RARE MINERALS PLC
LSE : RM.P

August 29, 2013 03:00 ET

Statement re exploration update

                                Equatorial Mining & Exploration Plc
                                                 
                                                 
                                Nigerian coal - Exploration Results
                                                 

Equatorial  Mining & Exploration Plc (''EME or the Company'') engaged the services of  a  Nigerian
minerals  exploration  company, Tanylag Limited, during June and July  to  conduct  a  geophysical
survey using the Electrical Resistivity method over a portion of  the 280 sq. km. claimed area  in
southeastern Nigeria, over which the Company has an exploration interest. Earlier this  year,  EME
was  given  authority  by  the  owner of a Nigerian exploration company,  to  examine  three  coal
properties and in due course, enter into an acquisition agreement to acquire the Nigerian  company
which owns the exploration licences.

Under  the  leadership  of Professor Gbenga Okunlola, EME's consultant geologist,  a  team  of  13
geologists and staff were deployed using three Vertical Electrical Sounding devices (VES) over  49
sq.km. 800 VES readings were taken from which 400 VES were fully occupied/verified.

The   results  have  been  graphically  logged  and  geological  parameters  obtained   from   the
interpretation of this data have been used as a basis for the deduction of subsurface geology. The
Directors  received an extensive report from Tanylag Limited which serves as the  basis  for  this
announcement.

The  results appear to be encouraging with four to seven Lithostratigraphic units identified  with
varying depths and thicknesses. (Lithostratigraphic units are bodies of rock which are defined and
characterised  on  the  basis  of their lithologic properties and their  stratigraphic  relations.
Lithostratigraphic units are the basic units of geologic mapping)

The  thickness of the coal seam varies from 1.0 to 3.2 metres while the depth to the  top  of  the
coal ranges between 10.3 to 30.7 metres.

Tanylag  Limited recommends an interim drilling programme of 15 holes to access data  which  could
not  be  sourced using VES and to help confirm the depth, thickness and quality of the  coal.  All
current  and future work is being conducted to JORC standards with the aim of producing a Resource
estimate and a Competent Persons Report (CPR) by the third quarter of 2013.

Alyn Evans, Chief Executive, Commented:

"We  are  delighted  with the results which demonstrate the possibility of huge  amounts  of  coal
across the tenements available to us.  I am more than familiar with this region of Nigeria and the
opportunity in our grasp; its location is close to the successful coal mine which I managed  until
the  early  1990s, before almost all coal production ceased in Nigeria due, in part,  to  the  oil
rush.

"We  plan  to move straight to a drilling exercise as recommended.  Much domestic Nigerian  demand
exists  for coal from the cement industry and for electricity generation via agreements with  coal
power  companies. We view these as the probable route to exit and initial discussions have already
started"

29 August 2013

Enquiries:

Equatorial Mining & Exploration PLC                         +44 792 152 2920
                                                            
Nicholas Nelson, Chairman                                   nelson@nexfin.org.uk
                                                            
ISDX Adviser - Alfred Henry Corporate Finance Ltd.          +44 207 309 2242
                                                            
Jon Isaacs                                                  
                                                            jisaacs@jeffreyshenry.com


The Directors take responsibility for this announcement.

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