Rara Terra acquires interest in oil & gas leases
Monday, Nov 19, 2012VANCOUVER, Nov. 16, 2012 /CNW/ - Rara Terra Minerals Corp. ("Rara Terra" or the "Company") today announces that it has acquired a 75% working interest in certain oil and gas leases in Trego County, Kansas for payment of $393,750. The Company has acquired the interest in an effort to enhance shareholder value over the winter while seasonal factors prevent the Company from pursuing exploration activities at its mineral projects in British Columbia.
To that end, the Company is waiting for independent evaluation of its recently completed geophysical surveys at its Xeno Rare Earth project in the Kechika River region of Northern British Columbia. Preliminary assessment of the surveys leads management to believe that there are numerous geophysical anomalies on the Xeno property meritorious of geochemical followup next summer. Primary drill targets on the Xeno property will be determined after combining all geophysical and geochemical data.
In conjunction with the Trego County project, a finder's fee equal to 370,313 shares, at a deemed issue price of $0.10 per share, was paid in connection with the acquisition.
Rara Terra's qualified person, Robert Friesen, PGeo, has read and approved the technical disclosure contained in this news release.
About The Trego County Oil and Gas Project
The Trego County Oil and Gas Project is an offset drilling opportunity. The prospect acreage is located in NW/4 of Section 26 11S 22W within Trego County, Kansas and is situated on a structural feature that is high to offset acreage 0.5 miles to the west (5 producing wells) and on strike with a new productive well drilled 0.5 miles to the east. Rara Terra has a 75% percent working interest before payout (60% net revenue interest) and a 56.25% working interest (45% net revenue interest) after payout.
About Rara Terra Minerals Corp.
Rara Terra is a Canadian mineral exploration and development company focussed on Rare Earth Elements (REEs). Rara Terra is seeking to identify and develop REE deposits characterized by less common mineralization. These unique deposits will bear those specific REEs that are widely agreed to have the strongest mid to long term technological relevance and sustainable economic value.
Source: Rara Terra Minerals Corp.
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