Ucore Enters Agreement to Purchase Separation Plant Development Site in Alaska

9/24/2018, 3:17 PM (Source: GlobeNewswire)

HALIFAX, Nova Scotia, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Ucore Rare Metals Inc. (TSXV:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to announce it has entered into  an agreement to purchase a comprehensive land package for the development of the Company’s forthcoming rare earth and strategic metals refinery and separation plant in Southeast Alaska-based (the “Strategic Metals Complex”  or “SMC”).

The development site is located on the North Tongass Highway, Ketchikan, AK, featuring Heavy Industrial Zoning, immediate access to trucking routes, and proximal access to the Ketchikan deep water shipping and container facilities. The 6-acre land package comprises two adjacent lots, located at 10690 N. Tongass Hwy & Blk 10600 N. Tongass Hwy. Ketchikan offers major barge and container handling facilities, excellent utilities, and a skilled immediate-area work force. Situated on the Alaska shipping channels, among the most prolific shipping lanes in the world, the development site brings direct access to major markets in the US and the Pacific Rim by way of ocean shipping, the lowest-cost mode of bulk transport.  

Ucore has additionally commenced initial project funding discussions with the Alaska Industrial Development and Export Authority (“AIDEA”) and other lenders; and is in the final stages of securing rare earth by-product and primary ore feedstock for the Alaska SMC, to be transported to Ketchikan in sealed containers from non-Chinese supply sources. 

“The selection of the Alaska SMC property is a key element of our project pathway”, said Mike Schrider, Chief Operating Officer of Ucore.  “The current owners of the selected site have been very gracious, accommodating all of our needs to secure a suitable site for this intricate project.  The site is located north of the City of Ketchikan, within the Ketchikan Gateway Borough.  It meets all of our internally developed criteria, including land mass to accommodate our anticipated footprint, as well as being one of very few consistently flat, sufficiently-sized and suitably-zoned commercial properties in the area.  With highway frontage and fundamental infrastructure to support the planned accesses, services and utilities, I believe we could not have selected a more promising development location.” 

“The selected site in Ketchikan is a critical milestone for the development of final engineering and environmental permitting plans and applications”, stated Randy MacGillivray, VP Project Development of Ucore Rare Metals, Inc. “It will allow us the opportunity to initiate public consultation and the necessary government interaction in order to construct a state-of-the-art metals separation facility that will contribute to the local economy while protecting the environment in a safety conscious manner.” 

“The United States Government recently cleared legislation which places prohibitions on the U.S. Department of Defense from purchasing rare earth magnets from China, Russia, North Korea and Iran,” commented Jim McKenzie, President and CEO of Ucore.  “This has been an enormous shot in the arm for the build-out of a US-based rare earth separation center and supply line. Securing this well-appointed property, with strategic access to feedstock, utilities and personnel, is a huge first step restoring a domestic rare earth raw material supply chain for the US and its Allied partners. Many thanks to AIDEA and the City and Borough of Ketchikan for their continued avid support for this important project.”

The City and Borough of Ketchikan, with more than 13,000 residents, is the southernmost population center in the State of Alaska, offering an industrious work force and training facilities.  The area is the site of the Ketchikan Ship Yards, an internationally known ship building facility. Ketchikan is additionally proximal to Ucore’s flagship in-situ rare earth development project, at Bokan Dotson-Ridge, on Prince of Wales Island, AK. 

About Ucore

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 Mine. 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 Element Project.

For further information, please contact Mr. Randy MacGillivray, VP Project Development of Ucore Rare Metals Inc. at: +1 (604) 842-9802 or visit <http://www.ucore.com>.

Cautionary Notes

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, research and development timelines, 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 or setbacks, research and develop successes or setbacks, continued availability of financing, and general economic, market or business conditions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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