|
Ucore
Rare Metals Inc (TSX-V:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”)
is pleased to comment on a report released this week by the US Department of
Energy (the “Department”) regarding near term domestic Critical
Metals Strategy. The highly anticipated report, based on extensive research
by the Department undertaken over the past year, finds the US economy is
dangerously dependent on China for its rare earth supplies and as a result
could face significant disruptions in supply and shortages.
The Department’s strategy examines the role of rare earth metals and
other materials in the clean energy economy and focuses on materials used in
four technologies: wind turbines, electric vehicles, solar cells and
energy-efficient lighting.
The report predicts it will take a concerted effort on the part of the US to
break domestic dependence on Chinese supplies. It concludes that
several clean energy technologies use materials at risk of supply disruptions
in the short term. Of the materials analyzed, five rare earth metals
(Dysprosium, Terbium, Europium, Yttrium and Neodymium), as well as the non
rare earth metal indium, are assessed as most critical to energy
policy. It calls for a number of responses to the issue including: (i)
Aggressively working to achieve alternate supplies of these critical
materials; (ii) Identifying appropriate substitutes to rare earths where
possible; and (iii) Improving recycling, reuse, and more efficient use of
critical materials.
“This report is important to Ucore shareholders, since it highlights
the metals at the greatest shortfall and at the highest level of critical
strategic risk’” said Jim McKenzie, President and CEO of Ucore.
“Strikingly, Ucore’s U.S.–based Bokan Mountain project has
exhibited anomalously high content of four of the five rare earth elements
set out by the US DOE as being at greatest risk: Dysprosium, Terbium,
Europium and Yttrium, all of which are classified as Heavy Rare Earths.
Recognized as the largest historically documented Heavy Rare Earth deposit on
US soil and considered by many to be the nearest domestic HREE asset to
production, Bokan is well positioned to address these critical shortages.
Increasingly, Bokan is being revealed as vital asset in emerging US energy
policy, and as a result, will no doubt experience increasing pressure to be
brought to near term production.”
“This
(US DOE) strategy is an important step in planning for growing global demand
for clean energy products that will help strengthen the U.S. economy and create
jobs," said Secretary of Energy Steven Chu. "Ensuring reliable
access to critical materials will help the United States lead in the new
clean energy economy."
The
Department additionally comments that data concerning many of the issues
considered in its strategy are difficult to ascertain. In an effort to
develop a greater understanding of the issue, the US DOE has indicated that
it intends to develop an immediate integrated research agenda addressing
critical materials, using information obtained from three technical workshops
convened during November and December of 2010. The Department also announced
a plan to develop an updated critical materials strategy within the next 12
months.
A copy of the US DOE’s Critical Materials Strategy is available at the
following address: http://www.energy.gov/news/documents/criticalmaterialsstrategy.pdf
About
Ucore Rare Metals
Ucore
Rare Metals Inc. is a well-funded junior exploration company focused on
establishing REE, uranium and other rare metal resources through exploration
and property acquisition. With multiple projects across North America,
Ucore’s primary focus is the 100% owned Bokan - Dotson Ridge REE
property in Alaska.
The
Bokan - Dotson Ridge project is located 60 km southwest of Ketchikan, Alaska
and 140 km northwest of Prince Rupert, British Columbia. The project area is
served by barge and float plane from Ketchikan, with a pre-existing road
network providing access to the main target areas. REE mineralization at the
Bokan-Dotson Ridge project is structurally controlled in multiple dikes
radial to a Mesozoic peralkaline intrusive complex.
In
1989, a U.S. Bureau of Mines study (Barker & Warner, USBM OFR 33-89)
estimated that the greater Bokan area contains 37.8 million tons grading
0.50% TREO. This historical non NI 43-101 compliant estimate equates to 374
million lbs of contained TREO and ranks as one of the most prospective and
accessible heavy rare earth prospects in North America.
Readers
are cautioned that the resource estimates quoted by the US Bureau of Mines
were prepared prior to the implementation of National Instrument 43-101 and
are therefore of a historical nature. A qualified person has not done
sufficient work to classify the historical estimate contained hereunder as
current mineral resources. The Company is not treating the historical
resource estimate as a NI 43-101 defined resource or reserve, and therefore
the historical resource estimate should not be relied upon.
For
further information, please contact Mr. Jim McKenzie, President and Chief
Executive Officer of Ucore Rare Metals Inc. at: (902) 482-5214 or visit www.ucoreraremetals.com
This
press release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future exploration
drilling, exploration activities and events or developments that the Company
expects, are forward looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include
exploitation and exploration successes, continued availability of financing,
and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
|
|