Namibia Rare Earths (TSX:NRE,OTCQX:NMREF) announced that the Ministry of Mines for the country of Namibia has renewed the company’s prospecting license for its Lofdal rare earhts project for a further two years.

As quoted in the press release:

The Company recently filed a National Instrument 43-101 technical report (Company press release November 14, 2014) titled “Preliminary Economic Assessment on the Lofdal Rare Earths Project Namibia” (the “PEA”) which concluded that the Lofdal Project currently has the potential to produce an average of 1,500 tonnes per annum of separated rare earth oxides which would generate after tax cumulative cash flow of US$259M with a net present value10% (“NPV”) of US$148M and an internal rate of return (“IRR”) of 42%. The PEA indicates that there is considerable potential to expand the current mineral resource and recommends that additional drilling be carried out to provide for an extended mine life in conjunction with a six month Prefeasibility Study program.

Click here to read the Namibia Rare Earths (TSX:NRE,OTCQX:NMREF) press release