Ucore Reports on 2011 Bokan Field Program
Halifax, Nova Scotia, Canada – (July 19, 2011) Ucore Rare Metals Inc. (TSX-V:UCU) (OTCQX:UURAF)(“Ucore” or the “Company”) is pleased to report that the 2011 US$8 Million field program for the Bokan-Dotson Ridge rare earth element (REE) project in Southeast Alaska (“Bokan”) is now under way.
Exploration crews have been mobilized to Kendrick Bay, Prince of Wales Island, AK. A floating barge camp for crew accommodations has been established, with a capacity of 30 personnel. Fuel storage facilities are installed, and drill pads are constructed at the Dotson Zone. Diamond drill equipment has been transported from Ketchikan to Bokan Mountain by barge, and several holes have already been completed.
The objective for the 2011 program is to expand upon the already existing NI-43-101 compliant Resource, while upgrading its status from Inferred to Indicated. The Company has commenced scoping work for a proposed subsurface adit to expand the understanding of the deposit at depth; extensive environmental testing which will continue over a minimum of the next 18 months; and desktop planning relative to the proposed construction of an active heavy rare earth mine and milling facility in proximity to Kendrick Bay.
“It’s exciting to see our 2011 field program under way,” said Jim McKenzie, President and CEO of Ucore. “With our Inferred resource in hand, our focus this year is on upgrading its designation under NI 43-101 regulations, while advancing our metallurgical work and pushing toward a Preliminary Economic Assessment as soon as possible. The value of Ucore’s compliant heavy rare earth resource at Bokan, the largest in the United States, continues to increase steeply in real time, with dysprosium alone now approaching $3000/kg on indices compiled by Metal Pages.”
“Our objective of permitting for production within 48 months has now gained the support of numerous state and federal lawmakers, as a means of creating a domestic solution to the American HREE supply crisis,” continued McKenzie. “This is reflected in the ongoing support of the Alaska congressional delegation and steady progress on numerous pieces of legislation moving through Congress. In the coming weeks, Ucore expects to see committee mark-ups of both H.R. 2011, the National Strategic and Critical Minerals Policy Act, and S.1113, the Critical Minerals Supply Chain Act (sponsored by Alaska Senator Lisa Murkowski).”
Ucore has retained Aurora Geosciences Alaska Ltd. of Juneau, Alaska, to oversee field operations and diamond drilling for 2011. The Company has retained the services of Collison Minecon Inc. of Vancouver, British Columbia for the purpose of early stage mine scoping and engineering work. Kent and Sullivan Inc. of Anchorage, Alaska and Amerikanuak Inc. of Juneau, Alaska, have been mutually engaged to initiate the collection of baseline environmental data required for the permitting of prospective mining operations, and to advise on federal and state level permitting issues on a go forward basis. Cathedral Rock Enterprises of Fairbanks, Alaska has been contracted for geological and exploration consultation work. Lyntek Inc. of Lakewood, Colorado has been retained to supervise bench and bulk scale metallurgical work, in cooperation with Hazen Research Inc. of Golden, Colorado. The mine engineering, environmental assessment and metallurgical work are anticipated to contribute to an NI 43-101 compliant Preliminary Economic Assessment (“PEA”), scheduled for completion within the year.
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, including two properties in Alaska, Ucore’s primary focus is the 100% owned Bokan – Dotson ridge Rare Earth Elements (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 expediting mine production and limiting the capital costs associated with mine construction.
The Bokan properties are 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 Bokan peralkaline granitic complex. However, a number of other occurrences of REE mineralization are also located within, or at the margins of the complex. Viewed in a geological and geophysical context, the Bokan complex is a circular structure and is highly prospective for rare earths deposits.
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.ucore.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.