 million dollars at today's prices.
Columbite-Tantalite, also known as coltan, is a black metallic ore from which the elements tantalum and niobium are extracted. Tantalum is used to manufacture electronic capacitors for consumer electronics products such as mobile phones, DVD players, video game systems, and computers. Niobium is used mostly in alloys, but is also used in electronic circuits and other applications.
"We are pleased to add this property to our portfolio," stated Tom Mackay, CEO of REE International. "We believe this acquisition will increase our value as a company significantly."
About REE International, Inc.
REE International, Inc. is a U.S.-based mineral exploration company seeking to identify and build an inventory of mineral properties with a primary emphasis on South America. The Company will initially focus on the exploration, mining and sale of tantalum and niobium from their Santa Cruz property located in Venezuela. For more information, please visit our website at www.reeinternational.com.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements.