Namibia Rare Earths Completes Acquisition of Critical Metal Properties

Namibia Rare Earths Inc. (TSXV:NRE) announced that it has completed the acquisition of a portfolio of critical metal properties from Gecko Namibia (Pty) Ltd. in consideration for the issuance of 64,000,000 common shares of Namibia Rare Earths.

As quoted in the press release:

This transaction provides Namibia Rare Earths with a highly prospective, diversified portfolio of critical metals and at the same time has secured a highly experienced strategic partner. Gecko Namibia and its subsidiaries are substantial participants in the Namibian resource sector with a proven track record in the mining industry. The portfolio of properties acquired from Gecko Namibia will expand the Company’s commodity base from solely heavy rare earths to a variety of highly critical commodities including cobalt, copper, zinc, lithium, graphite, tantalum, niobium, nickel, and gold.

Namibia Rare Earths has acquired Gecko Namibia’s 95% interest in a portfolio of exploration properties consisting of 14 exploration prospecting licences (“EPLs”) four of which are pending, one mineral deposit retention licence (“MDRL”) and Gecko Namibia’s rights under an option agreement to acquire a 60% interest in a further exploration prospecting licence which interest may, subject to the terms of the option agreement, be increased to 80%. Bruce Counts, president and CEO, commented.

Click here to read the full Namibia Rare Earths Inc. (TSXV:NRE) press release.