HALIFAX, Nova Scotia, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Ucore Rare Metals, Inc. (TSXV:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”) applauds Congress for including significant funding for further research and development of domestic rare earth resources in the Energy and Water, Legislative Branch, and Military Construction and Veterans Affairs Appropriations Act, 2019.
The bill comprises $727 million for Fossil Energy Research and Development, which includes the beneficiation and separation of rare earth element (REE) resources from coal processing byproducts. Improved processing of coal byproducts promises a significant prospective source of domestic REE for commercial-scale operations, reducing the current dependency of U.S. companies on China for rare earth element needs. The bill has substantial developmental implications for the State of Kentucky, and has been championed by Senator Mitch McConnell and allies (see: http://www.bereaonline.com/2018/09/senator-mcconnell-secures-critical-funding-for-kentucky-in-senate-passed-conference-report/)
“Ucore is aggressively pursuing the development of technologies that will beneficiate existing, underutilized resources such as coal ash to produce high-value rare earth elements for U.S. commercial use,” said Ucore President and CEO Jim McKenzie. “We applaud the efforts of Senator McConnell in securing funding for these and other promising technologies.”
Ucore has recently teamed with Kentucky River Properties LLC to develop a commercial-scale rare earths separation plant in eastern Kentucky near the Coal Fields Industrial Park (see Ucore press releases dated March 7 and April 9, 2018).
“We’re developing our coal refinement capabilities in order to access the vast quantities of rare earth elements contained in the coal ash of Kentucky and West Virginia,” said Mike Schrider, COO of Ucore. “It is therefore extremely helpful for the government to recognize this potential and encourage further innovations and development in rare earth beneficiation and separation.”
The bill has been passed by both the House and the Senate and awaits signature by the White House.
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. On March 3, 2015, Ucore announced the development of a joint venture with IBC for the deployment of Molecular Recognition Technology for REE and multi-metallic tailings processing applications in North America and associated world markets.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: +1 (902) 482-5214 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.
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