U.S. Rare Earths Receives Drill Permit For Sheep Creek, Montana Property Company Now Has Permits for 5 Properties Across 3 States
NEW YORK, Feb. 21, 2013 /PRNewswire/ -- U.S. Rare Earths, Inc., "UREE", (OTCBB: UREE), a rare earths exploration company with mining claims in Idaho, Montana, and Colorado, is pleased to announce it has received approval for its drill permit on its Sheep Creek property in Montana.
"Sheep Creek gives us five permits across three states," said Kevin Cassidy, CEO and Director of U.S. Rare Earths. "We now have the opportunity to take a district approach on our Idaho and Montana properties." The Company's permit for its Lemhi Pass, Idaho property is pending. The Company's drill program, which began in 2011 in Colorado and moved to Idaho in 2012, will focus on Idaho and Montana for the 2013 season.
Receipt of the Sheep Creek drill permit follows the results from U.S. Rare Earths' 2012 drill program at its Diamond Creek, Idaho property. Drill core assay results show total Rare Earth Elements mineralization > 0.5% at Drill Hole No.1 and a second intersection of REE mineralization in Drill Hole No. 2 at a depth of 12 meters with assays returning approximately 0.2% total Rare Earth Elements content. Analysis on the core samples was provided by Activation Laboratories of Ontario, Canada. Surface channel samples from Diamond Creek support the drilling results and -- when combined with surface spectrometer readings -- indicate that the mineralized trend is a minimum of 40 meters long and estimated to be about 1 meter in true thickness.
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. Idaho/Montana claims include the Lemhi Pass Property in Lemhi County, Idaho and Beaverhead County, Montana, the 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.
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SOURCE U.S. Rare Earths, Inc.