Ucore Comments on the Announcement of a Chinese Rare Earth Stockpile
HALIFAX, NOVA SCOTIA–(Marketwire – July 4, 2012) – Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to comment on the recent announcement that the Chinese government intends to implement a stockpile of critical rare earth oxides, including Dysprosium Oxide, Terbium Oxide, Europium Oxide, and Yttrium Oxide. It is expected that rare earth producers Chalco, China Minmetal, and Baotou Steel Rare Earth are to receive interest free loans in conjunction with the creation of the stockpile.
This action by the Chinese Government to further control the supply of these crucial elements, all of which are considered to be critical by the US Department of Energy, further increases attention on the degree of exposure that the West has to supply interruption of a small group of critical metals. Ucore continues to encourage Federal initiatives to increase competition in the U.S. domestic rare earth market. The Company's extensive resource holdings, particularly its Bokan – Dotson Ridge REE property in Alaska, hold great potential for the U.S. to develop a fully independent rare earth industry.
"Ucore is actively pursuing collaboration with the U.S. government to accelerate the development of Bokan Mountain's heavy rare earth resources, and is pleased with the progress of Federal initiatives to date," said Jim McKenzie, President & CEO of Ucore. "China's prospective stockpile of some of the most critically threatened strategic metals to the US is a watershed event that will likely accelerate the development of domestic initiatives to protect the supply of these materials."
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is a well-funded development-phase mining company focused on establishing rare metal resources with near term production potential. 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 REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in developing near term production facilities and limiting the capital costs associated with mine construction.
The Bokan property is particularly enriched with heavy rare earth elements, including the critical elements Dysprosium, Terbium and Yttrium. Approximately 40% (by weight) of the rare earth elements contained on the Dotson Ridge property are heavy rare earths elements, as disclosed in the Company's NI43-101 compliant resource estimate, released in March of 2011.
Jim McKenzie, President and CEO
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.
- Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer