Ucore U.S. Operating Unit To Become Rare Earth One
Halifax June 11, 2009 – Ucore Uranium Inc (TSX.V:UCU; the “Company”) is pleased to announce that its wholly owned U.S. subsidiary, Bokan LLC, has been rebranded as Rare Earth One LLC. The Company has federal Trade Marks pending for the operating names and marks “Rare Earth One” and “RE1”in both Canada and the United States. Bokan LLC is an operating unit of Ucore Uranium Inc, which operates the Company’s Bokan Mountain rare earth and uranium property. The Company will retain the name Ucore Uranium as the operating name of its Canadian holding company, while utilizing the Rare Earth One brand in association with its Alaskan holdings and other rare earth assets as applicable.
“This new brand reflects Ucore’s evolving focus at Bokan Mountain. The property goes well beyond its superficial prospects as a prior high grade uranium producer, and is a multi-metal deposit in every sense” said Jim McKenzie, President and CEO of Ucore. “The Rare Earth One trade name is a strong mineral group specific brand. Its use will delineate Bokan’s potential as a significant Rare Earth Element (REE) deposit and a prospective source of these increasingly valuable technology metals.”
Bokan Mountain is exceptional among North American rare earth deposits for its pronounced enrichment in the Heavy REE’s (HREE’s). Rare earth deposits in North America and around the world almost invariably skew towards the comparatively less valuable Light Rare Earth Elements (LREE’s), with the notable exception of select geological areas in China. A 1989 study first indicated Bokan’s potential as a heavy Rare Earth prospect (Barker & Warner, USGS, OFR 33-89). The detailed USGS commissioned study (formerly the US Bureau of Mines) set out an estimate which ranked Bokan as housing the single largest combined heavy and light rare earth deposit in North America (pre NI 43-101 and non 43-101 compliant).
OFR 33-89 additionally identified significant in situ yttrium (Y) mineralization at Bokan, estimating one of the largest concentrations of Y in North America (non 43-101 compliant).Yttrium is considered to be a proxy for the presence of the entire “Yttrium Group of Lanthanoids”, otherwise known as the Heavy Rare Earth Elements, and has a strong statistical correlation to the presence of HREE’s. In turn, the high relative concentrations of Y at Bokan correlate well to the area’s strong prospectivity for the entire suite of HREE’s.
Analysts for the United States Geological Survey (USGS), a division of the US Department of the Interior, anticipate increased long term growth in demand for HREE’s, both domestically and worldwide. The USGS has issued an opinion as to the impact of anticipated shortages on US domestic high technology production capabilities (USGS Fact Sheet 087-02). Pursuant to a recent Ucore press release (27/05/09), the USGS has additionally awarded a significant 2009 research grant to the further study of the Bokan Mountain rare earth and uranium deposit, to be conducted within the geological departments of four Canadian universities during the summer months of 2009.
HREE’s such as Europium, Gadolinium, Dysprosium and Thulium are utilized in a wide range of industrial, medical, communications, computer, transportation and military applications, and have valuations which range between hundreds and thousands of dollars per pound. World wide HREE production originates principally from deposits located within the south China Ionic Clays (Xuanwu- Longman Province). In 2008, China announced progressive restrictions on the export of both HREE’s and LREE’s to non China-based production facilities. The resultant constraints have generated increasing global demand for the securing of predictable and scalable sources of these critical high technology metals.
The Company also advises that 150,000 options have been granted to a consultant of Ucore, subject to the approval of the TSX Venture Exchange. The options are exercisable at a price of $0.21 per share and expire five years from June 10, 2009, the date of grant. Options will vest 25% on the first anniversary of the grant and in 25% increments every six months thereafter until fully vested.
Ucore Uranium Inc. is a junior exploration company focused on establishing rare earth, uranium, and associated resources through exploration and property acquisition. With a portfolio of projects, Ucore’s primary focus is the Bokan Mountain rare earth element and uranium property in southeast Alaska.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Uranium Inc. at: (902) 482-5214.
Ucore Uranium Inc.
Signed “Jim McKenzie”
Jim McKenzie, President and CEO
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 Corporation expects, are forward looking statements. Although the Corporation 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.