Ucore is also pleased to announce that the Company has recently submitted a response to a request for information (“RFI“) from the Defense Production Act (“DPA“) Title III Office. The RFI response proposed the advancement of the Bokan-Dotson Ridge Rare Earth Project’s (the “Bokan Project“) mine and REE processing and separation plant in Southeast Alaska. The DPA Title III program authorizes the Federal Government to procure and install equipment within plants, factories, and other industrial facilities which are owned by private entities.
Typical DPA Title III actions are designed to stimulate private investment in production resources, by reducing the risks associated with project capitalization. They are also to spur investments required to establish critically needed production capacity to meet the near-term needs of national defense requirements.
“The Bokan-Dotson Ridge Rare Earth Project shows promise in delivering the mineral resources that the Department of Defense needs immediately and needs most,” said Jim McKenzie, President & CEO of Ucore. “These include Heavy REE such as dysprosium, terbium, and yttrium, metals critically required by the US DOD, which Ucore has at a higher grade than any other NI-43-101 Compliant Resource on US soil. We’d like to thank Senators Murkowski and Sullivan for taking such an active interest in the Bokan Project and look forward to working with both them and US DOD decision-makers to make it a reality.”
“We continue to believe that Alaska, and in particular, Bokan Mountain, is an essential component of any solution to mitigate America’s escalating foreign dependence for rare earth elements,” said Pat Ryan, Chairman of Ucore. “Ucore is working actively with the State of Alaska, the Alaskan congressional delegation, and the Department of Defense to unlock the value of the Bokan Project for the emerging North American REE supply chain. This includes the advancement of shovel ready initiatives associated with final engineering and permitting for the mine and continued progress of the first physical component of the Bokan Project – the individual rare earth elements processing and separation plant.”
Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near term potential for production, growth, and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 Million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.
Ucore’s vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Company’s rare earth minerals property located at Bokan Mountain in Alaska (an NI-43-101 technical report filed on SEDAR on March 14, 2013) along with its individual rare earth elements processing and separation plant.