Australian American Mining Corporation has calculated an initial Indicated and Inferred JORC Resource of 128.2 million tonnes at 371.5 parts per million for 95.6 million pounds of rare earth elements for its La Paz REE Project in Arizona.
The initial Resource comprises 16.2 million tonnes at 373.4 parts per million for 12.1 million pounds in the Indicated category and 112 million tonnes at 371.5 parts per million for 83.5 million pounds in the Inferred category.

A potential defining factor of the project’s size is the fact that deposit has not been fully delineated, leaving room for further increases in tonnage. To date exploration has only occurred from surface down to 30.5 meters. The deposit is considered amenable to open pit mining.

Preliminary test work adds to La Paz’s prospectivity with an overall total rare earth oxides recovery of 68.1% after concentration to an average grade of 1248 parts per million. An independent NI 43-101 is now being prepared and is due for completion before Christmas. The next phase of extraction metallurgical test work will begin this week and is scheduled to be completed by March 2012.

Australian-American Mining has also contracted Perth based Mineral Engineering Technical Services to undertake an independent preliminary Scoping Study.

(Sourced from www.proactiveinvestors.com.au)