Ucore Awards Contracts for Preliminary Economic Assessment
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 11/09/11 -- Ucore Rare Metals Inc. (TSX VENTURE: UCU)(OTCQX: UURAF) ('Ucore' or the 'Company') is pleased to report on that it has awarded the contract for the completion of a Preliminary Economic Assessment ('PEA') of the Company's Bokan Mountain - Dotson Ridge Property to Wardrop, A Tetra Tech Company ('Tetra Tech'). The PEA is expected to be completed in Q1 of 2012.
The PEA will be based on the current resource estimate prepared by Aurora Geosciences Ltd. ('Aurora') and disclosed by the Company on March 7, 2011. The underground mine design is being completed by Stantec Consulting Services Inc, of Tempe, Arizona and the tailings management facility will be designed by Knight Piesold. Further work on XRT ore sorting by Commodas Ultrasort and metallurgical testing undertaken by Hazen Inc. of Golden Colorado under the supervision of Lyntek, Inc. of Lakewood Colorado will determine the process flowsheet for the operation.
'We are pleased to have such a talented team contributing to the completion of our Preliminary Economic Assessment', said Jim McKenzie, President & CEO of the Company, 'Tetra Tech has extensive experience in the Rare Earth sector and we are fortunate to have them involved with the Bokan Mountain Property.'
Background
Ucore Rare Metals Inc. is a well-funded junior exploration company focused on establishing REE, uranium and other rare metal resources through exploration and property acquisition. 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 expediting mine production and limiting the capital costs associated with mine construction.
The Bokan properties are located in an area reserved for sustainable resource development with an existing road network providing access to the main target areas. REE mineralization at the Bokan-Dotson ridge project occurs in a well-demarcated vein system related to a Mesozoic Bokan peralkaline granitic complex. However, a number of other occurrences of REE mineralization are also located within, or at the margins of the complex. Viewed in a geological and geophysical context, the Bokan complex is a distinctive circular structure and is highly prospective for rare earths deposits.
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.
Contacts:
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
www.ucore.com