Ucore
Rare Metals Inc. (TSX VENTURE:UCU
- News; "Ucore" or the "Company") is pleased to
announce that it has retained Ken Collison of Collison Minecon Inc. ("Minecon") for the purpose of initial mine scoping,
engineering and design work on a prospective Heavy Rare Earth mine and
processing facility at the Company's Bokan - Dotson
Ridge project in South East Alaska.
Mr. Collison is President of Collison Minecon Inc., and
holds a B.Sc. in Mining Engineering from the University of Saskatchewan and a
Masters of Engineering in Mining from the University of Saskatchewan. He was
the Chief Operating Officer of Blue Pearl Mining/Thompson Creek Metals from 2005
to 2009, and was part of the team that purchased Thompson Creek Metals and
built it into one of North America's premier molybdenum producers. He has
previously held the positions of Vice President at Crandon Mining Corporation
and Coeur Alaska, the Alaskan subsidiary of Coeur d'Alene Mines. He has
extensive experience in mining operations, permitting and preparation of
mining feasibility studies.
"Ucore is honoured
to be associated with such an accomplished mine engineer as Ken Collison," said Jim McKenzie, President and CEO of Ucore. "He has a track record of successfully
bringing prospective mines from initial scoping into profitable production,
both efficiently and on a minimal allocation of time, financial and human
resources. We believe that the fact that Mr. Collison
has elected to be associated with the project speaks volumes as to the prospectiveness of near term mining operations at Bokan."
"The Bokan rare earth deposit is
characterized by narrow vein hosted mineralization which can be readily extracted
using classic narrow vein mining techniques," said Ken Collison, President of Minecon.
"The vein stock works at Bokan are like the
branches of an immense tree, with mineable widths and substantial HREE
mineralization across the entire system. The mineralization in the Dotson
Zone is highly consistent and continuous along strike. Further, the
mineralization is visually demarcated from the surrounding country rock, with
the opportunity to systematically remove the ore while leaving much of the
waste rock in place. The methodology is well proven, and will have a small
footprint relative to larger or open pit operations. The potential effect is
a highly efficient prospective mining and milling operation, with minimal
environmental impact, and a much faster track to design and permitting."
The Bokan rare earth deposit has an
anomalously high content of dysprosium relative to other metals in the
lanthanide suite and by comparison to other rare earth deposits. At the 6th
International Rare Earth Conference in Hong Kong last week, industry expert
Dudley Kingsnorth of IMCOA commented on dysprosium
as being one of few rare earth metals to exhibit a pronounced supply
shortfall in the near and intermediate term, with very few alternative
sources of supply globally. Dysprosium is one of the most valuable, scarce
and sought after metals outside of the precious metals group, and is in
substantial demand for hybrid electric vehicles, nuclear power, lasers, and
data storage applications. Bokan drill results have
similarly exhibited anomalously high content of other highly valuable heavy
rare earths including terbium, which is utilized in fuel cells and solid
state devices.
Background
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.
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.
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