Ucore Comments on U.S. Dept. of Energy Report
Halifax, Nova Scotia — (Dec. 17, 2010) 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.