Ucore Reports on 2014 Bokan Summer Field Program
June 25, 2014 – Halifax, Nova Scotia – Ucore Rare Metals Inc (TSX-V:UCU) (OTCQX:UURAF) (“Ucore” or “the Company”) is pleased to report that a contract has been awarded for a $2.5 million diamond drilling program at their Bokan – Dotson Ridge rare earth project in southeast Alaska. The program will commence in mid-July with Aurora Geosciences as the Project Manager.
“It’s great to see this program get underway as one of the final steps required to trigger our forthcoming feasibility study” said Ken Collison, COO of Ucore.
The 5,000 meter diamond drilling program consists of 2,500 meters of infill drilling; 1,500 meters of deep targeted drilling to expand the resource at depth; and 1,000 meters of geotechnical and groundwater drilling to support environmental analysis and the upcoming permitting process. This drilling program has been fully permitted with approvals from the United States Forest Service.
“I am very pleased to see our Bokan project moving forward according to plan”, said Jim McKenzie, President and CEO of Ucore. “Very few heavy rare earth projects outside of China are at this advanced stage of development. We look forward to working in the field once again with Aurora Geosciences and our other consultants to advance this strategically important project. The list of pre-construction deliverables continues to shorten, and Bokan aims to be the first primarily heavy enriched rare earth mine to achieve production on US soil.”
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is a 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 Mountain Project is the subject of a preliminary economic estimate (“PEA”) prepared by Tetra Tech of Vancouver, the results of which were released by the Company on November 28, 2012. Please note that the PEA is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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.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, development timelines, 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.