PLANO, Texas, Aug. 20, 2013 /PRNewswire/ -- U.S. Rare Earths, Inc., (OTCBB:UREE) announced the results of its 2013 exploration in Lemhi Pass, Montana. The results confirmed that the company's properties have the highest accessible critical rare earth deposit in North America. The initial results of the sub-surface drilling in Phase I of the Lemhi Pass exploration, not only confirms historic data, but returned higher grades of rare earths than first reported.
The exploration work will allow UREE to adequately assess its land positions and prioritize resource exploration and development efforts. UREE has initiated an extended drilling program in Lemhi Pass, Montana based on the positive results.
The results are part of the detailed work completed in Phase I on the "Last Chance Vein" property located in the southeast part of the trend. This area already has access roads and underground works two adits with tunneling over 1500 feet (453m).
The property, located near the mining-belt of Idaho and Montana is uniquely positioned for development of a processing facility. Full-scale mining and milling operations would create significant and sustainable jobs in the region.
UREE CEO Kevin Cassidy says, "Based on the success of the Phase I season drilling, I have approved the request by our lead geologist, Howard Dunn, to initiate additional drilling in the Last Chance area of Lemhi Pass. Because this area is located in the continental US, with highways nearby, the area is perfectly positioned to meet the domestic demand for rare earths. The positive results from our drilling samples means that we'll be able to secure significant amounts of much needed rare earths for domestic and global consumption without relying on mines in remote regions of the globe or be beholden to Chinese government policies."
The 2013 UREE exploration program is completing sampling and drilling on several of its properties located in Lemhi Pass and North Fork area property holdings.
UREE is working to SEC and Canadian NI43-101 standards, with state-of-art field equipment and drilling technology to validate historically reported data and define newly discovered grades and tonnages of the rare earth mineralization in a few selected areas of the Lemhi Pass area and in the relatively unexplored North Fork District, north of Salmon, ID.
This suite of critical rare earth metal oxides (neodymium, terbium, dysprosium, yttrium, europium, and erbium) found in the UREE held Lemhi Pass properties best reflects the economic potential of a deposit with respect to U.S. and global demand, and is based on extensive research conducted by the U.S. Department of Energy, U.S. Department of Defense, JP Morgan market analysis, and research by Russian scientist V.V. Seredin.
The forecast consensus is that demand for neodymium, terbium, dysprosium, and yttrium will exceed their output. Europium and erbium are critical metals also likely to be under-supplied. Thus, the Critical Rare Earth "basket" in Lemhi Pass represents both the most critical and likely undersupplied rare earth metals and where deposits with high percentages of these metals will be in a position for most favorable development.
U.S. Rare Earths (OTCBB:UREE) holds nearly all of the historically known rare earth element mineralization occurrences in the Lemhi Pass District and covers approximately 120 Square Miles of terrain along the Idaho-Montana Border. This area is ranked by Russian Academy of Sciences' Researcher, V. V. Seredin, as holding the richest critical rare earths in the continental U.S. UREE (www.usrareearths.com) holds 97 mining lode claims in Montana and Idaho covering 1680 acres (680 hectares).
UREE is working with Process Engineering LLC, of Meridian, Idaho to conduct this season's work.
The field team of 12-16 professionals is led by Process Engineering's Principal, Mr. Howard Dunn, as a senior geologic engineer and "Qualified Person" under both SEC and CIM Canadian National Instruments 43-101 Standards.
Lemhi Pass was first investigated in the early 1950's for uranium and thorium for the U.S. developing market. Continued investigation, during the late 1960's and through the 1970's, by the U.S. Defense Minerals Exploration Administration (DMEA) and Atomic Energy Commission (AEC) - now the U.S. Department of Energy (DOE) -identified that rare earth metals were associated with the trace amounts of thorium.
Cautionary Note to U.S. Investors Concerning mineralization. In this news release, the definition of "mineralization is not equivalent to SEC Industry guide 7 "reserves" and is not equivalent to "mineral resources" definition utilized by CIM in the "CIM Standards on Mineral Resources and Reserves – Definitions and Guidelines" adopted on August 20, 2000 and amended December 11, 2005.
The standards employed in estimating the mineral resources referenced in this news release differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC") and the resource information reported may not be comparable to similar information reported by United States companies. The term "resources" does not equate to "reserves" and normally may not be included in documents filed with the SEC. "Resources" are sometimes referred to as "mineralization" or "mineral deposits." While the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. The terms "mineral reserve," "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the CIM – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM. These definitions differ from the definitions in the United States Securities and Exchange Commission Industry Guide 7 ("SEC Industry Guide 7") under the Securities Act of 1933. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
The estimation of measured, indicated and inferred mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned (i) not to assume that measured or indicated resources will be converted into reserves and (ii) not to assume that estimates of inferred mineral resources exist, are economically or legally minable, or will be upgraded into measured or indicated mineral resources. It cannot be assumed that the Company will identify any viable mineral resources on its properties or that any mineral reserves, if any, can be recovered profitably, if at all. As such, information contained in this news release and the documents incorporated by reference herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by United States companies in SEC filings.
Forward-looking Statements. Certain statements found in this release may constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the speaker's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, uncertainties related to the availability and costs of financing, unexpected geological conditions, success of future development initiatives, imprecision in resource estimates, ability to obtain necessary permits and approvals, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, changes in world metal markets, changes in equity markets, environmental and safety risks, and one-time events. The mineralization contains thorium, a radioactive element, which may increase the cost of mining, processing, and disposal and could have additional costs than those costs associated with mineralization that does not have thorium content. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Forward-looking statements cannot be guaranteed and actual results may vary materially due to the uncertainties and risks, known and unknown, associated with such statements. Shareholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release.
While data analysis continues the reported total rare earth oxide assay grades and critical rare earth oxide percentages were compiled from analytical work completed by Activation Laboratories in Ontario, Canada, a recognized industry leader in rare earth analysis.
True vein thickness is estimated across total rare earth oxide grades above 1000 ppm. Drill core interval assay data is reported for apparent and estimated true thickness intervals and channel sample data for true width intervals.
About U.S. Rare Earths, Inc.:
U.S. Rare Earths, Inc. ("UREE", "U.S. Rare Earths" or the "Company") is a mineral exploration, mining and claims acquisition company based in Plano, TX.
The Company holds over 12,000 acres of mining claims for rare-earth elements in Colorado, Idaho and 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.
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CONTACT: JONATHAN GOLDBERG 212-843-9335
SOURCE U.S. Rare Earths, Inc.