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Tasman Submits Mining Lease Application Over Olserum Heavy Rare Earth Element Project, Sweden

Tasman Metals Ltd.  (TSXV:TSM) (Frankfurt:T61) (NYSE-MKT: TAS). Mark Saxon, President & CEO, is pleased to announce the submission of an application for a Mining Lease covering the Olserum heavy rare earth element (REE) project in Sweden.

This follows the recent granting of a 25 year ML for Tasman's nearby Norra Karr REE deposit. The application documents for the Olserum ML were prepared by consulting group Golder Associates AB and recently lodged with the Swedish Mining Inspectorate (Bergsstaten). Tasman anticipates processing of the ML application by the Bergsstaten shall take 6 to 12 months.

The filing of this ML application required that Tasman complete environmental monitoring, flora and fauna surveys, ground water testing, community and stakeholder meetings and basic infrastructure planning for the Olserum site. A granted ML under the Swedish Mining Act is valid for 25 years, when it is available for renewal.

Tasman's 100% owned Olserum project has a resource estimate calculated in accordance with the standards of the Canadian Institute of Mines ("CIM") as provided in tables 1 and 2 below. It is located approximately 10km from the Baltic coast, 30km north of the town of Västervik and 200km SSW of Stockholm. The land is currently used for mixed forestry operations, and is owned by a Swedish forestry company. Olserum is proximal to road, rail, power and operating ports, plus skilled personnel, minimizing the need for offsite infrastructure to be built by the Company.

Olserum is considerably smaller than Tasman's flagship heavy REE project Norra Karr. However, mineralogical work has shown REE's to be hosted by xenotime and monazite, both of which have well established processing pathways, therefore reducing the metallurgical risk associated with this project. Olserum has a high contribution of the high value critical REE's (dysprosium (Dy), yttrium (Y), neodymium (Nd), terbium (Tb)). Olserum's proximity and easy road access to European markets stands as a unique operating advantage for the project.

"Submitting this Mine Lease application is an important step in the development of our Olserum project" said Mark Saxon, Tasman's President and CEO. "Sweden's simple and well tested Mining Act, year-round operating conditions and established infrastructure and skill base has allowed rapid and low cost progress to be achieved. Norra Karr and Olserum together give Tasman an advanced REE project portfolio that few if any competitors in the sector can provide."

Mineral processing and metallurgical research has begun on the Olserum REE project. The first phases of work are being completed by the mineral processing division of the Finnish Geological Survey (GTK), financed by the European Commission under the EURARE project as announced by Tasman on July 17th 2013.

The qualified person for the Company's exploration projects, Mark Saxon, President and Chief Executive Officer of Tasman and a Member of the Australian Institute of Geoscientists and Australasian Institute of Mining and Metallurgy, has reviewed and verified the contents of this release.

Table 1: Indicated Resource Estimate for the Olserum Deposit.
TREO % Cut-offMillion TonnesTREO %% of HREO in TREODy2O3 ppmY2O3 ppmNd2O3 ppmTonnes of Contained TREO 
0.7 1.0 0.89 32.3 292 1800 1314 8,620  
0.6 1.7 0.78 32.9 262 1610 1146 13,360  
0.5 3.0 0.68 33.3 232 1420 996 20,650  
0.4 4.5 0.60 33.9 209 1283 878 27,260 BASE CASE
0.3 6.3 0.53 34.4 187 1146 769 33,530  
0.2 7.7 0.48 34.5 170 1042 700 37,030  
Table 2: Inferred Resource Estimate for the Olserum Deposit.
TREO % Cut-offMillion TonnesTREO %% of HREO in TREODy2O3 ppmY2O3 ppmNd2O3 ppmTonnes of Contained TREO 
0.7 0.9 0.85 31.8 288 1667 1294 7,947  
0.6 1.6 0.77 32.5 264 1547 1151 12,088  
0.5 2.5 0.69 33.6 242 1445 1018 16,960  
0.4 3.3 0.63 33.7 222 1320 925 20,770

BASE CASE

0.3 4.2 0.57 33.9 202 1205 841 23,820  
0.2 4.7 0.54 33.9 191 1134 790 25,050  


Notes:

  1. This resource estimate was prepared in accordance with the standards of CIM by Mr Geoffrey Reed, Senior Consulting Geologist of ReedLeyton Consulting Pty Ltd. Further resource assumption detail can be found on Sedar in a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") report titled "Amended and Restated Technical Report for Olserum REE Deposit, Southern Sweden" dated 20th June 2013.
  2. Total Rare Earth Oxides (TREO) includes: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3
  3. Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3
  4. The calculated resource is sensitive to cut-off grade which will be influenced by metallurgical operating costs. Bench scale metallurgical tests were completed on an Olserum composite sample by Swedish consultants Minpro AB in 2005.
  5. Mr Geoffrey Reed calculated this mineral resource estimate based on geological and geochemical data supplied by Tasman, which had been audited by Mr Reed. Mr Reed is an independent qualified person for the purposes of NI 43-101.
  6. The resource estimate has been classified as an Indicated and Inferred Resource based on the distance-space between sample data within the current deposit outline. Variograms were obtained from the variography study of TREO, with the continuity analysis showing a reasonable fit model in the major and semi major direction for the mineralised domains.
  7. The resource estimate is based on:
    • A database of 31 drill holes totalling 5,297m of diamond drilling completed by Tasman and the previous owner IGE since 2004 where samples were composited on 1m lengths. All Assays by Tasman and IGE were completed at ALS Chemex's Vancouver Laboratory.
    • Specific gravity (SG) has an overall mean of 2.70 g/cc from 458 SG readings. The mean of the mineralisation of 2.82 g/cc was used in the estimate and a mean of the host rock of 2.67 g/cc was used in the estimate
    • Block model was estimated by ordinary kriging interpolation method on blocks 5m (x) x 20m (y) x 10m (z).
    • Beneficiation test work has been completed at Olserum. Magnetic and gravity tests produced a 5.5% TREO grade concentrate with 78% recovery. Optimization is in progress. Hydrometallurgy tests are in progress and no information was available at the time of this resource calculation, however the xenotime/monazite mineralogy has been a previous source of REE's and processing method is well known.
  8. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

About Tasman Metals Ltd.

Tasman Metals Ltd is a Canadian mineral exploration and development company focused on Rare Earth Elements (REE's) in the European region and is listed on the TSX Venture Exchange under the symbol "TSM" and the NYSE-MKT under the symbol "TAS". REE demand is increasing, due to the metals' unique properties that make them essential for high technology and environmentally-beneficial applications. Since over 95% of REE supply is sourced from China, the European Union is actively supporting policy to promote domestic supply of REE's, to ensure the security of high-tech industry. Tasman's exploration portfolio is uniquely placed, with the capacity to deliver "high-tech" metals from politically stable, mining friendly jurisdictions with developed infrastructure.

The Company's Norra Karr project in Sweden is one of the most significant heavy REE resources in the world. The resource is unusually low in radioactive metals relative to peer projects, with less than 15 ppm each of uranium and thorium.

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