Ucore retains Collison for Mine Design
Nov. 16, 2010 – Ucore Rare Metals Inc. (TSX-V:UCU; “Ucore” or the “Company”) is pleased to announce that it has retained Ken Collison of Collison Minecon Inc. (“Minecon”) for the purpose of initial mine scoping, engineering and design work on a prospective Heavy Rare Earth mine and processing facility at the Company’s Bokan – Dotson Ridge project in South East Alaska.
Mr. Collison is President of Collison Minecon Inc., and holds a B.Sc. in Mining Engineering from the University of Saskatchewan and a Masters of Engineering in Mining from the University of Saskatchewan. He was the Chief Operating Officer of Blue Pearl Mining/Thompson Creek Metals from 2005 to 2009, and was part of the team that purchased Thompson Creek Metals and built it into one of North America’s premier molybdenum producers. He has previously held the positions of Vice President at Crandon Mining Corporation and Coeur Alaska, the Alaskan subsidiary of Coeur d’Alene Mines. He has extensive experience in mining operations, permitting and preparation of mining feasibility studies.
“Ucore is honoured to be associated with such an accomplished mine engineer as Ken Collison,” said Jim McKenzie, President and CEO of Ucore.” He has a track record of successfully bringing prospective mines from initial scoping into profitable production, both efficiently and on a minimal allocation of time, financial and human resources. We believe that the fact that Mr. Collison has elected to be associated with the project speaks volumes as to the prospectiveness of near term mining operations at Bokan.”
“The Bokan rare earth deposit is characterized by narrow vein hosted mineralization which can be readily extracted using classic narrow vein mining techniques,” said Ken Collison, President of Minecon. “The vein stock works at Bokan are like the branches of an immense tree, with mineable widths and substantial HREE mineralization across the entire system. The mineralization in the Dotson Zone is highly consistent and continuous along strike. Further, the mineralization is visually demarcated from the surrounding country rock, with the opportunity to systematically remove the ore while leaving much of the waste rock in place. The methodology is well proven, and will have a small footprint relative to larger or open pit operations. The potential effect is a highly efficient prospective mining and milling operation, with minimal environmental impact, and a much faster track to design and permitting.”
The Bokan rare earth deposit has an anomalously high content of dysprosium relative to other metals in the lanthanide suite and by comparison to other rare earth deposits. At the 6th International Rare Earth Conference in Hong Kong last week, industry expert Dudley Kingsnorth of IMCOA commented on dysprosium as being one of few rare earth metals to exhibit a pronounced supply shortfall in the near and intermediate term, with very few alternative sources of supply globally. Dysprosium is one of the most valuable, scarce and sought after metals outside of the precious metals group, and is in substantial demand for hybrid electric vehicles, nuclear power, lasers, and data storage applications. Bokan drill results have similarly exhibited anomalously high content of other highly valuable heavy rare earths including terbium, which is utilized in fuel cells and solid state devices.
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.
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.