Ucore Comments on House Armed Services Committee Dysprosium Stockpile Initiative
Jun 13, 2013
OTC Disclosure News Service
Bedford, NS, Canada
Comments on House Armed Services Committee Dysprosium Stockpile Initiative
(Halifax, N.S., June 13,
2013) Ucore Rare Metals Inc. (TSX-V:UCU), (?Ucore? or the ?Company?) is pleased
to comment on a legislative proposal before the Armed Services Committee of the
U.S. House of Representatives. The initiative urges the U.S. Department of
Defense to secure supplies of high priority strategic rare earth elements
supplies about 97 % of REE?s utilized worldwide, with US policymakers fearing
that total dependence on China could compromise vital U.S. defense systems.
The legislation would
authorize the expenditure of USD$41 million by the US government to stockpile
six critical metals. Two of these metals are the heavy rare earth elements
dysprosium (Dy) and yttrium (Y). Dy and Y comprise a significant percentage of
the heavy REE content at Ucore?s Bokan deposit in Southeast Alaska. According
to a recent report issued by the US Geological Survey (USGS), the Bokan deposit
is now recognized the most significant heavy REE deposit on US soil (http://minerals.cr.usgs.gov/projects/Bokan_Mtn_REE/index.html).
Both dysprosium and
yttrium are critical to multiple US defense systems, in addition to domestic high
technology and clean energy applications.
Dysprosium is a crucial ingredient in neodymium-iron-boron magnets as a
means of increasing coercivity, applications
of which include aircraft actuator motors in flight control systems, landing
gear, and munitions.
Yttrium is critical to the defence industry applications such as the
manufacture of various ceramic and glass materials required in jet engines. The
Joint Strike Fighter (JSF) development program relies on both Dy and Y as
critical input components.
Jeff Green, President of J.A. Green Company applauded the proposed
legislation, noting that ?though this stockpiling plan would mitigate immediate
national security risks, more needs to be done to develop long-term and
sustainable industrial base solutions?. The commentary echoed the recent
statement by Senator Lisa Murkowski (R-Alaska), stating that ?rather than sit
on our hands while China corners the market on these strategic elements, we can
and should pursue timely production of the rare earth supplies that exist
within our own borders?.
?We?re pleased that the House Armed Services
Committee is addressing the impending crisis in reliable availability of
critical heavy REE?s to the US Department of Defense supply chain,?, said Jim
McKenzie, President and CEO of Ucore. ?In this context, Ucore and its Bokan
deposit can play a pivotal role addressing the need for domestic heavy REE
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 rare
earth element deposit in Alaska. The deposit 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 – Dotson
deposit is particularly enriched with heavy rare earth elements, including the
critical elements Dysprosium and Yttrium. Approximately 40% (by weight) of the
rare earth elements contained in the deposit are heavy rare earth elements, as
disclosed in the Company?s NI43-101 compliant resource estimate, released in
March of 2011.
The Bokan – Dotson
deposit is the subject of a Preliminary Economic Assessment which was prepared
by Tetra Tech of Vancouver (?Preliminary Economic Assessment on the Bokan
Mountain Rare Earth Element Project, Near Ketchikan, Alaska, dated March 4,
information, please contact Mr. Jim McKenzie, President and Chief Executive
Officer of Ucore Rare Metals Inc. at: (902) 482-5214 or visit
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