REE PROCESSING: GeoMegA, Innovation Metals sign LOI for treatment in Becancour

QUEBEC – GeoMegA Resources of Montreal and Innovation Metals Corp. have signed a non-binding letter of intent for the processing of neodymium rich material. Concentrates from GeoMegA’s Montveil niobium and rare earths project 20 km east of Matagami will be tolled at IMC’s facility in Becancour.

IMC (InnovationMetals.com) is planning to build an independent rare earth elements separation plant to toll REE concentrates from multiple suppliers. The focus will be on material rich in neodymium, europium, terbium, dysprosium and yttrium.

GeoMegA’s (RessourcesGeomega.ca)  Montveil project has an indicated resource of 183.9 million tonnes averaging 1.45% TREO and an inferred resource of  66.7 million tonnes averaging 1.46% TREO. An updated preliminary economic assessment of the project is scheduled for September 2012.