Halifax, Nova Scotia--(Newsfile Corp. - August 22, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that the Company recently hosted Senators Lisa Murkowski (R-AK) and Dan Sullivan (R-AK) in separate visits to Ketchikan, Alaska, to discuss Ucore's promise as a secure domestic supply source for rare earth elements (REE) crucial to U.S. defense, manufacturing, and industrial base needs.
"We're delighted to be working with two influential federal Senators, both of whom recognize the importance of secure domestic supply chains for critical materials," said Ucore Advisory Board Member, Randy Johnson. "Senator Murkowski has established a long record of interest in critical materials legislation, most recently sponsoring the bipartisan American Mineral Security Act, along with Senator Sullivan, and is actively engaged in the development of a critical REE supply chain in Alaska. We're also thrilled that Senator Sullivan, a decorated member of the U.S. Marine Corps and an active member of the Armed Services Committee, expressed an interest in Ucore's activities, especially with the Defense Production Act Title III program opportunities."
Ucore is also pleased to announce that the Company has recently submitted a response to a request for information ("RFI") from the Defense Production Act ("DPA") Title III Office. The RFI response proposed the advancement of the Bokan-Dotson Ridge Rare Earth Project's (the "Bokan Project") mine and REE processing and separation plant in Southeast Alaska. The DPA Title III program authorizes the Federal Government to procure and install equipment within plants, factories, and other industrial facilities which are owned by private entities.
Typical DPA Title III actions are designed to stimulate private investment in production resources, by reducing the risks associated with project capitalization. They are also to spur investments required to establish critically needed production capacity to meet the near-term needs of national defense requirements.
"The Bokan-Dotson Ridge Rare Earth Project shows promise in delivering the mineral resources that the Department of Defense needs immediately and needs most," said Jim McKenzie, President & CEO of Ucore. "These include Heavy REE such as dysprosium, terbium, and yttrium, metals critically required by the US DOD, which Ucore has at a higher grade than any other NI-43-101 Compliant Resource on US soil. We'd like to thank Senators Murkowski and Sullivan for taking such an active interest in the Bokan Project and look forward to working with both them and US DOD decision-makers to make it a reality."
"We continue to believe that Alaska, and in particular, Bokan Mountain, is an essential component of any solution to mitigate America's escalating foreign dependence for rare earth elements," said Pat Ryan, Chairman of Ucore. "Ucore is working actively with the State of Alaska, the Alaskan congressional delegation, and the Department of Defense to unlock the value of the Bokan Project for the emerging North American REE supply chain. This includes the advancement of shovel ready initiatives associated with final engineering and permitting for the mine and continued progress of the first physical component of the Bokan Project - the individual rare earth elements processing and separation plant."
Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near term potential for production, growth, and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 Million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.
Ucore's vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska (an NI-43-101 technical report filed on SEDAR on March 14, 2013) along with its individual rare earth elements processing and separation plant.
For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit <http://www.ucore.com>.
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 business acquisition activities (including any related required financings), timelines, litigation outcomes, 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 or results and actual results or developments may differ materially from those in forward-looking statements. Ucore has assumed that it will in the near future be able to obtain interim financing and sufficient additional financing to acquire IBC in compliance with the terms contemplated in the existing agreements with IBC and its shareholders holding a majority of its shares. Ucore has also assumed that there will be no material adverse findings in its upcoming expected comprehensive due diligence review of IBC. Factors that could cause actual results to differ materially from those in forward-looking statements include: Ucore not being able to raise sufficient funds to acquire IBC (including the non-acquisition payments owed under the previous and existing agreements); adverse capital market conditions; unexpected due diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC; resistance to or noncompliance by IBC or its key shareholders with the existing agreements; the emergence of alternative superior metallurgy and mineral separation technologies; the inability of IBC to retain its key staff members and clients; the inability of IBC to protect its intellectual property; unexpected transaction costs or other deal completion setbacks; the availability and procurement of any required interim financing that may be required; and general economic, market or business conditions.
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