Rift Valley Resources (“Company” or “Rift Valley”) is pleased to announce that it has received preliminary results from its scoping study (“Study”) on the Company’s 70% owned Longonjo Magnet Metal Project in Angola (“Project”). The Study is being undertaken by leading global mining and processing consultant Amec Foster Wheeler.
The preliminary results are encouraging based on the weathered zone portion of the mineral resource estimate at the Project and support further drilling and evaluation work to assess the potential of the Project to become a long term supplier of the magnet metals neodymium and praseodymium.
Rift Valley’s Executive Chairman Mr Stephen Dobson said:
“We are highly encouraged by the preliminary positive results of this Study. We used Tier One consultants and the Company will press forward with confidence to advance the Project, with the aim of positioning Longonjo as a leading supplier of the magnet metals in time for the predicted surge in demand from the impending change to electric vehicle technology.”