Ucore Rare Metals Joins United States Magnet Materials Association
March 4, 2011 – Ucore Rare Metals Inc. (TSX-V: UCU, OTCQX: UURAF), (“Ucore” or the “Company”) is pleased to announce that it has joined the United States Magnet Materials Association (“USMMA”), a US trade association representing domestic high performance magnet producers and suppliers. The USMMA was founded in 2006 by three magnet manufacturers and has since expanded to eight members with a focus on supporting the reintroduction of a competitive rare earth supply chain in the United States.
“We are pleased to join the USMMA in their efforts to reintroduce a competitive rare earth supply chain into the US,” said Ucore President & CEO, Jim McKenzie. “The security of supply of these crucial materials is vital to the Country’s ability to compete in a number of sectors and the USMMA has been instrumental in raising awareness of the potential shortage of these crucial materials. We look forward to working with the other members on this important issue.”
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 and has direct ocean access to the western seaboard and the Pacific Rim. The property is located in an area reserved for sustainable resource development with an existing road network providing access to the main target areas. REE mineralization at the Bokan – Dotson Ridge project occurs in a well-demarcated vein system related to a Mesozoic peralkaline granitic complex. The Bokan – Dotson Ridge project is the only rare earth project currently documented worldwide which is situated on immediate deep water access, considered a significant advantage in expediting mine production and limiting the capital costs associated with mine construction.
In 1989, a U.S. Bureau of Mines study (Warner & Barker, USBM OFR 33-89) estimated that the greater Bokan area contains 374 million lbs of TREO (a historical non-NI 43-101 compliant estimate) and ranks as one of the most prospective and accessible heavy rare earth prospects in North America. The Warner & Barker report additionally concluded that there is a significant collateral mineralization of Nb, Ta and Zr at Bokan.
In 1996, a U.S. Bureau of Mines study (Green & Harbuck) concluded that: “The Bokan Mountain area on Prince of Wales Island, AK, contains vast quantities of heavy rare earth minerals.” The report went on to postulate that the liberation of yttrium, considered a proxy for the prospective liberation of all HREE’s, is highly amenable to metallurgical cracking methodologies.
A recent Ucore press release (see Ucore press release dated November 15, 2010) noted that the Dotson vein system has a high potential for an efficient mining and milling operation with rather limited environmental impact. Furthermore, the SGS Laboratories of Lakefield, Ontario (an NI 43-101 compliant report, see Ucore press release dated April 8, 2009) documented that the REE minerals can be mechanically liberated from Bokan mineralized host material.
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. No qualified person has 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 http://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.