Ark Mines Ltd. reported that it has acquired the highly prospective `Sandy Mitchell' rare earths project located in Far North Queensland, ~ 230 km north west of Cairns. As per the highlights above, `Sandy Mitchell' is a relatively advanced Rare Earths project contained in sands that hosts both light and heavy rare earths including multiple high value heavy rare earths as referenced above. Significant historical work has been undertaken across the project including completion of more than 100 augur drill holes, sediment and stream sampling and extensive pan concentrates which best reflect the project's grades given the Rare Earths Elements at `Sandy Mitchell' are hosted in sands.

Regardless, Ark's team has sufficient confidence in the historical work that it plans to apply for a Mining Licence in order to establish a low-cost gravity separation and processing operation at site. As well, given the historical results and the prospectivity of the project and the surrounding region, Ark has already applied for 46 sub blocks covering 138 km2 of surrounding ground. Pan concentrates are the best measure of Rare Earths Elements in sands, as such, extensive panning is planned around identified high-grade concentrates already defined.

The Company secured attractive acquisition terms acquiring 100% of the project for AUD 200,000 cash. Ark was able to secure the project due to the vendor having limited interest in undertaking follow-up exploration and further developing the asset.