HALIFAX, NOVA SCOTIA--(Marketwire - Feb 5, 2013) - Ucore Rare Metals Inc. (TSX VENTURE:UCU) ("Ucore" or "the Company") is pleased to report that United States Senators Lisa Murkowski (R-AK) and Mark Begich (D-AK) jointly introduced a bill in Washington DC to authorize construction of a road on Prince of Wales Island to the Niblack and Bokan Mountain projects. Senator Murkowski noted that this bill would permit development of a road that minimizes costs, while also minimizing the effects on surface resources, preventing unnecessary surface disturbances and complying with all environmental laws and regulations.
Further, Ucore notes the introduction of Senate Joint Resolution No. 8 in the Legislature of the State of Alaska by Senators McGuire, Gardner and Ellis (the "Resolution"). The Resolution supports the continued and increased exploration, extraction, processing and production of rare earth elements in the State.
The Resolution supports a number of initiatives, and expressly urges State agencies that administer permits required for the development of rare earth element projects in Alaska to expedite the consideration and issuance of permits for the development of rare earth element deposits. The initiative further urges the Governor and the Department of Natural Resources to work closely with the US Geological Survey, US Department of Commerce and US Department of Defense to promote the development of rare earth elements extraction, processing and production in the State. The Resolution also urges the U.S. Congress to support the efforts of the State to develop rare earth elements for the benefit of the economic and national security of the United States.
"We''re highly encouraged by these two initiatives to expedite the development of the Bokan project", stated Jim McKenzie, President & CEO of Ucore. "Alaska legislators have been exceptionally supportive of our development, which promises to bring skilled employment and numerous ancillary economic benefits to an area with tremendous potential. The bills additionally acknowledge and complement Ucore''s commitment to complying with existing laws, fostering economic development in the region, and advancing production of materials designated as critical to national security by the U.S. Congress."
The Senate Bill and Resolution were independently introduced on January 30, 2013, both explicitly recognizing the heavy rare earth element content and logistical advantages of Ucore''s Bokan Mountain property.
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.
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 earth elements, as disclosed in the Company''s NI43-101 resource estimate technical report, filed on April 21st, 2011. The resource was completed by R. J. Robinson, a consultant from Aurora Geosciences.