HALIFAX, NOVA SCOTIA--(Marketwire - July 13, 2012) - Ucore Rare Metals Inc. ("Ucore") (TSX VENTURE:UCU)(OTCQX:UURAF) applauds Representative Don Young (R-AK) (http://donyoung.house.gov/) for his amendment to the National Strategic and Critical Minerals Production Act of 2012 (H.R. 4402, http://hdl.loc.gov/loc.uscongress/legislation.112hr4402). Mr. Young's amendment will allow Ucore (http://ucore.com/) to accelerate the mining permit process so it can expedite development of its heavy rare earth project at Bokan Mountain, Alaska.
The 2001 Roadless Area Conservation Rule banned road building on more than 58 million acres of federal land nationwide. For many years, the Tongass was exempt from the rule due to the richness of its resources, the positive impact on local communities including native populations, and the multiple preexisting environmental protections in the forest. A federal judge in Alaska overturned the blanket exemption in March of 2011, but retained an exemption in the Bokan Mountain area sufficient to provide for Ucore's needs in the exploration phase of the project.
Rep. Young's amendment clarifies and expands on that previous exemption and now allows for expedited road development within the Bokan project area, the most significant heavy rare earth resource in the U.S. The metals found in the mineral prescription area at Bokan Mountain will support future economic development in the state of Alaska as well as the national security and energy independence of the United States.
Currently, China dominates the world's rare earth production but has slowly implemented export restrictions threatening the reliability of continued U.S. supply. H.R. 4402 will allow accelerated development of the U.S. supply chain for these materials. Ucore is pleased to support both the bill and Mr. Young's amendment and urge passage of the bill in the United States Senate.
Mr. Young's amendment was adopted by the House of Representatives and included in the final version of the bill, which passed the House by a vote of 256-160. The Senate has introduced S. 1113, the Critical Minerals Policy Act of 2011, which is a bi-partisan, companion bill to H.R. 4402.
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is a well-funded 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 property is particularly enriched with heavy rare earth elements, including the critical elements Dysprosium, Terbium and Yttrium. Approximately 40% (by weight) of the rare earth elements contained on the Dotson Ridge property are heavy rare earths elements, as disclosed in the Company's NI43-101 compliant resource estimate, released in March of 2011.
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 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.
Contact Information:
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
www.ucore.com