REE International, Inc. (REEI) Announces Potential Acquisition of Mining Property in Bolivia

Jan. 04, 2012 5:18 PM ET
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REE International, Inc., a U.S. based mineral exploration company focused on the exploration and production of rare earth elements, announced after the closing bell today that it anticipates signing a letter of intent within the next 30 days to purchase a tantalum producing property located in the country of Bolivia.

Tantalum is a rare, lustrous transition metal that is highly corrosion resistant and almost impervious to chemical attack. The metal’s primary use today is in tantalum capacitors found in electronic equipment, such as mobile phones, DVD players, video game systems and computers. Tantalum, always together with the chemically similar niobium, occurs in the minerals tantalite, columbite and coltan (a mix of columbite and tantalite).

“If acquired, this property would be developed in addition to our Santa Cruz property located in Venezuela,” Tom Mackay, CEO of REE International, commented. “We are also currently in the process of evaluating several other properties throughout Bolivia and South America to possibly add to our portfolio, and will have more information forthcoming as soon as our due diligence is complete.”

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