Ucore Takes Part in Congressional Briefing on US Domestic Rare Earth Supply Chain
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 11/10/11 -- Ucore Rare Metals Inc. (TSX VENTURE: UCU)(OTCQX: UURAF) ('Ucore' or the 'Company') is pleased to report that the Company has taken part in a Congressional Briefing on the importance of establishing a domestic rare earth supply chain within the United States. The November 7 Washington DC - based event was hosted by Senator Lisa Murkowski (R-AK) and the Senate Energy and Natural Resources Committee. The briefing was for the benefit of U.S. Senate, House and Committee Staff and other Administration officials. A panel comprised of leaders of U.S. Magnetic Materials Association (USMMA), including Ucore President & CEO Jim McKenzie, discussed issues associated with the expedited building of a self contained critical rare earth supply chain on US soil, from mine to magnet.
Nearly 40 key staff and congressional decision makers attended the briefing, representing multiple states and committees, including Senate Foreign Relations, Senate Energy & Natural Resources, Senate Environment & Public Works, as well as House Science, Space, & Technology. Ucore's Bokan Mountain project received particular notice for its positioning as having supply source material in the form of the largest NI 43-101 compliant deposit of heavy rare earths in the United States, including near term access to dysprosium, a technology metal identified by the Department of Energy as being among the most highly sought after 'critical materials' to the US. Ucore was also identified as having a favorable permitting environment in the state of Alaska, logistical advantages and ready access to capital, as well as a highly motivated geo-political environment for the re-establishment of the US as a leader in rare earth supply and manufacturing.
In his panel address, McKenzie warned of the emerging worldwide trend toward 'resource nationalism' and protectionist policies toward critical rare earth supply sources around the globe. His thesis was that only the United States itself could be expected to look out for domestic interests in terms of ongoing access to these critical materials, and only an independent, integrated domestic supply chain can reliably be expected to achieve this end. Panelists discussed how the US' traditional means of securing supply through being the highest bidder in international markets was likely to fail as protectionist policies are implemented around the globe. McKenzie stressed that restarting the rare earth supply chain within the United States is essential not only for national security and clean technology, but also as a means to putting American-based ingenuity back to work and avoiding further degradation of the county's industrial base.
Fellow members of USMMA on the panel, representing downstream applications of the rare earth magnetics industry included Ed Richardson (President USMMA/Vice President, Thomas & Skinner), Jack Lifton (Principal Founder, Technology Metals Research) Peter Dent (Vice President Electron Energy Corporation) and Rob Strahs (Vice President Arnold Magnetic Technologies).
Background
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 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 distinctive circular structure and is highly prospective for rare earths deposits.
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.
Contacts:
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
www.ucore.com