HALIFAX, NOVA SCOTIA--(Marketwired - Apr 28, 2014) - Ucore Rare Metals Inc (TSX VENTURE:UCU)(UURAF) ("Ucore" or "the Company") is pleased to comment on the passage of Senate Bill 99 ("SB 99" or "the Bill") by the Alaska State Legislature in a unanimous vote, with all 38 representatives in attendance voting in favor of the Bill.
SB 99 was introduced by Senator Lesil McGuire (AK-R). Senator Bert Stedman (AK-R) proposed the amendment which would authorize the Alaska Industrial Development and Export Authority ("AIDEA") to issue bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth element project up to a principal amount of $145 million, subject to its own internal due diligence and Board approval. SB 99 was presented to the House by Representative Feige (AK-R) and cross-sponsored in the House by Representatives Munoz (AK-R), Kito III (AK-D), Kreiss-Tomkins (AK-D), Wilson (AK-R) and Isaacson (AK-R).
"I am thrilled to have been able to take the next step toward realizing Alaska's potential for rare earth minerals mining," said Alaska State Senator Lesil McGuire (R- Anchorage). "I have long seen the need for a US source of these important materials and the potential benefit for Southeast Alaska and our state economy. Senate Bill 99 offers Ucore the chance to partner with AIDEA and make this tremendous project a reality."
"Over the past 20 years, Southeast Alaska lost about 30-percent of its economy due to the decline of the local timber industry," said Senator Stedman. "This project offers a very large employment opportunity for Southeast Alaska and replicates what has already worked with places such as the Red Dog Mine."
"We're very pleased with the outstanding support that the Bokan Project has received from the Alaska State Legislature," said Jim McKenzie, President & CEO of Ucore. "Alaska has a very long history of advancing and supporting key resource projects, both financially and otherwise, and Bokan is no exception. Alaska legislators have recognized that the area has the potential to be America's leading heavy rare earth production hub, with an array of ancillary industries, such as REE separation and metal manufacture. Our very sincere thanks to Senators McGuire and Stedman for their vision and leadership in this area, and the collateral support of its cross-sponsors."
The bond financing will be subject to AIDEA's internal due diligence and Board approval, to be completed subsequent to the release of the Bokan-Dotson Ridge feasibility study on the project. The feasibility study will build on the Preliminary Economic Assessment released by Ucore in 2013.
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About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is a 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.
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, development timelines, 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.
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Mr. Jim McKenzie
President and Chief Executive Officer