NEW YORK, Dec. 4, 2012 /PRNewswire/ -- U.S. Rare Earths, Inc. (OTCBB: UREE; the "Company") announced today that it has commenced drilling at the Company's Diamond Creek Rare Earths property.
Following receipt of permits from the Federal Bureau of Land Management and the U.S. Forest Service, Ruen Drilling, Inc. has mobilized a core drilling rig to Diamond Creek, Idaho, and has initiated drilling. An additional drill rig may be added in the next few weeks. The 2012 program will focus on establishing grade and tonnage at the Diamond Creek deposit, located northwest of the city of Salmon, Idaho. The plan is to drill at least two to three holes at two or more sites along a trend to verify that rare-earth surface grades extend to depth. Each drill hole will core to about 120 to 240 meters, depending on the material encountered. The Company intends to make Diamond Creek the focus of an NI 43-101 resource compliant report.
In conjunction with the drilling program, the Company will open a field office in Salmon, Idaho. Analysis of the core samples will be conducted by ACTLabs of Ontario, Canada.
U.S. Rare Earths' properties in Idaho and Montana, including Lemhi Pass, have been recognized in the U.S. Department of Energy's Critical Materials Strategy publications to have significant showings of Heavy Rare Earth Elements, in particular for the five Rare Earths identified by DOE as being at "Critical Risk": Dysprosium, Europium, Neodymium, Terbium and Yttrium.
About U.S. Rare Earths, Inc.:
U.S. Rare Earths, Inc. ("USRE", "U.S. Rare Earths" or the "Company") is a mineral exploration, mining and claims acquisition company based in Lonoke, AR. Formerly Colorado Rare Earths, Inc., the Company holds over 12,000 acres of mining claims for rare-earth elements in Colorado, Idaho and Montana. In Colorado, these claims include the Powderhorn Property in Gunnison County, and Wet Mountain Property in Fremont and Custer Counties. Additional claims include the Lemhi Pass Property in Lemhi County, Idaho and Beaverhead County, Montana; Diamond Creek and North Fork Properties in Lemhi County, Idaho and the Sheep Creek Property in Ravalli County, Montana.
Rare earth elements are critical to many existing and emerging 21st century applications including clean-energy technologies such as hybrid cars and electric vehicles; high-technology applications including cell phones and digital music players; hard disk drives used in computers; microphones; fiber optics; lasers; and in addition, critical defense applications such as global positioning systems, radar and sonar; and advanced water treatment applications, including those for industrial, military, homeland security, domestic and foreign aid use. For more information visit www.usrareearths.com.
Safe Harbor Statement Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "desires," "believes," "anticipates," "plans,""expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause its actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, rare-earth industry risks, estimates of mineralized materials, litigation risks, plans to raise capital, and board, management and governance risks.. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the Company's SEC filings. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.
Contact: Alexandra Studnicky, 212-843-9285, firstname.lastname@example.org
SOURCE U.S. Rare Earths, Inc.