Black Fire Minerals: Cleland Projects increases stake to 6.5%

Black Fire Minerals (ASX: BFE) has noted that Cleland Projects Pty Ltd acquired one million shares in the company in on market purchases between 19 April and 3 May at about $0.115 per share. Cleland Projects now holds 7,250,000 shares, increasing its interest to 6.5% from 5.5%. On April 19 Black Fire announced that it plans exploration programs at its newly acquired Pilot Mountain Tungsten Project in Nevada and Longonjo Rare Earth Element (REE) Project in Angola. Black Fire acquired the Pilot Mountain Project on 14th February 2011. The project ranks favourably in tungsten grade with many existing tungsten mines and resource projects worldwide. Black Fire acquired the Longonjo REE Project shortly after on 28th February 2011. The 3,600 square kilometre project is located in centre of the increasingly stable Angola and is particularly enticing as it has had little modern exploration. Black Fire Minerals is currently trading at $0.11 per share.